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Posts Tagged ‘myths about car insurance’

car-insurance-mythsThere are many false beliefs that a lot of people believe about short term car insurance that often lead to customers being caught out by surprise when dealing with the claims process. A lot of these misconceptions are common reasons why claims are rejected by insurers. Here are the top most misguided myths that people hold about insurance and the facts to destroy them.

Myth 1 :  My car insurance cover applies to all drivers of my car on the same terms.

Fact: Car insurance is designed for the regular driver of the vehicle. If you specify you are the main driver of the car but your daughter actually drives the car more than you do, the insurance company can reject the claim if your daughter is the driver when the accident takes place. If you daughter borrows the car on a single occasion and is involved in an accident, the insurance company is likely to apply a young driver penalty excess. Check to see what excesses apply on your policy.

Myth 2 :  A lapse in car insurance will not affect my insurance rate.

Fact: Reccurant lapses in cover can result in higher premiums or declined insurance when a policyholder decides to resume cover. Although it may make financial sense to lapse cover as no premiums will be payable, insurers will more likely view you as a higher risk than policyholders who keep on paying premiums on time.

3. Myth 3 :  I do not have to pay an excess if the accident was not my fault.

Fact:  You should pay the overabundance paying little heed to regardless of whether the mischance was your flaw. On the off chance that someone else causes the mishap, your insurance agency will in any case charge you the abundance expressed on the arrangement yet will discount the overabundance if a fruitful recuperation is produced using the outsider. On the off chance that the outsider is guaranteed with another safety net provider, your organization is in a superior position to recoup everything of their misfortune (in addition to your abundance) than if the outsider is not protected. On the off chance that the sum is recuperated, your overabundance will be paid back to you.

4. Myth 4 :  My insurance company will automatically pay for car rental in case my car is not drivable after an accident.

Fact:  Car rental is generally an extra alternative that can be added to your spread, notwithstanding you should pay an extra sum for that cover and full the vehicle with fuel, your protection won’t take care of these expenses.

4. Myth 5 :  Car insurance rates reduces dramatically when a driver turns 25.

Fact:  Younger and older drivers tend to have more accidents so age isn’t a main factor in determining premium. As you grow older the age factor may carry less weight as you become statistically less likely to cause an accident with more years of driving experience behind you.

This information was provided by South Africa’s leading financial comparison website that allows you to compare financial products based on the product rating amongst your friends and other users, With likemoney you can compare south african credit cards ,compare bank accounts, compare investment accounts and compare many more financial products.



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