The,Top,Misunderstood,Things,A finance, share, loan The Top 10 Misunderstood Things About Car Insurance
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Beware of these 10 things that are most commonly misunderstood about Car Insurance so that you can get the right cover at the right price: 1. Bodily Injury Coverage Will Cover Your Medical ExpensesThough a bodily injury is included in your liability cover, it actually only pays for any injuries caused to another driver or pedestrian. However, if you get hurt in an accident where the other driver is at fault, his bodily injury cover will pay for your injuries. In an at-fault accident where you end up getting hurt, your personal injury protection will pay for your medical expenses. 2. Your Insurance Company Will Cover Costs of Car Vandalism, Fire or Theft This is not true in the case of all insurance covers. It will only happen if you have chosen a comprehensive policy that pays for damages related to non-collision events. Many companies also call this cover as ‘other than collision’ for easier customer understanding. 3. Your Policy Covers Your Personal Property Inside the CarIf your personal property gets damaged in the car during an accident, your auto insurance will not cover it. If they are covered under a homeowner’s policy, you can file a claim through it, but not through your car insurance. 4. Your Renewal is Cheaper than New Policies Offered by Your Insurer Renewals and new insurance premiums are usually calculated in different ways and thus, it’s always better to shop around and look for multiple quotes before you renew your policy. Buying a new policy may sometimes be cheaper than renewals.5. Business Cars Require Higher Premiums Than Domestic Use This isn’t always true. In most cases, cars used for business have more to lose and they tend to take better care of their cars. 6. Your Speeding Ticket Will Increase Your Premiums Most companies don’t change your rates if you don’t have more than one ticket or claims in the last 3 to 5 years so you need not worry when you get your first speeding ticket. 7. Cheaper Cars Have Affordable Premiums Than Exotic Cars Though it may seem wise to opt for a hatchback than a sedan for cheaper insurance, the prices are largely dependent on the replacement car parts and the safety features of your car. Thus, a cheaper model may not always translate into cheaper premiums. 8. Third-Party Coverage is Cheaper Than Comprehensive While many tend to believe this and opt only for third-party cover, insurance companies have now raised premiums for third-party due to the increasing number of high-risk drivers who are opting for these policies. 9. You’ll Always Get a Courtesy Car in Case of an AccidentMost insurers will offer a courtesy car only as per availability and if you have chosen a rental car as an add-on in the case of an emergency. If your car gets stolen or is written off, you might not always get another car from your insurer unless it’s a part of your policy. 10. Your Insurance Rate Doesn’t Change if You MoveYour company will calculate the premium based on where you reside and all provinces in Canada have different rates and policies. So if you’re planning to move to a new state, you should be prepared for a change in your insurance premium rates as well. It’s better to know about these misconceptions than having to face losses or troubles in case you need to a file a claim. Article Tags: Bodily Injury
The,Top,Misunderstood,Things,A