•   
  •   
  •   

Ownership Insurance Myths: Real or Busted?

19:52  27 june  2018
19:52  27 june  2018 Source:   autotrader.ca

Lifetime transmission fluid? Depends on your definition of lifetime

  Lifetime transmission fluid? Depends on your definition of lifetime Sealed transmissions sound good, but metal shavings and heat mean you should get them check by professionalsVideo: Don't bother following these car maintenance myths (provided by Consumer Reports) Your browser does not support this video require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_ded8ab7e-07fc-4a43-9478-7e3bf0885bdb").

Share this article: 1 of 1. Insurance Myths : Real or Busted ? Evan Williams. Car insurance . It’s something you don’t really want to pay for until, all of a sudden, you need it. Then you’re either glad you had it or wishing you had more.

Small Business Insurance Commercial Auto, Fleet & Garage Hospitality Insurance Contractors Insurance Real Estate Insurance New Car Dealers/Rec. Myth : Home insurance is required by law.

Car Insurance Form© Thinkstock Car Insurance Form

Car insurance. It’s something you don’t really want to pay for until, all of a sudden, you need it. Then you’re either glad you had it or wishing you had more. That’s the rub with it, too. Car insurance can be complicated: Long documents, myriad terms and conditions, and arcane rate calculation formulas make it all a little mysterious when you’re looking at the bill.

With mystery comes myth, and with myth comes misinformation. So we’ve taken a look at some of the big myths around car insurance and talked to the Insurance Bureau of Canada, the association that represents private insurance companies, to bust some myths and get you the right information. Pete Karageorgos, IBC’s director of consumer and industry relations, acted as our myth buster.

Small things that can trip up your car insurance rates

  Small things that can trip up your car insurance rates Forgetting renewals or payments not only rises rates but can stay on your record for yearsVideo: Chevy and Shell Let Owners Pay for Gas From Their Cars (provided by The Drive) Your browser does not support this video require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_9d134680-89fe-40bf-b1b3-3ceff65cd960").

Myth - Busting Insurance Myths : Fact or Fiction? Myth 1: Red Cars are More Expensive to Insure . Surely, there’s an added insurance cost for looking flashy on the highway in your bright fire-engine-red car, right?

Life Insurance Myths Busted ! 09 Jan 2018 Posted by Barry Aldworth. Below we’ve looked at 5 Life Insurance myths and separated fact from fiction to make sure you’re as informed as possible.

Cheaper cars cost less to insure

a red car parked on the side of a road© Provided by autoTRADER.ca

It depends. Pete pointed out that some cars cost more to repair, but that others cost more to buy. The amount a car costs to insure is based partly on the cost to repair it, to replace it, and to pay for injuries sustained. More expensive cars are often safer cars because of added safety features. That could reduce injury claims (making them cheaper to insure). But those safety features could cost more to repair after a crash, which brings the price back up.

On top of that, the price of a repair isn’t necessarily related to how much the car cost to purchase. So the cost of insuring a more expensive car may not be higher than a cheaper car. It all depends on how often the cars are being crashed, and how much it costs when they do. Which ties into the next myth…

Your Corner Wrench: With LED lamps, it may be time to rethink your insurance coverage

  Your Corner Wrench: With LED lamps, it may be time to rethink your insurance coverage Because of vulnerable positions and a high cost of replacement, it might be good to have a lower deductibleVideo: Why your big kid may still need a booster seat (provided by Consumer Reports) Your browser does not support this video require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_a6ea34b4-fc9b-4d46-96dc-91c3cebd5c08").

Track repairs in real time. We're here to bust this myth and show you why it isn't always true. A lapse in car insurance coverage won't affect your rate It may seem like a smart financial move to let your car insurance coverage lapse when you don't plan to drive (after all, you'll save by not paying

Car insurance can be confusing, and it’s made even more so by the myths circulating. You need to know the facts from the fiction or you could find yourself overpaying, or worse — without the cover you need to drive legally. Read on to find out the truth behind 10 common car insurance myths .

Used cars are cheaper to insure than new cars

a man in a red car© Provided by autoTRADER.ca Here too, it can vary. Yes, a used car likely costs less at the dealership, but that’s not the whole story. Used cars are usually older, so they might not have all of the accident-avoidance and passenger safety features a new car has: emergency braking, blind-spot monitoring, or side impact airbags, to list a few. That can mean that while they don’t have as many expensive sensors to be repaired after a collision, the car could be more likely to get into that collision in the first place. And you could be more likely to be injured when that happens.

