Myth: Buying "full coverage" means that everything will be paid for.Fact: In reality there is no such thing as "full coverage" as an auto insurance product. You are only required to carry liability insurance by the state laws, meaning that any other form of coverage should be additionally purchased. There aren't policies that will cover your car against any possible perils because it will be simply too expensive for the customer. A typical policy is a combination of different coverage options that the driver chooses from the available list.
Myth: In order for the car to be repaired I need to provide three estimates.Fact: Only a small part of insurance providers follow this rule. Typically you will be directed to an "in-network" repair shop for the repair. And if you decide to go outside the "network" you may provide a single estimate.
Myth: Getting involved in an accident automatically leads to premium increase, regardless of my role in it.Fact: Fortunately for drivers it's not so. It all depends on your role in the accident. If you were at fault, you might get a raise in premiums, but not necessarily. Each accident is analyzed before the insurer decides on your premiums.
Myth: If someone uses my car and gets in an accident, it still will be covered.Fact: Not quite. If someone from your family uses the car and crashes, it will mostly be covered. However, if you lend your car to a friend and he or she doesn't have optional physical damage coverage then your vehicle won't be covered.
Myth: When I buy a new car, my old coverage is automatically transferred to the new one and I'm covered.Fact: No. Insurance companies do not track down their customers purchasing new cars. So you have a period during which you are required to notify the insurer about changing your vehicle. This period is typically 30 days after purchase for most companies.