7 Must Known Auto Insurance Myths & Facts

Along with this some false auto insurance myths have been passed off as  facts, and you may find yourself in a difficult position when you buy a  policy.

Myths Number 7

It is absurd to say that insurance costs more for red cars than any other color. Red cars are not more expensive to insure than other colors.

Red Cars Cost More To Insure

Myths Number 6

Auto insurance companies cannot cancel your policy before the term ends  unless you are caught engaging in fraud.

You Can Lose Your Auto Insurance at any Moment

Myths Number 5

Auto insurance with no fault covers only medical bills. It won’t cover  property damage if an accident was at fault.

No-Fault Auto Policy Means That It is Not My Fault

Myths Number 4

While there is a strong correlation between age and insurance premium  costs, it doesn’t necessarily mean that you will pay more.

Auto Insurance Becomes More Expensive as You Age

Myths Number 3

Irrespective of whether new or used cars, it is mandatory to buy car insurance under the Motor Vehicles Act 1989.

Old Used Cars Don't Need Car Insurance

Myths Number 2

Only if you have brought return to Invoice add-on cover, will you get back the initial price of the car.

If my car has crashed, I will get back the initial price of my car

Myths Number 1

Every policy has certain exclusions and so does car insurance. There are certain exclusions like drunk driving.

Car insurance covers all damages caused by you