Six Common Car Insurance Myths Busted

As the excitement of buying a new car appeals to the senses, it is time for the car owner to look for the best insurance plans to protect this highly valued possession. Motor insurance in India can be bought online or through authorized agents. Since the options are plenty, it is a good practice to indulge in sufficient research before choosing the most appropriate coverage plan.

Here is a list of the common myths that first time vehicle-owners encounter while looking for the right insurance policy plan.

Myth 1: The aesthetic value of the car impacts the cost of the insurance

Insurance providers determine premium costs based on model, engine capacity, type of fuel used and working condition of the car rather than aesthetics specifications like color or designs. While these factors can possibly have an effect on the price of the car, they do not hold any relevance when it comes to securing the insurance plan.

Myth 2: An old vehicle is never the target of burglars and therefore comprehensive coverage is not needed

As a matter of fact, burglars believe an old car is much easier loot than a new one with state-of-the-art safety features. Third party insurance may, however, be considered if the insured car is too old and the owner is looking to scrap it off for a new one.

Myth 3: The car dealer will take care of all the insurance add-ons to cover all types of exigencies

In most cases, car owners accept the insurance coverage offered by the dealer and pay up for the policy along with the cost of the car. Car owners take the insurance policy for granted and fail to analyze the compatibility of the cover to their particular needs. Car owners are recommended to perform their individual research and understand what they are exactly paying for.

Myth 4: When the car owner lends his car, he cannot be held responsible for any damage

This is most definitely untrue as insurance companies always hold the owner of the car and not the driver responsible for any accidents. As the person bound to an agreement with the insurance company, the owner of the car takes all responsibilities of the claim post an unfortunate event.

Myth 5: Higher premiums will be charged for sports cars

The premium rates are higher for the high-end car models not because they are termed under a luxury brand or called by fancy names like "sports cars". It is the engine capacity and power of the engine that determines the insurance costs. Since high end vehicles come with greater power and speed, they are highly prone to accidents and hence the high premium.

Myth 6: A comprehensive insurance policy ensures that the car owner is fully covered

Not really. Comprehensive covers vary from one another based on the add-ons (such as zero depreciation, loss of personal belongings) included and therefore car owners must ensure they have the complete information to be fully covered.

With these myths busted, owners can get their qualms about motor insurance in India cleared easily. With proper research and some smart techniques, drivers can pocket the best deals by clicking here.

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