Older cars can also be missing many of the anti-theft features of the newest models. Things like immobilizers and GPS tracking – features that stop thieves from starting the car, or being able to find the car if it is stolen. Higher rates of theft can translate into higher premiums.

CAA Brings Pay-Per-Km Insurance to Canada

  CAA Brings Pay-Per-Km Insurance to Canada Pay-as-you-drive insurance is coming to Canada. Pay-as-you-drive insurance is coming to Canada. CAA Insurance is launching a new way for drivers who don't cover much mileage to benefit on their premiums.

Let’s bust these common insurance myths and uncover the truth! Myth 2: If your car is damaged in an accident, insurance will always cover a rental car. Busted ! Rental reimbursement coverage does not automatically apply after an accident.

Common Health Insurance Myths Busted . Health Insurance has become a need for today’s people. So let us discuss them, and throw light on some real facts which will help you take a better decision for your investment in a Health Insurance Plan.

Finally, repairing older cars can be more difficult. When a model goes out of production, parts can become rare and hard to find. A fender bender can quickly become a big deal if the repair facility isn’t able to source something like a wheel-well liner or turn signal assembly. Rare parts can be more expensive too – on top of the added costs for storage and a rental car while you wait for your pride and joy to be fixed.

Fraud makes up the biggest part of many premiums

a view of a car© Provided by autoTRADER.ca

Fraud is a very expensive part of insurance costs. According to Karageorgos, in Ontario alone, fraud costs $2 billion per year. That adds $276 to the average annual insurance premium for every driver in the province. It’s definitely not cheap, and while it’s probably not the biggest part of your premium, it’s close. There are multiple types of fraud, though, and ways to avoid them.

The first that Karageorgos mentioned is a fraudulent agent: an insurance quote that looks like a great deal, but you need to pay cash; a meeting at your home or a coffee shop, not an office. These are possible signs of a fake agent, who will give you a worthless piece of paper.

Insurance for EVs and Hybrids: How Does It Compare with Regular Cars?

  Insurance for EVs and Hybrids: How Does It Compare with Regular Cars? If you’re considering an electric car or a hybrid, you may be wondering if it costs more or less to insure compared to a regular vehicle; and whether there are any insurance benefits or disadvantages to going green. We were curious too, so we asked some of Canada’s major private and public insurance agencies how they determine insurance rates for EVs and hybrids. We were somewhat surprised to learn that most vehicle insurance agencies in Canada, both private and public, begin with the same vehicle-loss cost evaluation system. It’s called the Canadian Loss Experience Automobile Rating (CLEAR) system from the Insurance Bureau of Canada.

We look at common life insurance myths – and bust them! The website may look very much like the real thing, but isn’t. When in doubt, contact your insurer directly. Myth #5 – All life insurance is the same.

Get your travel insurance plan without harbouring any myths about the policy or the insurer. This can lead to confusion and dispute later on, when one tries to claim insurance but cannot. Consider these five travel insurance myths that you must stave off

Finding out your insurance is phoney at the scene of an accident could cost you massively in fines and damages. Make sure your agent is licensed before handing over any money. You can look that information up online in most provinces.

The next is fraud at the scene and at the repair shop. That’s when you’re steered to a shop that might not be quite on the level: kickbacks to a tow truck driver, improper or unsafe repairs, or used parts when you’re paying for new. Your insurance company likely has recommended or preferred shops, and may even offer longer warranties on the repair if you use one of those shops. The insurer has looked those shops over to verify they do acceptable work.

a person in a blue shirt© Provided by autoTRADER.ca

But you don’t have to use your insurance company’s repair shop. If you’re not going to, though, look into repair shops before you need one. It’s too late when your car is on the back of a tow truck. Find one with certifications and recommendations before you need it.

The last is medical fraud. And it’s not the faked injuries you might be expecting from all the dashcam videos on the internet. Medical fraud includes overcharging for treatments or adding medical treatments you didn’t even get, and that could hurt you right in the wallet. Karageorgos recommends that you don’t sign blank forms, which is good advice at medical offices, repair shops, and just about anywhere.

Alarming Study Reveals Dangerous Habits of Quebec Drivers

  Alarming Study Reveals Dangerous Habits of Quebec Drivers Cars are safer than ever and electronic assists are becoming more and more commonplace. Is that good or bad? A new Léger poll conducted this spring on behalf of Allstate Insurance Company of Canada offers an alarming reality check: 91 percent of Quebec drivers surveyed engage in risky behaviour while driving.

Red cars cost more to insure . Myth busted . It's OK if your little Corvette is red or your big Cadillac is pink. Color has no impact on your car insurance price. At Progressive, we don't even ask about it.

