There is a lot of great information about car insurance available today. However, there are a lot of things being said about car insurance that is not true. Car insurance myths may end up costing you a lot of money. Below is a list of some of the biggest myths about car insurance.
Myth: Any Type of Damage Is Covered By Car Insurance
Fact: There are different forms of car insurance coverage. Liability insurance covers damage that you do someone else’s car. It can also cover the other person’s medical expenses that occurred as the result of the accident.
Collision insurance pays for damage that is done to your own car. Regardless of whether you crash into another car or an object, collision insurance will cover the damage. Comprehensive insurance covers vehicle damage that occurs as the result of theft, fire, flooding and severe weather.
It is best to speak with insurance provider about the types of coverage that you need. This will ensure that you have all of the coverage you need.
Myth: All Drivers Have Insurance
Fact: All drivers are required by law to have insurance but that doesn’t mean they all do.
If you are in an accident where the at-fault party is the other driver and they don’t have insurance, they may not be able to provide you with a settlement you deserve.
If you find yourself in this situation, make sure that you contact legal representation right away. They will see that you receive your full settlement.
Myth: The Minimum Liability Coverage Is Sufficient
Fact: Most states require that drivers have a minimum amount of liability coverage. However, just because you have the minimum amount of liability coverage does not mean that you have enough. The minimum required liability coverage has not kept up with the rising claim and medical costs.
Experts recommend that you have more than the minimum required coverage in order to protect your assets. If the accident costs more than your insurance pays for, then you likely could have to cover the remaining cost of out of pocket.
If you are involved in a two-vehicle accident and you or the other driver doesn’t have appropriate insurance coverage, it can be costly.
Know how to protect yourself if this situation arises. Talk to your insurance provider about the possible scenario.
Also talk to an attorney if you find yourself in the situation. You want to make sure you are protected and that you receive an appropriate settlement if needed. Drivers that don’t have appropriate coverage may say that they can’t pay you, so you will need to have access to an auto accident lawyer help you get what is due to you.