Are the most common insurance myths costing you money?
Insurance myths have been talked about for years and many still think they are true. I remember growing up hearing that if you drive a red car the insurance will cost more. This is not true at all. It may cost certain drivers more to insure a red car due to driving their red car faster, which resulted in getting pulled over by the police and racking up speeding tickets. Rates are not set by insurance companies using the color of a car. Rates are set on things like the gross vehicle weight, the use of the vehicle, value to replace the vehicle, safety features, etc. The myths can go on for days when it comes to car insurance. Check out this great article debunking 10 car insurance myths by clicking on the link below.
http://www.investopedia.com/financial-edge/0411/10-car-insurance-myths.aspx
The most common insurance myths just might be costing you a lot of money. One of the most common insurance myths is that homeowners think they should insure their homes’ based on the real estate market value. This is not true. The home should be insured based on the cost to rebuild the structure after a total loss. The Insurance Journal has a great article talking about insurance myths and how men ar more likey than women to believe 8 of their 10 myths. Click on the following link to check out that article.
http://www.insurancejournal.com/news/national/2014/10/21/344167.htm
Stephanie Carter, Commercial Lines
Posted in: annapolis insurance agency