insurancemyths.ca

Hybrid Cars

Nick — Mon, 11 Mar 2013 13:39:04 +0000

MYTH: Hybrid cars are cheaper to insure.

The cost may be the same – but most likely slightly more – to insure a hybrid vehicle, depending upon the type of model you go with. The reason it’ll probably cost you a little more is because hybrid cars are still less popular than the traditional vehicles in the auto industry. Unlike traditional car models, where parts replacement and repair options are easier to access, hybrids are not yet readily available. As a result, just as with foreign car models that require special parts ordering or specially trained mechanical care, a hybrid vehicle also requires similar attention. Before purchasing a new vehicle, it may be a good idea to compare car insurance quotes across a few different insurance providers.

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Rental Car Provided After Accident

Nick — Fri, 01 Feb 2013 20:38:07 +0000

MYTH: If my car is being repaired as a result of an accident, my insurance company gives me a rental car.

This may or may not be true, depending on your province of residence. For example, in Ontario, the cost of a rental car will be covered under your policy if you are 100 % not at fault. If you were at fault, the cost of a rental car will only be covered if you purchased additional coverage called an OPCF 20 or “Loss of Use”. Therefore, be sure to check with your insurance provider to avoid any surprise costs in the event of an accident.

Jewelry and Home Insurance

Nick — Tue, 15 Jan 2013 14:57:51 +0000

MYTH: Jewelry is covered under my home insurance policy.

Depending on your policy, your jewelry may or may not be covered in the event of an accident or theft. Most insurance policies set a maximum amount, or a special limit, for what they are willing to pay to cover certain items such as, jewelry, tools, furs, bicycles, etc. These limits can vary from one insurance company to another. If the coverage of particular items is important to you, make sure that the policy you decide to purchase has sufficient coverage for your needs. If you are shopping around for home insurance quotes, ensure you include this coverage for an apples-to-apples comparison.

Snow Tires and Car Insurance

Nick — Tue, 15 Jan 2013 08:30:08 +0000

MYTH: Snow tires save me money on car insurance.

The common belief is that snow tires can save money on car insurance rates. However, this is only true if your insurance company acknowledges the importance of riding on the right tires during the winter by offering insurance discounts to drivers who buy them.

Without a doubt, a good set of winter tires can be a good investment to ensure safety on the road during the winter months. Check with your insurance provider and see if you qualify for any additional discounts.

Life Insurance for Stay-at-Home Moms

Nick — Tue, 08 Jan 2013 08:30:57 +0000

MYTH: I’m a stay-at-home mom so I don’t need life insurance.

It’s not uncommon to hear people say that they don’t believe they need life insurance. This could not be further from the truth, as funeral costs and debts may be a burden for any family. When it comes to choosing your coverage, take the time to use one of the many free life insurance needs calculators online, or sit down with an insurance professional to help determine your needs. You can then compare life insurance quotes on policies from multiple companies in order to find the most affordable way to obtain all of the coverage you require. Choosing life insurance is a smart move, and no matter the buyer’s age or occupation, there is a policy that will fit.

Best deal on car insurance

Nick — Wed, 02 Jan 2013 08:30:06 +0000

MYTH: My insurance agent got me the best deal on car insurance.

Insurance agents represent a specific insurance company, and may or may not be able to provide you with the best car insurance rate. An independent insurance broker, on the other hand, is not tied to a specific company or a specific company’s products. They can get you the best deal available from their portfolio of offerings, while agents are bound to represent a specific company, and are therefore more limited in the number of products they can offer.

When looking for car insurance quotes, it’s a good idea to shop around. Quoting sites like InsuranceHotline.com compare your rate against over 30 insurance companies – fast and FREE!

Insurance Claims and Rates

Nick — Mon, 24 Dec 2012 08:30:08 +0000

MYTH: The amount of my insurance claim determines the increase in my car insurance rate.

Not every claim filed with the insurance provider will increase your car insurance rate. For example, you will not see a premium increase after making a claim if you’re deemed “not at-fault” by the insurance company. In addition to that, your insurance rates may not increase if your insurance company offers “accident forgiveness” coverage, which prevents an increase in premium while you are with that insurance company if you have to make an “at-fault” claim.

Thieves and Old Cars

Nick — Tue, 18 Dec 2012 16:05:06 +0000

MYTH: My old car won’t get stolen because thieves only steal newer cars.

Statistics from Insurance Bureau of Canada’s (IBC) top 10 most stolen cars in 2011 reveal that older cars are being stolen more than newer contrary to the common perception pervaded by the myth. In fact, the car insurance report revealed that some of the ten most stolen cars are made on the years 1999 to 2007. This may be partially due to the fact that eight out of ten vehicles on Canada’s most stolen cars list do not have an approved electronic immobilizer, which prevents thieves from starting a car without the key. This means that there is actually a bigger market for older cars, thereby making them more attractive to thieves. Insurance companies take into account this list when rating the vehicle and insurance rates may be higher on these cars.

The top 10 most stolen vehicles of 2011 are:

2000 HONDA CIVIC SiR 2DR

1999 HONDA CIVIC SiR 2DR

2006 CHEVROLET TRAILBLAZER SS 4DR 4WD

2007 FORD F350 SD 4WD PU

2005 CADILLAC ESCALADE 4DR AWD

2006 FORD F350 SD 4WD PU

2002 CADILLAC ESCALADE 4DR 4WD

2005 FORD F350 SD 4WD PU

2004 FORD F350 SD 4WD PU

1999 ACURA INTEGRA 2DR

Home-Based Business

Nick — Fri, 07 Dec 2012 20:45:53 +0000

MYTH: My home-based business is covered under my home insurance policy.

DEPENDS. Although many people think that their home-based business is covered under their home insurance policy, it may not be true if the insurance provider is not aware of the business. Depending on the insurance provider, you may be able to purchase an extension to cover the home business, or for more comprehensive coverage you could consider getting commercial insurance quotes to find the right policy. In either case, by specifically paying for a policy that covers your home-based business, you can be protected against theft, injury and fire that may cost much more in the long term.

Winter Motorcycle Insurance

Nick — Thu, 15 Nov 2012 20:08:26 +0000

Myth: I should cancel my motorcycle policy in the winter when I don’t drive it.

Since most insurance companies assume that in Canada, you won’t be riding your bike through the winter months your premium is built such that if you cancel your policy in the off season you will not receive a refund. The insurance companies biggest exposure is during the good weather when you are riding your motorcycle so most of your motorcycle premium is earned during those months.

If you cancel your insurance, your motorcycle won’t be covered if something happens while it’s in storage, which could end up costing you even more. As a bonus, if the weather changes unexpectedly, you’re insured if you decide to take your bike out for a late fall or early spring run.