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Posted by Royal Sundaram on 03 Jul 2012
Car insurance is one of the most widely availed general insurance plans in India with equally widespread misconceptions attached to it. It is because of these myths that consumers end up making wrong choices while buying a policy. Following are the seven most common myths about motor insurance.
Myth No#1 – Staying loyal to the car insurance provider will help lower the premium
Continuing with the same motor insurance provider year after year will not help in reducing your insurance premium. Insurers provide lower price for vehicles that have a lower exposure to risk. It’s good to keep scanning the market for other insurance providers to know what other features you can get and what quotes they have in store. Car insurance providers also offer a transferable no claim bonus, which can be easily availed while switching your insurer.
Myth No#2 – New cars are more at risk of being stolen
New car models come with advanced security systems and better anti-theft devices. Many features make car theft an unlikely and more difficult scenario. With new technology such as engine immobilizers, GPS locators and mobile notifiers installed in newer models, older cars are much more likely to be stolen than new ones.
Myth No#3– The colour of the car matters
As ridiculous as this may sound, it does come across as a commonly believed myth. While examining your car for the insurance process, the examiner considers factors like engine size, make and model of the car along with the driver’s driving record etc. The colour of the car really doesn’t matter.
Myth No#4 – Credit history doesn’t really make a difference
This myth might provide temporary relief to those who do not have an impressive credit record, but it is not 100% accurate. Some insurers consider the credit record of the customer while calculating the car insurance quote. The better your credit score the lower is the premium you need to pay.
Myth No#5 –I’ve never encountered a crash, so I don’t really need a comprehensive cover
The definition of the word accident states that it is “An unfortunate incident that happens unexpectedly and unintentionally”. Accidents do not come with a warning, and the best way to safeguard against them is to stay prepared. A comprehensive car insurance offers not only security to your car from all conceivable risks but also gives you the much needed peace of mind.
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