Auto Insurance: Fact and Fiction
Fiction: “I can’t switch to the Countrywide Auto Insurance Program* because I currently have a policy with another company.”
Fact: You can still purchase an auto insurance policy through the Countrywide Auto Insurance Program even if your current auto insurance policy hasn’t expired. For availability in your state and more information, call our licensed insurance specialists at 1-800-262-4240 to see how much you can save with us today!
Fiction: “The color of my car can determine how much I can save on auto insurance.”
Survey Says: Twenty-five (25) percent of drivers surveyed mistakenly believe that the color of their car affects their auto insurance rate.
Fact: Color is not used to calculate auto insurance rates. Information that is used includes the vehicle's year, make, model, body type and engine size, as well as information about the driver.
Fiction: “My comprehensive auto policy protects me from all situations.”
Survey Says: Almost half of drivers surveyed (48 percent) wrongly believe their car insurance policy's Comprehensive coverage protects them in all situations.
Fact: Thoroughly review what your auto policy covers. Comprehensive coverage is just one type of protection available on an auto insurance policy (others being Collision, Uninsured Motorist, etc.) and it pays only for damage caused by an event other than a collision, such as fire, theft or vandalism. It also covers weather-related (e.g., hail, flood) damage or damage caused if a vehicle collides with an animal, and it can provide a rental car if a vehicle is stolen.
Fiction: “Rental reimbursement coverage protects me if I get into an accident during my vacation.”
Survey Says: One out of three drivers surveyed (33 percent) did not know what protection is provided through rental reimbursement coverage.
Fact: Rental reimbursement coverage pays for the cost of a rental car if a driver's personal car is in the shop as a result of an accident and he or she needs a replacement vehicle.
1Source: (2005). Myth or Reality? Vehicle Color Influences Rates and Insurers Can Charge Whatever They Want. Retrieved June 15, 2007, from BusinessWire.
Web site:http://findarticles.com/p/articles/mi_m0EIN/is_2005_July_25/ai_n14815832
