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Auto Insurance Myths You Need to Know About

Posted Jan 4th, 2017 in Auto Insurance, Did You Know?, General, Insurance Tips

When it comes to auto insurance there are a lot of myths floating around. We thought we would debunk some of these myths for you in an effort to provide you with more clarity this year.  

Auto Insurance Myths, Youngs InsuranceIn an effort to expose auto insurance myths, we have uncovered the truth for five of the most popular auto insurance myths.

Myths: Truth vs. False

Myth #1: If your car gets broken into at the mall, the items in the car that are stolen will be covered by your auto insurance.

FALSE – Any personal property inside your car i.e. laptop, purse, shoes, etc. that are stolen are not covered by your auto insurance, they are only covered by your home insurance. If you do not have home insurance, recovering those items will be at your own expense. Your auto insurance will cover any of the damage caused to your vehicle.

Myth #2: My auto insurance will cost more if my vehicle is either red or yellow.

FALSE – The colour of your vehicle doesn’t determine or impact your auto insurance price whatsoever.  

Myth #3: If you move, you do not need to tell your insurance broker.

FALSE – It is essential that you inform your insurance broker when you move as it does impact the cost of insurance. Different cities could be higher or lower, all of which needs to be on record in case you have a claim.  

Myth #4: If you loan your car to someone and they get into an accident their insurance will pay for the damages.  

FALSE – If you loan your car to someone and an accident were to occur, it would be the owner's insurance that would be accountable for the claim. It is important that you understand the implications of loaning your car before you do so.  

Myth #5: Your personal credit score can impact your auto insurance rate.   

FALSE – Your personal credit score rate doesn’t impact your auto insurance rate at all.   

We hope that you have found our auto insurance myth debunking helpful! If you have any questions, don’t hesitate to contact one of our branches across Ontario.

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