There are some common myths in Insurance industry.According to a recent survey by Insure.com, Men seem to be more prone to buying these myths than women. Women too have popular misconceptions about their insurance choices. The survey of about 2,000 adults from across the United States reveals some interesting insights.
Majority of the respondents did not know how to insure their homes. Most thought house should be insured for its real estate market value instead of correctly insuring against cost of reconstruction. Many female survey respondents said they would not buy a red car because they felt it would attract more tickets, hence higher insurance cost. About 45% of all respondents thought an insurance company will cancel their car insurance right after they get in a bad accident. In reality, the company will wait till end of policy validity before evaluating case for dropping the policy.
The biggest divergence between men and women involved speeding tickets. Most male respondents (66%) believed they won’t be held liable for out of town tickets. Fact is these tickets do lead to a rate increase depending on carrier and can be tracked by the company. An interesting myth is about the size of cars. Majority believe it is cheaper to insure a small cars compared to a large station wagon. Not true again, the insurance depends upon the value of your possession and not size.
As an insurance buyer one can protest oneself if the sources of information is right. Do not fall prey to misconceptions. Reach out to informed insurance agencies that can help you get the right policy to cover you for rain and shine.