Our team at Mr. Auto Insurance has extensive experience working in the auto insurance industry, and we want to help you get the right insurance for your needs. Over the years, we have encountered many misconceptions about auto insurance and how it works, and in this article, we will provide accurate information to correct a few of the most common misunderstandings.
- The Color of Your Car Affects the Price of Your Insurance. This is a myth. One common variation of this claim is that red cars cost more to insure because they “look faster” and are therefore more likely to get pulled over for speeding. Rest assured that of all the factors insurers consider when calculating your rate, the color of your vehicle is not one of them.
- The Cost of Car Insurance Increases as You Get Older: This is partly a myth and partly true. In general, younger drivers are more expensive to insure because they are inexperienced and more likely to crash. Most drivers get their best auto insurance rates around age 50. However, rates rise again once you pass age 60 because your reflexes and vision tend to decrease as you reach your twilight years. Drivers in their 80s often pay even more than those in their 20s.
- The Minimum Legal Requirements for Insurance are Adequate: This is a myth. In our experience, many people assume that if they meet the legal minimum insurance requirements for their area, they are set. However, the reality is that only getting the minimum amount of insurance will likely result in your having to pay for extensive damages out of pocket in the event that you do get into an accident, so we recommend investing in more robust coverage.