Choosing what kind of car insurance coverage to get isn’t as easy as one might think. When deciding what type of coverage you need for your vehicle, one thing not to do is to listen to all the myths when it comes to car insurance

Myth – Red cars are the most expensive to insure.
Truth –
According to a study by Progressive Insurance, 25% of people believe the color of the car is one of the factors of how much their insurance rate will be. Insurance companies are only interested in the year, make, model, body type, engine size and age of vehicles.

Myth – Thieves prefer to steal new cars.
Truth – Believe it or not, thieves actually prefer older cars to new ones. According to a 2009 National Insurance Crime Bureau, the top 10 stolen vehicles in 2008 were 2008 were the ‘94 Honda Accord, ‘95 Honda Civic, ‘89 Toyota Camry, ‘97 Ford F-150 pickup, ‘04 Dodge Ram pickup, ‘00 Dodge Caravan, ’96 Jeep Cherokee/Grand Cherokee, ‘94 Acura Integra, ‘99 Ford Taurus and ’02 Ford Explorer.

Myth – If my car is stolen, vandalized or damaged from hail or fire, my insurance will cover me.
Truth – You’re only covered for these if you have comprehensive coverage, which covers damages to your car that are not the results of a car accident. Most states only only require you to buy liability coverage. This pays only for damage you cause to others. You need to purchase both collision and comprehensive coverage in order to fully protect your vehicle from all types of damage situations.

Myth – My insurance will pay off what I owe on my loan or lease if my car is totaled.
Truth – Policies does not promise to pay off what you owe when a car is totaled. Instead, it’ll pay the actual cash value of your car (based on the value of the car before the accident), minus your deductible. You are still responsible for anything you still owe on the loan or lease. To cover yourself between the cash value of your car and the amount left you owe, you will need to purchase gap insurance.

Myth – If my car is stolen or damaged, my insurance company will pay for a rental car.
Truth – Rental car reimbursement is a separate affordable cost with most insurance companies. It isn’t always automatically included with your premium. It’s important to know that there is usually a limit on the amount and length of time your insurance company’s rental car reimbursement will cover.

Myth – People who driver sports cars get more tickets and therefore pay higher insurance premiums.
Truth – While people who drive sports cars tend to drive faster, this isn’t always the case. In a 2009 study by Quality Planning Corp., drivers of the Hummer H2 and H3 receive almost five times the amount of tickets to the average driver.

[Source: FOX Business]


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