Toronto, Ontario — Insurance is simply a fact of life when owning a vehicle in Canada, but a new survey from Forbes Advisor has found that many drivers lack a full understanding of what their policy actually provides.
In an online survey of 2,000 U.S. adults, Forbes Advisor found that at least 40 percent believed that their coverage included something that does not exist in car insurance.
The study found that 47 percent of drivers thought “additional living expenses” coverage was included in their policy, however, this is actually available under homeowners and renters insurance.
Additionally, when it comes to “extended crash protection” and “vehicle emissions” coverage, 49 and 41 percent of drivers respectively thought them to be included in their policy. There is no policy that includes such coverage.
The misconceptions are far more prevalent among drivers between the ages of 18 and 25, with the study showing young drivers to be about 20 percent more misinformed than the average driver about their insurance policy.
