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The biggest car insurance myths, according to experts

– moneysense.ca

The auto insurance world is rife with misconceptions, experts say, and not knowing fact from fiction could end up costing drivers thousands of dollars.

There are several reasons why insurance myths exist, said Steven Harris, licensed insurance broker and LowestRates.ca expert. “(Insurance contracts) are written in legal terms and it doesn’t always translate into everyday language,” he said. “There can be a little barrier there.”

Harris said people also often assume they’ll be covered against various damages or liabilities, but don’t necessarily know or understand exactly what’s in the policy. A lot of people draw upon personal experiences of friends and family and make decisions based on that, he added.

Here are some of the most common myths.

Red vehicles cost more to insure

The most common question Harris said he comes across is whether owning a red car costs more to insure. The reasons underpinning the misconception are broad, including a red car could make you more noticeable to police, the driver could be more prone to speeding or careless driving or that the colour elicits a negative psychological response from other drivers…

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