Top 4 Insurance Myths (and #3 is so surprising!)
How much do you know really about insurance? Here are four commonly-held beliefs you might not know about.
MYTH #1: If I’m loyal to my insurance company, I’ll always get the best rates.
To get the best rates, it may be better to shop around because not all auto insurance companies offer a loyalty discount. Even the ones that do typically offer just 5%. And a loyalty discount doesn’t necessarily mean the best available rate— just the best rate your insurance provider is willing to offer you.
MYTH #2: Only CAA Members can have CAA Insurance.
CAA Insurance is available to anyone who wants coverage with that special CAA difference. That means auto insurance that rewards safe driving and home insurance that includes electronics and appliance breakdown.
MYTH #3: Red cars are more expensive to insure.
The colour of the car you drive doesn’t affect the price of your policy. What does is the make, model and year of your car, as well as your driving history and who else is driving it, among other factors.
MYTH #4: All insurance providers charge the same rates, more or less.
It’s easy to get complacent when you already have an insurance policy. You pay the premiums, you get the coverage. But you may be paying more than you need to if you don’t shop around.