Insurances and various insurance plans are not as simple as people have considered them, though most of the insurance companies tend to explain the various features and benefits in a detailed manner so that their customers would not hesitate to get the desired insurance.
But it is also a fact that most of the people who are not sure what they buying in the form of the insurance coverage for their property, they might not be able to understand things better. Due to the lack of knowledge and lack of understanding of the available knowledge people may not know the insurance benefits and hence they might refuse to get the benefits as well.
In addition to the refusal of getting these insurance policies, people may also keep developing lots of misconceptions in their mind just because they think differently or sometimes they develop misconceptions without thinking a bit.
Some common misconception about third-party property damage are discussed as below:
People think they are never getting any benefit if they are purchasing the third party damage property cover because they are for the third party and that is why they should not act like stupid to buy this sort of insurance. They might ignore the fact that when the third party is compensated on behalf of the insurance buyer, the buyer is getting a relief in the form of compensation given to others.
Another myth is that people think that they will always get into trouble when they are going to get any kind of insurance. They only think about giving the monthly payments and they overlook the benefits and only get worried if they are not going to pay installments in time then they will be facing penalties.
Another misconception is that people may consider that one should only buy a full-fledged coverage and not any other one as no other coverage provides enough cover. This is also wrong and you must choose the best and not the most expensive one.