myths about auto insurance

Top 10 myths about auto insurance

Top 10 myths about auto insurance

10 myths about auto insurance

Beware of these common misconceptions before you get a car insurance policy, you may be caught later.

Shopping for the best auto insurance quote is one of the best ways to save money on coverage, and it's a fact.

But there is a lot of misunderstanding about the hood that could mean you are paying more than you need to. And our research shows that 90% of drivers believe in at least one of these myths.

Myth 1: You're automatically insured to drive other cars if you have a comprehensive policy

One in four drivers (24%) believe that the overall policy allows you to drive other cars.

This may be the case with some policies, but it does not apply every time.

DOC is unlikely to extend to under the age of 25, and it may also depend on your occupation.

Myth 2: The renewal price is cheaper than the rates offered by the insurance company to new customers

Ever smart shoppers, only one in 10 (10%) drivers think this to be true.

Car insurance renewal rates and premiums for new customers are often calculated differently.

And although the FCA has put in place plans to put an end to this, new customers often have cheaper rates than loyal customers.

This is why it pays to compare rates every time - you may be able to get a lower price policy as a new customer.

Myth 3: Keeping your car in the garage means lowering your insurance costs

Almost two-thirds of drivers (65%) believe that a garage always lowers your insurance rate.

Strangely, this is not always the case.

In some cases, a car parked in a garage overnight can be more dangerous than parking it on the street.

This all comes down to the stats - a certain area may have more accidents due to people hitting their car while parked in a garage.

Myth 4: Driving for commercial use means higher prices than for social use or commuting

Half of the drivers (50%) thought the business policy was more expensive.

Bus This is not always true. People who use their cars for business may lose more if they damage their car.

It can be assumed that they take better care of it than someone who is just using it to run the school, and so they may not have a higher rate.

Myth 5: Once you reach 25, your premiums drop dramatically

This is one of the most common myths, and nearly half of drivers (46%) believe it.

It's the golden age of young drivers everywhere - once you turn 25, you suddenly get cheap car insurance. right?

No. Although age is a major factor in determining rates, it is just one of many factors that make up how much you pay.

Myth 6: Third-party coverage is cheaper than universal coverage

More than one in three (36%) drivers assume that a lower level of coverage means lower prices.

It stands to reason that if you have a low level of coverage, you pay less for it.

incorrect. Some insurance companies have raised rates for only third parties or third parties, and cover against fire and theft. This is because of the number of high-risk drivers who subscribe to these types of policies.

Myth 7: Wrong claims will not affect insurance costs

This is a strange one. You'd think that if the accident wasn't your fault, the other person's insurance would go up, not yours. Which is something nearly a fifth (19%) of drivers think is true.

The statistics show that after filing a non-foul claim, you are more likely to have a claim in error soon after.

As a result, you can see the prices go up.

Myth 8: We always guarantee you a courtesy car if you get into an accident

Almost one in 10 (9%) believes this to be true.

The nice car is likely subject to availability. In most cases, they are only shown if the vehicle is repairable and taken to an insurance-certified mechanic.

If a vehicle is stolen or written off, a free car is not always provided. At this point, you may want to choose to rent a car as an add-on when implementing the policy.

Myth 9: You do not need to tell my insurance company about convictions that are no longer on my license

Nearly one in five (19%) believes that once the driving conviction is cleared with the DVLA, you do not need to tell your insurance company this.

Most motor vehicle convictions remain on your driver's license for four years. But insurance companies ask if you have had any convictions in the past five years.

In some cases, a conviction may not be valid, but you still need to declare it to your insurance company. So, if you had the conviction of speed four years ago, it wouldn't be in your license, but you still need to tell your insurance company. If it was granted years ago, you don't need to tell them.

Myth 10: Your insurance covers any accident you cause

In every five (20%) they think the insurance policy means coverage for any accident.

This is usually the case, but not always. If you crash and are convicted of driving under the influence, your insurance company can deny your claim.

The same applies if you are negligent or willfully cause harm.

* Figures are taken from comprehensive research conducted by one survey on behalf of Confused.com. This was an online survey of 2,000 UK adults who drive (nationally representative sample). The research was conducted between October 16, 2020, and October 20, 2020.
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