Debunking the most common myths about comprehensive car insurance!

In 2025, Swedbank Insurance registered more than 20,000 comprehensive car insurance claims, with over one fifth related to vehicles owned by business clients. Comprehensive insurance is also surrounded by many myths, most of which concern its price. Let’s take a look at the most common misconceptions insurers frequently encounter.

Insurance is too expensive

There are cases where people decide not to purchase insurance because they consider it too expensive. It is important to remember that insurance is a preventive measure, the value of which may not always be obvious in everyday situations. The real importance of insurance becomes clear when something unexpected happens.

Repairing damage after a major accident can easily cost many times more than years of insurance premiums combined.

This is exactly when insurance becomes most valuable – it protects you from major unexpected expenses. A cheaper policy may mean more restrictions or less coverage, so it is worth carefully reviewing what is included in the offered price. Unfortunately, many people only pay attention to the extent of coverage after an accident has already occurred.

Compensation will not be paid out anyway

Another widespread misconception that is easy to disprove with facts. In 2025, more than 20,000 comprehensive insurance claims were submitted to Swedbank
. By now, more than €23.8 million in comprehensive insurance claims have been compensated.

Of course, before signing an agreement, it is important to familiarize yourself with the terms and exclusions, as insurance does not cover damages excluded by the policy conditions. However, the numbers clearly show that such cases are exceptions rather than the rule.

Nothing will ever happen to me

It is also quite common for people to think that nothing bad will happen to them, so insurance is unnecessary. Of course, someone may have over 10 years of driving experience without any incidents. However, this can create a false sense of security.

The most expensive damages are not frequent — they are rare. And they usually happen when you least expect them.

By paying smaller monthly amounts for insurance, you can avoid very large and unexpected expenses. Without insurance, you may have to pay thousands or even tens of thousands of euros out of pocket to repair damages or purchase a replacement vehicle.

Do you have that kind of financial flexibility? Remember that such expenses may come directly from your family budget, travel fund, or personal dreams, significantly affecting your quality of life. For businesses, these are also additional and unnecessary costs.

I don’t need comprehensive insurance because I’m a good driver

This myth is closely related to the previous one. Comprehensive insurance also helps when the accident is not your fault and the damage occurs for reasons unrelated to the driver’s experience.

For example, Swedbank
 comprehensive insurance also covers damage caused by natural disasters, falling objects, fire, vandalism, and damage received in car washes. In addition, glass damage, collisions with animals, and even misfuelling are covered by comprehensive insurance.

Here are some interesting examples from last year:

• A trampoline was blown over a car by strong wind, causing damage worth nearly €1,500.
• Misfuelling resulted in an insurance case where compensation exceeded €5,000.

The car is no longer that valuable

Estimating a car’s value based only on gut feeling is not wise. Even if it seems that the vehicle is no longer worth much, unexpected damages such as natural disasters, vandalism, or collisions can still happen, and comprehensive insurance cases are not uncommon.

Again, it is worth asking yourself: if something happens, do you have the financial resources to repair the vehicle and cover other related costs?

Facts: what to keep in mind when choosing comprehensive insurance

• The price of comprehensive insurance is influenced by factors such as the vehicle’s make and model, engine power, age, intended use, and the driver’s claims history.
• Comprehensive insurance policies are usually concluded for one year. Before the insurance period ends, the insurer makes an offer for the next period and specifies the agreed vehicle value.
• The deductible amount can usually be chosen. The higher the deductible, the lower the monthly payment, and vice versa.
• Think carefully about your needs and calculate your potential insurance payment using the comprehensive insurance calculator: Swedbank comprehensive insurance calculator

Traffic and comprehensive insurance are provided by Swedbank P&C Insurance AS.

 

Please review the terms and conditions and consult a specialist if necessary.