Are you heading abroad with overseas travel for your overseas education soon? Make sure you don’t fall for the most common travel insurance myths that

Red cars cost more to insure

a car parked on the side of a road© Provided by autoTRADER.ca

Karageorgos: “No.”

It’s a long-standing myth, tied to the other myth that red cars get more tickets. Now if they did get more tickets, they’d probably pay more for insurance. Or at least their drivers would. Insurance companies aren’t concerned with what shade your paint is. And neither are police officers.

Insurance companies do care about your driving history. So more claims and more moving violations will get you higher rates. They do not care about your choice of hue.

Sports cars get tiny back seats for cheaper rates

  Insurance Myths: Real or Busted? © Provided by autoTRADER.ca

This is one that comes up a lot in forums: The latest and greatest sports car gets a back seat too small for even a laptop bag, just so that it can get cheaper insurance. Consider this one is busted. Karageorgos hasn’t even heard of it before.

Minivans might end up with cheaper rates because they tend to be driven more slowly and safely (except maybe after the first morning bell), but the tiny back seat in your 500 horsepower sports car is there because the manufacturer thought you might want it, and that’s all.

If I lend you my car, and you crash it, your insurance pays

False. Karageorgos says that if you lend your car, you lend your insurance with it. If the borrower of your car has an at-fault accident, the claim goes on your policy and your record. If it’s not the fault of the person driving your car, then it shouldn’t affect your rates.

My insurance will cover my rental car or truck

a truck is parked on the side of a building© Provided by autoTRADER.ca

Standard insurance policies don’t cover a car you’ve rented – just like they don’t cover one you borrowed. But you can add a rider (extra insurance coverage) that will cover you when you’re in a rental. If you’re planning to use that for your moving van, however, better check your policy.

Are auto insurance premiums cheapest if you sign up in August?

  Are auto insurance premiums cheapest if you sign up in August? Insurance companies cannot increase rates willy-nilly whenever they want.  For an insurance company to receive approval for a rate increase it must be able to show that it has actually had losses in one of the categories—home, auto, etc.

The ancient insurance myths that sadly get passed around like a cheese tray at a New Years Eve Party. I don’t know when all of a sudden bankers, car dealerships, or even our neighbor Joe down the street became experts on insurance but…

Car insurance is a tricky business and the myths surrounding No Claims Bonus, non fault claims and black box insurance are rife. Up next. Road-safety myths : BUSTED - Duration: 3:00. Sergeant Cooper the Police Car Part 2 - Real City Heroes (RCH) | Videos For Children - Duration: 24:56

Rental car insurance riders generally cover passenger vehicles, not big box trucks. That could leave you exposed on a type of vehicle you’re not used to driving. They might have a limit on the maximum cost of the vehicle you’re renting as well, something most credit card rental insurance agreements also have. If you’re in a rental car and you file a claim against your own car insurance policy, it could affect your rates. Something to consider when you’re declining the optional coverage at the rental counter.

If my car is broken into, my stuff is covered

a car parked on the side of a building© Provided by autoTRADER.ca

The damage to your car might be covered, and the stuff in it might be covered, but not by the same policy. Your car insurance covers your car and, assuming you have the proper insurance, it’ll pay to fix the damage caused by the thieves. As for the laptop in the trunk and sunglasses on the console, that one is on your home insurance. Which means two claims, and two deductibles.

Karageorgos agrees that a good rule of thumb is that if it isn’t fastened to the car, car insurance won’t cover it. Some insurers will lump a home and auto claim like that together and only charge one deductible if you have both policies with them. So shop around. Or don’t leave valuables in the car.

My premiums will drop when I turn 21/25/30 or get married

a close up of text on a black background© Provided by autoTRADER.ca

Insurance premiums generally do go down when drivers turn 25, Pete says. That’s because drivers aged 16–24 get in more crashes. The same thing can happen with marriage. But your insurer might not automatically lower your rates when you hit those milestones. So they’re a good time to shop around to make sure you have the coverage you need and the rate you want.

Once you hit 75, expect premiums to rise. That’s because drivers over that age have more claims due to medical issues, and collisions resulting from worsening reaction times.

Most insurance myths have straightforward answers, but if you have questions there are a few places you can go. The first is straight to the horse’s mouth: Call your insurance agent, broker, or customer service line; they can answer questions about your specific policy. You can also reach out to the IBC, which offers a consumer information hotline to help ensure you’re in the know when it comes to being insured.

Air-conditioning myths and facts .
A/C use can affect fuel-consumption and CO2 emissions but not the ozone layerChances are the environmental impact of using A/C may be quite different from what you have been led to believe.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!