Throughout the years, we’ve heard a lot of strange auto insurance myths! That is why we’ve decided to debunk the most outrageous for you.
Bizarre Auto Insurance Myths Exposed
Myth #1: My optional accident benefits have remained the same since 2016
FALSE » Your optional accident benefits changed June 1, 2016. Most of the changes were made to the Statutory Accident Benefits you receive if you are injured in an accident – please inform yourself on these important changes here.
Myth #2: My auto insurance costs more if my vehicle has 2 doors compared to 4 doors
FALSE » The number of doors doesn’t impact the cost of your auto insurance.
Myth #3: The older the vehicle the lower the cost of insurance
FALSE » Brand new vehicles are actually lower to insure than older models.
Myth #4: You don’t have to inform your insurance broker if you change your annual kilometers
FALSE » Your insurance broker needs to know your annual kilometers, especially if it changes, as the kilometers you drive impacts your cost and coverage.
Myth #5: If you loan your car to someone and they get into an accident their insurance will pay for the damages
FALSE » If you loan your car to someone and an accident were to occur, it would be the owner's insurance that would be responsible for the claim. It’s essential you understand the implications of loaning your car.
Myth #6: You do not have to inform your insurance broker that someone within your household obtained a G-1licence
FALSE » You MUST advise your insurance broker if someone in your household acquired an Ontario G-1 driver’s
This article was written by Kathy Clayborne, R.I.B.O - Account Service Team Leader - (905) 689-7911 x2247
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