Top Five Car Insurance Myths
by:
BMA Editorial Team 3
What also doesn't help is the myriad of policies available, from performance car insurance and car insurance for new drivers to standard fully comprehensive car insurance and supposedly budget third party. And that's not to mention the sometimes horrendous levels of small print that come with all these policies.
Against this backdrop, it's easy to get caught up with some of the expensive myths that are perpetuated about car insurance, and end up getting ripped off. So let's look at the top five myths about car insurance and expose some of the fallacies behind them.
1. Cheap is best
Buying cheap car insurance is not always the best option. You might seem like you're getting a great deal until you crash your car and realise you haven't read the small print properly. Make absolutely sure you're covered for what you think you should be, then double check the terms of the policy to ensure these items are included before you sign. If you can't see it in the small print, you may find a more expensive but equally more comprehensive policy is needed.
2. Third party is cheaper
Many drivers, especially young ones, assume that third party insurance is their only option and will be cheaper than fully comprehensive cover anyway. This is not always the case. Research across car insurance groups shows that many drivers of all ages, including young and first time drivers, can actually get insured on a fully comprehensive basis at a competitive rate, so it pays to shop around.
3. Loyalty pays
Unfortunately, staying with the same insurer for a long period of time, (most drivers on average do so for just under three years), does not guarantee they will reward your loyalty with preferential rates in future. There are many factors that influence the price of your policy, and your staying power isn't necessarily one of them. Indeed, you can save a bundle if you switch, so don't feel bad about being disloyal.
4. Go direct and save
Often, it's not cheaper to go direct to the insurer, that's obviously why all these insurance comparison sites have been set up. On average, you can save over 30% by comparing insurers, so it also pays to shop around online and not take the first policy price you're quoted. It might seem like more hassle, but a lot of these price comparison sites make things very easy for you, and could end up saving you literally hundreds of pounds a year.
5. Crash and reclaim
Another common myth is that if you crash your car only a few months into a yearly insurance contract, you can reclaim the remaining premium. Sadly this is not true. Even if you pay monthly, the contract you have with the insurance company is legally binding for a year, so you have to pay up whether you write off your car or not.
Shop Around For The Best Car Insurance
It's easy to see why some of these car insurance myths have been perpetuated, it's a case of people trying to make sense of an often confusing system and also hoping that policies would sometimes just give them more room for manoeuvre. However, until the advent of comparison sites, car insurance companies really did have us over a barrel, so if you shop around and don't worry about being disloyal to your provider, you can often get a great deal at a reduced rate.
Car Insurance: Always Read The Small Print
The other factors to bear in mind are that the old fashioned route of going direct to an insurer, or trying to save money through cheap third party policies, are just not the way to do things anymore, (if they ever were). With car insurance, as with anything else of value, it always pays to read the small print, know exactly what you're getting for your money, and make sure you fully understand what signing on the dotted line will mean for you, your family and your car.
About the Author:
For more information on what type of car insurance is right for you, visit
http://www.insuranceimp.com/car-insurance/
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