Despite the fact that buying car insurance ensures protection from financial losses resulting from freak accidents or natural calamities, many people are critical of the whole concept of getting their car insured. One can buy car insurance online or offline depending upon requirements. It is the myth that catches the mind’s eye more than the truth. Despite the numerous benefits of car insurance, the concept of car insurance also has its own fair share of myths that need to be dealt with. Some of them are:
Car Insurance
It’s not Easy to Buy Car Insurance
The common myth that paying for car insurance involves a lot of hassles owing to its complicated procedure. However, the truth is that the pervasiveness of the internet has made it possible to compare car insurance policies online. Apart from browsing websites for various insurers to know the various rates and benefits involved, one can also log on to insurance aggregator portals to compare car insurance online and choose the one that befits their needs.
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Portability of Car Insurance Policy Unavailable
Most people reel under the false assumption that transferring existing policy from one insurer to other will incur losses as the policyholders lose their “No Claim Bonus (NCB)”. This has resulted in many of the insured continuing to renew their policy with existing insurers despite having to pay more in lieu of limited benefits.
The reality is that you still avail the benefits of low premium as a reward for filing no claim to cover accidental damages to your car. However, the NCB gets transferred to the new insurer only if you renew your old policy within three months of expiry of the old insurance policy.
Claiming Car Insurance is a Hassle
If your car has met with an accident, you may choose to pay for the damages upfront and then claim from your insurer or leave it to the insurer to settle the claim towards the damage. For those who buy car insurance online, policyholders may choose to get the damages repaired from the garage that falls under the purview of the insurer. The amount towards repairs and replacement is settled between the insurer and the garage, thus, freeing the insured of any inconvenience.
However, if you have been unable to locate the networked garage or had got your car repaired from some other garage, the policyholder can make the payment to the garage and submit the bill to the insurer for reimbursement. Also, you can get more advice from Costco car insurance reviews.
Car Insurance Covers Against All Kinds of Damages
This is a common myth that has led to numerous insurance filings against the insured in Indian courts. Having car insurance does not mean that all the damages suffered by your vehicle are covered. To cover against specific kinds of damages including engine, personal belongings, etc., one needs to choose specific riders like zero depreciation car insurance policy among others to stake a claim.
Car Insurance Helps Only When the Fault Lies with Someone Else
This is completely false. As long as you have a valid driving license and had not been driving under the influence of drugs or alcohol, damages to your car caused by natural or unnatural factors would be covered by your insurer. This means that your car is protected regardless of the damage being caused by floods, earthquakes, riots, terrorist activities or unwarranted collisions.