Welcome to the topic “5 Common Myths About Auto Insurance“
While most people use their cars for work, it is important to keep in mind that your car is your asset. If you are not careful, you could be leaving a lot of money and work on the table. This is why it is important to make sure you have auto insurance that is able to cover your car in case of an accident. It is also important to have adequate coverage that can cover any damages, regardless of who is at fault.
Without the correct insurance, you could be setting yourself up for financial ruin. But there are a lot of myths about auto insurance, which can make the process complicated. This blog is designed to help you understand the misconceptions and the truth behind these myths.
And without further ado, let’s get to it! Here are the 5 Common Myths about Auto Insurance.
1. The color of the car matters
Many people believe that the color of the car you drive can affect the level of coverage that you get. Unfortunately, this is a myth.
There are even some people that believes in the red car insurance myth. But despite what you may have heard, the color of your car doesn’t matter whether you’ll be getting an auto insurance premium or not.
To give you an answer, things that can affect auto insurances are the model of vehicle and how vulnerable is your car for theft.
2. Car Insurance automatically covers Acts of Nature
There are a lot of common car insurance myths. One of the more prevalent myths is that auto insurance covers natural disasters by default. This is not true. There are a lot of limits that govern when and how auto insurance covers natural disasters.
In the Philippines, the AON or Acts of Nature is an add-on which means that it needs to be purchase on top of the auto insurance policy you already got.
3. The car insurance covers all your losses
There are a lot of misconceptions surrounding auto insurance myths, but some are more prevalent than others. One of the most common myths is that the car insurance covers all your losses. However, that’s not the case. It is important to be aware of what your auto insurance covers and what it doesn’t cover. It is not uncommon for the policy to cover only a certain amount – depending on the terms and conditions.
4. The older you get, the costlier the insurance is
Auto insurance is a tricky business. Many people have a perception that the older you get, the more the insurance costs. But that is not true. The cost of the insurance actually goes down, since the risk of the client is reduced.
However, this is not always the case. In some cases, the cost of the insurance goes down if the deductible goes up, or because the client’s driving record changes.
5. Auto Insurance covers personal items
Personal items are not covered under auto insurance. This is a common misconception that is getting more attention as more people are facing the fact that their personal items are not covered after a crash.
Now if you want this advantage, you have to purchase an additional benefit called Personal Effects coverage which ensures that all your belongings inside the car when the incident happened are insured.
Final Thoughts
There are many myths out there surrounding auto insurance. You can avoid getting scammed by learning the truth behind these myths. In this blog post, we debunk some common myths about auto insurance. And we hope you found this helpful!
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