A couple of years ago our way home from my grandmother's house, we met an accident. A drunk driver hit our car to the point that the whole front area was smashed. My mother was driving and I was sitting in front with my 1-year old niece. Good thing we were not hurt and nothing bad happened to us. That was so traumatic that I never tried driving after that incident.
The repair for the car costs as much as P100,000 but my dad didn't shell out any cent for it because the insurance company paid for it. My dad always makes sure that he is updated in paying his car insurance for any future event or accident. Every year, whenever he registers any of his cars, he also pays the insurance for it. The claiming process was fast and easy. We just had to bring the car to an authorized service center and the insurance took care of everything. Because of this experience, my dad also made sure that he applies for the yearly home insurance and even for a travel insurance since he's always on the road.
I for one agree that insurance is a wise investment but make sure that you look for a reliable insurance company when applying for one. I know that you don't want to your money to just go to the drain.