Debunking Common Auto Insurance Myths
The auto insurance industry can be confusing, and a lot of misinformation gets passed around. Not only can this make it difficult to understand your insurance coverage, but it can also end up costing you money.
These are five of the biggest myths and misconceptions held by Las Vegas, Nevada drivers.
Myth #1: State Minimum Coverage Is Enough
In most cases, state minimum coverage isn’t nearly enough to cover the damages that could result from a serious accident.
Read More: Changes to Nevada’s Auto Insurance Minimum Coverage Requirements
Myth #2: Your Credit Score Doesn’t Affect Your Rate
Your auto insurance provider weighs numerous factors, including your credit score, to assess your driving risk and to calculate your premium. Your insurance quote will most likely do a “soft check” of your credit score which won’t affect your credit. But it is enough information for the insurance company to add to their list of items to look at while determining your auto rate and risk factor.
Read More: Why Did My Auto Insurance Company Check My Credit?
Myth #3: Older Drivers Are Charged Higher Premiums
Because of the discounts that are available to experienced drivers, mature drivers often pay less for their coverage. However, as we do get older and older, premiums can potentially rise.
Myth #4: Driving for a Rideshare Company
Your Personal Insurance Policy Is Enough
If your vehicle is used for commercial purposes, your personal insurance policy may not cover an accident that happens while you’re on the clock. Some Rideshare companies do offer coverage for their drivers. It is SO IMPORTANT to confirm what coverage, if any, they offer. Ask about when the coverage starts and stops during your on-the-clock time. You may need “Rideshare” coverage for your personal policy. Call your auto agent and your Rideshare company to verify what you need, what you have.
Read More: How Much Auto Insurance Coverage Do You Need?
Myth #5: The Color of Your Car Affects Your Premium
Your vehicle’s make, model, year and options affect your premium, along with many other factors; its color does not affect your premium.
Understanding Your Auto Insurance Policy with Nevada Insurance Enrollment
Don’t let these common misconceptions about auto insurance keep you from getting the best coverage for your lifestyle. At Nevada Insurance Enrollment, our auto insurance agents are here to help you understand your policy and purchase auto insurance with confidence.
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You Can Still Buy Health Insurance From a Local Agent
The way health insurance is being marketed may give you the wrong impression that Nevada Health Link is the ONLY place to buy health insurance these days, but that is NOT the case. You can continue to buy your health insurance from the same agents and agencies you’ve always bought your health insurance from.
Is Health Insurance Worth The Cost?
If you experience a more extensive medical emergency and require hospitalization, hospital bills may quickly become a burden. A three-day stay, for example, could set you back about $60,000 depending on what tests are ordered and what happens during your stay.
What is Co-Insurance?
Co-insurance means two parties will be paying for the bill. “Co” means joint, mutual, two, or more. The health insurance company will usually pay the larger amount (example 70%) and you as the member will usually pay the lesser amount (example 30%). This would be considered co-insurance 70/30. This (co-insurance) usually happens AFTER the deductible is met.