15 Home Insurance Myths To Watch Out For – Misconceptions; Lies and assumptions give rise to many insurance myths. Have you ever had an accident because you made a mistake? What do you do if your car is stolen? (For both, if you have a conflict and are fully covered under your policy.)
We asked more than 1,300 Canadians with auto insurance for answers to 10 auto insurance myths and how our country fared with our insurance knowledge. In doing so, We hope to enlighten and educate Canadians about insurance to help them make better financial decisions.
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On average, Canadians answered 5 out of 10 questions correctly. People over the age of 35 had more correct answers than those aged 18-34. I also believe that experience is a good teacher.
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Before we begin, It should be noted that we conducted a similar survey in 2019. The good news is that Canadians seem to be raising awareness about insurance myths.
But there are some caveats. That’s why 1 in 5 Canadians (22 per cent) don’t think speeding tickets of up to 15 km/h will affect their car insurance; 29 percent clearly did not know how to answer.
For example, If your policy has a signature endorsement or criminal record protector. You’re actually paying for protection against rate hikes. However, This provides first ticket protection with your existing insurer. criminal record waiver Like accident waivers. No transfer between companies.
If your prices have gone up since your ticket; We always recommend comparing auto insurance quotes and switching companies to find a lower rate. Note that traffic tickets stay on your record for 3 years; Tickets will therefore affect your rate until they are removed from your record (and you may not find lower rates elsewhere, even with a ticket).
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Not much, Automatic speed cameras, such as red light cameras or speed cameras, do not affect your insurance. If you think they do, you’re not alone. That’s because 60% of Canadians believe speeding tickets from automated speed cameras affect their car insurance.
In fact, These cameras cannot identify the driver; Your rates will not be raised. However, these tickets are more expensive than those issued by a police officer and can be confusing.
In other words, hitting the brakes; sharp turns; Does your insurance go up if you drive badly, such as stepping on the gas when the light is green?
Until recently, In November 2020, The Regulatory Authority of Ontario (FSRAO) has amended policy to allow insurance companies to raise persistent bad driving rates for users of usage-based insurance (UBI) or telematics devices.
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UBI is a new technology for personal car insurance. It can eliminate negative demographic labels (for example, all young people are terrible drivers); Good driving behavior results in more affordable insurance.
More than half (56%) of Canadians believe that bad driving behavior (ie, speeding, braking) while using the UBI program will increase their insurance rate. Another 30% were unsure.
From what started with Ontario auto insurance in Ontario to spreading across Canada, we understand the confusion.
If you are interested in learning more about this program, Read our usage-based insurance page to learn about the carriers that offer it and possible discounts.
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Do I need to tell my insurance if I use my car for ride sharing (like Lyft, Uber) or delivery (UberEats, Skip the Dishes, pizza, etc.)?
Yes, You need to tell your insurer if you use your car for commercial purposes (where you can earn money). Even a daily change in itinerary can change your risk, so you should signal a change to your insurance company. If you regularly communicate with your insurance provider; You can earn rewards.
We’re happy to know that 72% of Canadians need to talk to their insurance company about shipping or car pooling. Especially if you provide these services and don’t notify your insurer. They may reject your request. Only select insurance companies offer carpooling and shipping insurance, so be sure to check if they plan to offer these services.
More than half of Canadians (55%) believe that car insurance follows the driver rather than the car, but this is not 100% true.
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Car insurance is good news for those who are borrowing your car. Unless you’re a bad driver. Because this may not be the best decision. If they are involved in an accident, your insurance will cover the costs.
However, If they have an OPCF 27 or SEF 27 endorsement (i.e. liability for damage to cars not owned by the car), it applies to their insurance, so be careful with the driver. This endorsement allows any driver to increase their coverage for any vehicle they drive, so it’s often called a rental car insurance add-on. OPCF27, With QEF27 or SEF 27, You can usually waive the cost of car rental insurance as you’ve already paid for it.
Yes, Your postcode affects your insurance. The good news is that when Canadians were asked this question in 2019, 39% thought their zip code didn’t affect their insurance premiums, and this year 66% did. However, There’s still a percentage of Canadians (19%) who don’t think their zip code affects their rates, while another 15% don’t know at all.
If you live in a densely populated area, traffic accidents; Complex intersections and travelers unfamiliar with the area, if possible. More accidents are likely. If you live in an area with a sudden increase in stolen cars, your insurance will reflect this when you renew.
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Yes, You pay more to drive more kilometers. Because the longer you spend on the road, The more likely you are to get insurance due to an accident.
Unfortunately, Almost a quarter of Canadians (24%) believe that driving does not affect their car insurance rates. Fortunately, In 2019, the numbers are improving, as 42% thought the number of trips wouldn’t affect your rates when we asked.
Ask your insurance company because they decide it’s at fault, not the police. In fact, 35% of Canadians still believe the police are more at fault than their insurance company when making an insurance claim. Another 23% did not know how to answer.
Here’s an extra point: No-fault insurance doesn’t mean you can’t be at fault. This means you are only dealing with your own insurance company. Do you know 0 to 100% guilty? Some collisions can be split 50/50, like parking collisions.
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Yes, They will know. It’s easy to test your driving. Once you pay a ticket or obtain a criminal record, it will appear on your driving record. They will know this when your insurance company checks your driver’s license, which is usually after renewal.
Most Canadians (73%) will know about a ticket or accident without your insurance company notifying them. In addition, 13 percent thought that the insurance company would never know, while another 14 percent did not know. For these 27%, honesty is the best policy.
Will your insurance be renewed if you make a claim? So, generally speaking, if you claim more than one amount that is essentially incorrect. You will see your requests increase.
Yes, Even if you don’t file a claim, your insurance may go up. Changes in hazards in your area (such as theft, severe flooding, wildfires, etc.) may increase your rate. in fact, Even your insurer’s financial health can drive up rates (which is why we recommend checking annually rather than automatically renewing).
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Canadians are divided on the issue. Almost half (46%) know their insurance can go up even if they don’t make a claim, while 44% say they don’t and believe their insurance will only go up if they claim.
Insurance can seem like a black box of complex algorithms. Also, many people may believe that the main purpose of the insurance company is to convince you to buy something unnecessary to ultimately deny your claim. Perhaps the biggest myth about insurance. Insurance companies pay out millions every year to help people out of sudden and unexpected events.
The more you know about insurance, not only can you save more, but you can rest easy because you have the right coverage. Take the time to talk with your insurance broker; which will harm you; uninsured; Or even take the time to ask about insurance premiums. The more myths about insurance are dispelled. The better off we all are.
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