- January 22, 2021
- Posted by: admin
- Category: Uncategorized
Auto insurance safeguards you against financial loss from a robbery or an accident. Your insurance provider covers your damages according to your contract because you paid a premium.
It covers property, liability, and medical expenses. Here are 8 myths about automobile insurance that are passed around as common wisdom but are far from it:
Myth 1: The color determines the quoted price.
Your car’s color is not a factor that’s considered while calculating your auto insurance cost. The auto policy’s estimated charges are based on the model number, car manufacturer, body type, size of the engine, age of the vehicle, price of the car sticker, repairing charges, the overall safety record, and the chances of theft.
Myth 2: The older you get, the more it costs to insure your car.
Although the driver’s age doesn’t reflect the estimated cost of auto insurance, older drivers are eligible for special programs and discounts in some states.
Myth 3: If an accident occurs while another person is driving your vehicle, their vehicle insurance will cover all damages.
The car owner’s insurance policy must pay for damages caused in an accident, irrespective of who’s driving.
Myth 4: Insurance for a new car is more costly since they attract more thieves.
Contrary to the typical belief, older cars are more likely to be stolen. But newer cars are more costly to insure as they’re more likely to be involved in collisions and call for a bigger budget for repairing or replacing.
Myth 5: The insurance covers you if your car is stolen, damaged, or vandalized.
This is only valid if, alongside your standard policy, you opt for comprehensive and collision coverage both to protect your vehicle from all forms of hazards completely.
Myth 6: Personal automobile insurance is equivalent to business automobile insurance.
It’s crucial to purchase business automobile insurance if you use your vehicle for work purposes, even if you’re self-employed.
Myth 7: Paying the total amount of insurance in monthly payments is cheaper.
Spreading the cost of insurance over the year with monthly payments costs more in the long run as insurers additionally charge an upfront deposit and interest that increases the premium cost on the whole. For that reason, paying in one go is cheaper.
Myth 8: To change or cancel your insurance, you must wait until the policy’s renewal date.
It’s permissible to cancel your insurance policy before the renewal date, but you can be held accountable for a mid-term cancellation fee. In such a case, it’s best to shut down the policy close to the renewal date.
At Western Mass Auto Insurance in the Indian Orchard, we’re keen on making auto insurance convenient and cost-efficient. We also offer insurance coverage for homes, apartments, and commercial vehicles. Contact our consultants to bundle up and save.