There is a lot of misinformation about auto insurance circulating around. Chances are, you’re not even sure where these false beliefs come from, but you’re not alone in your thinking. Having a realistic view of what your auto insurance policy does or doesn’t cover will protect you from a costly misunderstanding down the road.
Myth #1: The color of your car affects insurance cost.
A Progressive Insurance survey found that 25 percent of drivers mistakenly believe that red cars are more expensive to insure. However, you’ll find that color does not even come up when you are applying to get auto insurance quotes. That same survey also found that people thought their sunroofs, speaker systems and tinted windows played a role in the cost of insurance — though, in reality, these features do not factor in at all!
On the other hand, consumers were not aware that other features may impact their auto insurance rates, including:
- The weight of the vehicle
- The cost of the vehicle
- Whether the car has two or four doors
- If the vehicle is a convertible.
Myth #2: People who drive sports cars pay higher premiums.
Many drivers presume that driving a sports car signals that they’ll likely get more speeding tickets — so, therefore, they can also expect higher premiums. However, Quality Planning Corp’s list of “cars with the most violations” found that the Mercedes-Benz SL-Class convertible is the only sporty car that lives up to its nefarious reputation. In fact, the vehicles most likely to get busted include Hummers and Scions. The Jaguar XJ and Mazda 6 are actually two of the vehicles least likely to be ticketed.
Myth #3: Thieves like to steal newer, more expensive cars.
It may surprise you, but a 2010 National Insurance Crime Bureau “Hot Wheels” report confirms that the most commonly stolen vehicles include the: 1994 Honda Accord, 1995 Honda Civic, 1991 Toyota Camry, 1997 Ford F-150 pickup, 2004 Dodge Ram pickup, 2000 Dodge Caravan, 1994 Chevrolet pickup, 1994 Acura Integra, 2002 Ford Explorer, and 2009 Toyota Corolla. Not only are these vehicles easier to steal, but they are also most commonly scrapped for parts and the more common cars are in higher demand.