Nine in ten car insurance holders were found to believe at least one common myth their policies which could see many unfairly caught out. One in three drives admitted to being confused by the car insurance rules which could see many handed out fines for breaking laws they were not aware of.
Securing third-party cover
More than a third of road users said they took out third-party cover because they assumed this would be cheaper.
But many firms increase costs for third party agreements as customers with these policies make more claims than those with a fully comprehensive agreement.
Class of use
Over a quarter of drivers even revealed they had the wrong class of use on their agreement as they were worried about the price.
Many drivers had secured social or commuting agreements instead of a business policy because they believed this would be more expensive.
However, Confused.com warns that not having the correct policy in place could see your insurance invalidated and a claim rejected.
This could see road users forced to pay out more for vehicle repairs and new cover than they would have spent to secure a business agreement in the first place.
Renewing insurance
One in ten road users believes their new renewed quote will always be cheaper than the previous year.
But research from the group has revealed that 77 percent of drivers who have received a car insurance renewal in the past three months saw their costs rise by £44.
Alex Kindred, spokesperson for Confused.com said that insurance can be “confusing” for many drivers unsure of the rules.
He warned the process can be “difficult” for road users to understand what they need to include in an application.
He said: “The rules around car insurance can be confusing, which is why it’s important for drivers to separate fact from fiction.
“Believing that not telling your insurer about a conviction or risking driving someone else’s car could cost you a lot, both financially and legally.
“We know there are a lot of things to consider when purchasing car insurance, and it can be difficult to know what’s a requirement or not.”