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3 Common Misconceptions About Car Insurance



The importance of possessing a car insurance policy cannot be stressed enough. It not only makes a vehicle road legal but also helps owners to deal with financial losses during an accident. 

However, the myths surrounding such policies have added to the confusion of opting for one. One needs to debunk such misconceptions to make an informed decision.

3 Myths about car insurance policies

Here are the top three myths about car insurance plans that one needs to be aware of –

  1. Minimum coverage is enough

Yes, it is mandatory to avail a minimum coverage, a third-party plan that offers basic financial assistance against a low premium amount. This plan may sound like a solid financial decision, but it is not profitable enough in the long term.

For instance, if your own car sustains significant damage, you will have to burn through your savings to pay for its repair.

Hence, it is better to opt for a comprehensive motor insurance policy that includes significant coverage for third party and own damages as well.

  1. The number of drivers have no implications

It is quite the opposite; any vehicle driven by multiple drivers increases the risk for an insurance provider. Resultantly, they will charge a higher premium amount in such cases. On the other hand, if a single driver drives a vehicle, it is deemed safer by insurance companies, resulting in lower premium amounts.

  1. Only dealers sell the perfect car insurance

No, one can also conduct market research and find a better policy outside of the companies recommended by a particular dealer. Usually, dealers have affiliations with different brands, and they try to push their products. Buyers can look elsewhere to avail an insurance policy; it is not mandatory to purchase it from a dealer.

Since car insurance policies are essential, it is imperative to make an informed decision to avoid facing any difficulties in the future. In this regard, being aware of these myths is important.

Read More: Things TO Know About Third-Party Car Insurance In India
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  1. Anonymous15 April 2021 at 14:24

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