There’s probably a pretty good chance you’ve heard the myth that red cars cost more to insure than vehicles of any other color.
“For years there has been a notion that color plays a significant part in calculating insurance premium costs, many people believing that red cars cost more to insure because they are linked to aggressive driving or speeding,” a rep for Insurance Information Institute told NerdWallet.com.
As it turns out, however, that rumor is completely false. Which is probably a good thing for those of us out there that love a shiny, flashy red car! Instead, insurance rates are based solely on the make, model and year of your car, as well as its engine size, body type and safety features.
Here are a few other car insurance myths that you may have heard of, debunked!
- You need the minimum amount required, and that’s it. Nope! This is not true. If you’re the cause of an accident, for instance, then it’s your responsibility to pay for damages that extend past your liability limits. And buying only insurance required by your state will not fully cover your vehicle because no state requires collision or comprehensive insurance, even though they’re massively integral.
- And speaking of comprehensive coverage, it is not true that it will cover everything for you. While it sounds like it should be comprehensive of everything, the reality is that it only applies to coverage when your car is damaged by things outside of traffic collisions, like hail, flooding, vandalism, falling objects or animal collisions. You’ll also get reimbursed if your car is stolen with the market value of your car.
- If your friend borrows your car and then crashes it, unfortunately for you, it isn’t their responsibility to pay for it. It’s a good lesson to learn that you shouldn’t really ever let anyone borrow your vehicle, but your car insurance policy is going to follow your car and not the driver behind the wheel. And if the accident ended up injuring others, then you’re only going to have to pay more, so hope and pray that it was at least a minor fender bender.
- There’s really no such thing as full coverage in the auto insurance world. Which is, again, unfortunate, because wouldn’t it be amazing if there was an option to just get your vehicle entirely covered with no second thought!?
