Paying for car insurance can be annoying, but when the time comes to use it, having good car insurance coverage is important. While insurance deductibles vary greatly with the calculation of many factors, there are some lesser-known nuances to how the whole process actually works. Perhaps this is why so many consumers believe in the many car insurance misnomers out there. With the internet at the tips of our fingers, it’s time to stop believing these older, debunked insurance myths.
Fake car insurance news
According to the Insurance Information Institute, there are several car insurance myths still floating around in the world, even though many of them have become outdated. For example, some people still believe that car colors that are brighter, such as red, cost more to insure. Perhaps the rumor is based on the idea that red cars are more likely to get pulled over or get into car accidents, which isn’t necessarily true. So, to start, red cars aren’t more expensive to insure.
Insurance rates go up the older you get
Young male drivers know that car insurance can cost a pretty penny, but the deductibles seem to level out in the mid-20s. However, they don’t start to increase again once you get older. In fact, the older you get, the more likely you are to receive special discounts and offers on car insurance premiums, and a long-term clear driving record can help with that, too. After retirement, insurance premiums can also drop because you are expected to be driving less. While this isn’t always the case for every drive, this seems to be the norm.
Insurance covers stolen vehicles, fire, and flood
I have always operated under the assumption that my car insurance would cover my vehicle under any number of unfortunate circumstances, including vehicle theft, fire, and flood. Having an older vehicle that was paid off, I had the least amount of insurance possible covering one of my cars until I reached out to insurance one day before a hurricane. Your car insurance will cover your vehicle under these conditions, but only if you select the option for comprehensive and collision coverage with your plan, which isn’t required by every state.