Insurance Myths - PAIB Insurance


Oct 11 2016
PAIB Insurance

For many people, insurance can be a complicated issue. Unfortunately, some common myths seem to pervade the general thinking when it comes to the insurance world in general. We’d like to do our best to debunk some of these as they often misdirect or misinform when making policy decisions and can even end up costing more money in the long run. We want our clients feeling empowered when it comes to the decision making process regarding their coverage options and we implore you to read the following!


My ATV / snowmobile is automatically covered under my home insurance policy when I park it in my garage

 Any and all motorized vehicles must be insured on their own individual policies.

Red cars are costlier to insure

 Whether your car is red, blue, orange, or neon green, it has no bearing upon your insurance. Your insurance rate is determined by the make of your vehicle, the model, and its year of release.

My premiums will be unaffected if a friend drives my car and causes an accident

 False. When you lend your vehicle, you are effectively lending someone your auto insurance as well. The policy that insures the primary driver of the vehicle is what will be used to handle the accident claims.

2-door automobiles (coupes) are more expensive to insure than 4-door automobiles (sedans)

 Owning a “sporty” vehicle does not automatically mean that you will be paying higher insurance premiums. In regards to your premium, the most important factors taken into consideration are things such as the probability of the vehicle being stolen, the average cost of repair, as well as the safety and risk levels of the vehicle’s driver and passengers in regards to the possibility of injury due to collision.

These are just a few of the most common myths we’ve heard from clients within our offices. Have a question of your own? Drop us a line in the comments and we’ll be happy to answer you!

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