What Are The Most Common Misconceptions In The Car Insurance Industry
LOS ANGELES, Mar. 26, 2019 /PRNewswire-PRWeb/ -- Carinsuranceshoppingsource.com has launched a new blog post that presents several common car insurance myths.
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Misconceptions are common in many industries and the auto insurance industry is one of them. Some of these misconceptions have an impact on how drivers buy their vehicles and their car insurance. Most of them are not true and there are spread by persons with little or no knowledge on how the car and car insurance industries work.
Some of the most common misconceptions about car insurance are the following:
-- Drivers only need minimum liability coverage. The minimum liability coverage is enough to drive legally. But in many cases, the minimum coverage is not enough to cover the damage caused to other persons' property or to pay their medical expenses. After a policy is exhausted, drivers will have to pay with their own money for the rest of the repair costs and medical expenses. -- A single policy covers everything. This is not true. One, two or even three policies are not enough to fully protect a driver against all possible incidents. Full coverage protection usually consists of liability, collision, comprehensive, PIP and Underinsured motorist insurance plans. All these coverages combined will result in one expensive insurance policy. However, in some cases, drivers have no choice. For example, if the car is financed, then the lender will require the driver to carry full coverage. -- Deductibles are not that important. The truth is that deductibles are very important for drivers that know how to use them. The deductibles represent the amount of money a driver has to pay before his insurance plan kicks in. Selecting higher deductibles means that drivers will pay lower insurance rates. However, policyholders should ensure they have enough money to pay for the deductibles if they have to file a claim. -- Red car owners pay more. The insurance companies are not interested in the color of a vehicle. The car make and model does affect the insurance costs, but not the color. -- Adding a second senior driver will make car insurance more affordable. This is not always the case. While it's true that more mature drivers pay less on their insurance as a result of their driving experience, adding a senior driver that has recently made claims will increase the overall price of insurance, instead of lowering it.
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