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5 Car Insurance Myths

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5 Car Insurance Myths

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  1. Motor Insurance Online

  2. 5 Car Insurance Myths

  3. 1. You can only shop for car insurance when your current policy expires. Many consumers don’t realize that they aren’t bound to their auto insurance coverage for the full term (ie – 6/12 months). The insured can cancel at anytime, subject to fees that vary by carrier. In many cases the carrier will charge a 10% fee on any unused premium. 2. Working with a direct company is always cheaper than going through a local agent. While it’s true that direct companies save money on costs by not incurring agent commission fees, this does not necessarily mean the savings will be passed on to you. Many direct auto insurance carriers will use those savings to spend more on marketing their brand and product. 

  4. 3. If your friend borrows your car, then your vehicle is not covered against damages. In most cases, this is simply not true. Comprehensive and collision coverage will provide protection against any damages to your vehicle, regardless of the driver. However, if you explicitly excluded this friend from your motor insurance online then damages would not be covered.   4. Auto insurance rates automatically go down when you turn 25. Age is an important variable in pricing models. Like any other variable in the pricing model, age is used to predict the likelihood that the insured will make a claim.

  5. 5. Comprehensive coverage covers theft of your vehicle and all items contained within. Comprehensive coverage on your auto insurance policy only covers items physically attached to your vehicle. This may include your car stereo or GPS device if it is factory installed. For coverage on items contained in your car such as iPods, clothing, and compact discs you will need Homeowners or Renters coverage. [Source: https://coverhound.com/blog/post/5-auto-insurance-myths]

  6. Follow us on https://www.facebook.com/BajajAllianz http://www.linkedin.com/company/653474 https://plus.google.com/+BajajAllianzGIC/posts https://twitter.com/BajajAllianz https://www.youtube.com/user/BajajAllianzGIC https://instagram.com/bajajallianzgeneral/

  7. Click to know more on motor Insurance online: https://www.bajajallianz.com/Corp/motor-insurance/motor-insurance-online.jsp Thank You….

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