4 Myths When You're Involved in an Accident

Myth: I bought “full coverage” so everything’s paid for.

Reality: There is no such thing as “full coverage.” In most states, only liability insurance is mandatory. There are a lot of other coverage options out there, so select what you need and can afford based on your personal situation.

Myth: I need three estimates before my wrecked vehicle can be repaired.

Reality: Not necessarily. Very few insurers actually require this, although some might. If you decide to use a shop that’s in an insurance company’s “network” of pre-approved shops, you may just have to get an estimate from that shop.

Myth: My insurance premium always increases if I’m involved in an accident.

Reality: It depends. Your rate can increase, decrease or stay the same. The information about your accident is combined with other information about you, your car and your driving history to determine your rate. Some companies also offer accident forgiveness depending on your selected coverages or loyalty to the company.

Myth: If I lend my car to someone and he/she crashes it, I’m covered.

Reality: Not so fast. If you or your friend don’t have optional physical damage coverages, damage to your vehicle generally won’t be covered. It is also important to note that any driver in your household, whether they drive your car regularly or not, should be listed on your policy.

“Insurance can be complicated,” says Chuck Crist of Progressive. “It’s not something people deal with every day. So the more informed you are, the better choices you’ll make.”

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