One in three drivers falsely believes an accident while driving another car will be covered for repairs by a comprehensive policy.
The Chartered Institute of Insurance (CII) warns the majority of comprehensive policies only provide third party cover when driving other cars. This would leave drivers out of pocket in the event of an accident.
CII clears up car insurance confusion
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One in three drivers falsely believes an accident while driving another car will be covered for repairs by a comprehensive policy. The Chartered Institute of Insurance (CII) warns the majority of comprehensive policies only provide third party cover when driving other cars. This would leave drivers out of pocket in the event of an accident. Overall, the CII estimates a quarter of drivers simply do not know what sort of policy they have. The confusion could also lead to some positive surprises for drivers. 34% think they wouldn’t be covered if they were to have an accident because they’d sneezed – but they would. And many motorists aren’t aware they are covered to drive in Europe by their UK policy under EU legislation. David Ross, director of communications at the CII, said: “The legal elements that underpin motor insurance are complex and are understandably challenging for the average consumer. “Our research has found that British drivers are frequently baffled by insurance, with many having no idea what they are covered for. Should the worst happen, this could mean that consumers are left out of pocket or they end up paying for cover twice because they never knew they had it.” The CII has launched a website to help people better understand what is and isn’t covered by their insurance policies, at www.askciindy.com.
Source Moneywise http://ift.tt/1Vs3f2l
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