Don’t fall for these car insurance myths
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ZIP codes matter -- paint doesn’t
Think the color of your car affects your insurance premiums? Turns out it doesn’t -- that’s one of the many common misconceptions InsuranceQuotes.com debunks in a recent report.
What does affect premiums is your ZIP code, a fact which the report claims 17 percent of Americans don’t know.
“These results indicate that millions of Americans need a refresher on what insurance does and does not cover,” says Laura Adams, insuranceQuotes.com’s senior analyst. “A lot of people will be pleasantly surprised to learn their car insurance covers all types of accidents, and their homeowners or renters insurance policy covers theft.”
Pop quiz: A thief busts your window and takes the computer you (shouldn’t) have left lying on the passenger seat. Should you file a claim for the stolen laptop?
You can, but it’ll get denied, a fact that would surprise 34 percent of people surveyed. Fortunately, your insurance company will cover your broken window, assuming your deductible is small enough.
Some of the other findings:
-- 20 percent of people think that repairs are not covered by insurance even if they’re not at fault.
-- 53 percent of millennials think that color affects your premium.
-- 56 percent know that insurance covers you when you get into an at-fault accident.
-- 17 percent of consumers are unaware that where they live affects how much they pay for car insurance.
Actuarial science is a hard, but now you know not to be concerned about buying that little red Corvette.
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