Common Myths About Home and Auto Insurance

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Car and home insurance are a necessary part of life. They protect our homes and vehicles from a wide range of expenses associated with car accidents, vandalism, theft, and more. However, many people have different opinions surrounding these insurance policies due to the myths that surround them.

There are many myths about home and auto insurance that can cause people to either overpay or underpay for their coverage. Keep reading to learn the truth about some of the most common insurance myths so you can be prepared when getting SelectQuote home and auto insurance quotes.

Myth: If you have auto insurance, you don’t need home insurance.

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While it is true that having car insurance can help protect you financially in the event of a car accident, it doesn’t mean that you don’t need home insurance. Your car is just one of your many assets that could be at risk in the event of a disaster or theft. A home insurance policy can help protect your belongings and provide financial assistance if your home is damaged or destroyed.

Myth: If you hit a parked car, your auto insurance policy will not cover the damages.

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There is a common misconception that many people believe if they hit a parked car, their insurance policy will not provide any coverage. However, as long as you are not at fault for the accident, your car insurance policy should provide coverage for the damages. This includes both repairing or replacing the vehicle and compensating the owner for any injuries or property damage caused by the accident.

Myth: Your insurance will cover everything in the event of a disaster.

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Most people believe that their home or car insurance will cover everything in the event of a disaster. This is not always the case. There are numerous things that may not be covered by your policy, including flood damage and damage caused by an act of war. It’s crucial to read through your insurance policy carefully to determine what is and is not covered. You may also want to purchase additional coverage for items that are not covered by your policy.

Myth: Car insurance is only necessary if you have a loan on your car.

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Insurance is not only necessary if you have a loan on your car, but it is also important to have if you own your vehicle. Auto insurance protects you in the event that you’re involved in an accident, and it also covers damage to your vehicle. If you don’t have auto insurance and are involved in an accident, you could be held liable for the damages caused and could end up having to pay out of pocket. Additionally, if your car is damaged or stolen, auto insurance will help cover the costs of repairing or replacing your car.

Myth: You don’t need home insurance if you don’t have any valuable belongings.

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Many people believe that as long as they don’t have valuable belongings, they don’t need home insurance. However, this couldn’t be further from the truth. Even if you don’t have any valuable belongings, you still need home insurance. Your home is still at risk of being damaged or destroyed, and home insurance can help you rebuild your home and replace your belongings.

Understand the truth about auto and home insurance.

There are plenty of misconceptions about home and auto insurance that can lead to people making poor decisions about their coverage. You should be aware of these myths and understand the truth behind them to make informed choices about your insurance. Altogether, these myths can lead to people overpaying for their coverage or not having enough protection in the event of a loss.