In Peru, when it comes to insuring a car, there are two products on the market: Obligatory Traffic Accident Insurance (AQOS) and vehicle insurance. They are equal? The truth is that each one has a different purpose and other details that show that these are two different products.
Here are three differences that you must be clear in order to make proper use of each product:
The AQOS does not cover cars
The AQOS was created to deal with the victims of accidents, that is, all those involved in the accident both inside and outside the car. Everything related to the vehicle is not covered.
There are no “types” of AQOS. AQOS coverage is established and although companies offer extra benefits for buying it, their function and maximum amounts remain the same. In the case of vehicle insurance, the coverage is different since they are created for different needs: All risk, Total loss, Vehicle assistance, etc. If the way to finance the car will be through a vehicle loan, it is worth considering these steps to choose one that not only fits your profile, but also gives you the facilities to get out of debt fast.
Vehicle insurance is not mandatory
Driving without AQOS through national territory makes you a fine because your car is taken to the warehouse until you purchase insurance; On the contrary, vehicle insurance is optional and many people drive without it, risking an accident and having to leave their pocket money. The process to request them is not complicated, since the amount of options that the market has makes there is one for the situation of each client. Ideally, compare at least four offers before selecting. You can use web comparators to avoid going through all banks
Both products can be found in different insurers, compare the AQOS and vehicle insurance to choose the option that best suits your profile.