Car insurance is a topic that requires a lot of research to fully understand. However, while talking to people and pouring through articles over the internet, you might come across bits of information that aren’t always true. Some people believe in these bits of information and even spread them on, turning them into misconceptions and myths that cloud the air around motor insurance. Keeping this in mind, the following article will debunk some of the more common myths about motor insurance; hopefully,
it will help you with a clearer, more accurate idea of insurance for your car.
- Buying car insurance is complex.
Most first time buyers have read or heard that buying insurance is a huge task. They are under the impression that the process entails a lot of running around, heaps of paperwork and troublesome documentation. In reality, the internet makes buying an insurance policy for vehicle extremely easy. You can compare plans from the comfort of your home or whilst at the office. You’ll have to fill up a simple form, upload a few documents and make the payment online – post which you should be the proud owner of your own car insurance policy.
- Online insurance plans are not as good as offline plans.
Some buyers stay away from online plans. They feel that since they are more affordable, they must be inferior protection instruments. However, this is as far from the truth as possible. Online plans are cost-effective as you skip on any agent fees and reduce the insurer’s overhead costs, the savings of which are passed on to you in the form of lower premiums. There is no difference between online plans and their offline counterparts. Even the cover, claim process and helplines are the same.
- NCBs are non-transferrable.
Some people refrain from changing insurance companies because they’re afraid they will lose out on their NCB. This is a misconception and you can retain your NCB if you change insurers or cars. After all, NCBs are the result of careful driving for years and who insures you or which car you drive.
- I can’t change insurers once I buy a certain plan.
This is a myth that keeps people tied to an inferior insurance product. They either feel their NCBs will be lost or that the switching process is very complex. We’ve already explained why NCBs shouldn’t be a problem when moving from one insurance company to another. If the fear of a hassled switching process has held you back, you should reconsider the decision to switch because changing insurance companies is actually super easy. You should be able to find enough information about the same online.
- Third party insurance is enough for an older car.
We often hear people say that an old car does not require the same amount of protection as a new car. However, this is a myth as both a new car and an old require the same amount of financial protection. Third party insurance only provides cover for injuries or damages occurring to a third party or their vehicle along with basic personal accident cover for serious injuries occurring to you. Therefore, if you were to meet with an accident in your old car and you only have third party insurance, repairing it would require you to shell out money from your own pocket.
These were some of the more common myths about car insurance. We hope this article will help you see past them and make informed buying decisions. Good luck and all the best!