Myth: Red cars are the most expensive to insureNo true, have you ever been asked the color of your car when getting a quote?
Myth: Thieves prefer to steal new carsStatistically thieves prefer to steal older cars. In 2009 the most stolen car was a 1994 Honda Accord.
Myth: My insurance will cover me if my car is stolen, vandalized or damaged from hail or fire.Only if you have comprehensive coverage, liability coverage only cover damage you cause to others.
Myth: If my car is totaled, my insurance will pay off what I owe on my loan or lease.
Most insurance coverage will pay you the actual cash value of your car, minus your deductible. Actual cash value is the amount your car was worth before the accident, factoring in depreciation. The only way to cover the difference between the car's cash value and the amount you owe on a loan is to purchase gap insurance.
Myth: My insurance company will pay for a rental car if my car is stolen or damaged in an accident.
Only if you have rental car reimbursement coverage in your policy. Get it