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5 Common Auto Insurance Myths Debunked

Auto Insurance Myths

Whether you are a new or seasoned driver, you are likely aware of some common myths and facts about auto insurance, including among drivers in Barrie. For example, have you ever thought twice about purchasing a red vehicle? Or opted for four doors instead of two to keep your insurance premiums low? Have you panicked after getting a parking ticket because you were concerned it would raise your rates? These are just a few common misconceptions about auto insurance quotes in Barrie.

Below, we debunk five common auto insurance myths to help you feel more comfortable working with a Barrie insurance broker to arrange coverage.

Myth 1: Car Colour Affects Your Insurance Premium

It is a myth that red or yellow cars cost you more in insurance premiums. It is a very common misconception that insurance companies consider the colour of your vehicle, but your car insurance quote will not factor in your paint job.

Instead, your auto insurance broker will consider:

  • Vehicle make
  • Vehicle model
  • Vehicle year
  • Statistics about your vehicle’s make, model, and year
  • Your driving record and years of experience
  • How and how much you use your vehicle
  • Coverage options and deductibles you select

To learn more, see our previous blog post about factors affecting car insurance rates.

Myth 2: Two-Door Vehicles Cost More to Insure Than Four-Door

The number of doors on your vehicle does not automatically impact your auto insurance. However, your insurer will consider key statistics listed above as well as theft rates and how likely the model is to be involved in an accident. In some cases, there may be a correlation between the number of doors with theft or collisions, but that does not always mean that a specific number of doors will increase or decrease your auto insurance cost. Therefore, it is a myth that two-door cars and trucks are more expensive to insure than four-door alternatives. In reality, your vehicle’s make, model, and year are some of the biggest factors for auto insurance quotes in Barrie, and throughout Ontario.

Myth 3: Auto Insurance Covers Everything

If you are new to the world of auto insurance, you may believe that auto insurance coverage will pay for every kind of accident or unfortunate circumstance involving your vehicle. However, your coverage depends on what you opt into when you arrange your auto insurance policy with your broker.

At a minimum, laws in Ontario require all drivers to maintain a policy that includes third-party liability, statutory accident benefit, direct compensation property damage, and uninsured automobile coverage. However, there are many other types of coverage that you can opt into including:

  • Comprehensive coverage
  • Collision or upset coverage
  • Specified perils coverage
  • All perils coverage
  • Additional optional accident benefits coverage

The policies you select and the deductibles you request depend on your unique situation, your comfort level with risk, and how much you can reasonably pay out of pocket if an accident occurs.

Myth 4: Getting a Parking Ticket Increases Auto Insurance Rates

While many people worry that a parking ticket will impact the cost of their insurance when it comes time to start or renew a policy, this is another myth. Parking tickets do not impact your auto insurance rates or your driving record because they are not a “moving violation”.

Moving violations involve breaking the law while you are driving and can include:

  • Speeding
  • Stunt driving
  • Distracted driving
  • Not wearing a seatbelt
  • Failure to stop for a school bus
  • Running a red light
  • Tailgating
  • Driving with an unsecured load
  • Driving in the wrong direction
  • Illegally driving in an HOV lane
  • Driving while impaired
  • Fleeing the scene of an accident
  • …and more offences related to driving a vehicle

Therefore, parking near a fire hydrant or not putting money in a parking meter will not raise your rates. However, this does not mean that you can ignore your violations. Failure to pay fines can result in challenges renewing your licence and can cost you more time, money, and inconvenience in the long run.

Myth 5: Insurance Companies Keep Changing the Rules Frequently

Just like in any other industry, the insurance sector also must adapt and adjust to market conditions. However, this is a highly regulated industry. Governments at the provincial and federal levels mandate what the minimum levels of insurance coverage must be. Any changes require a thorough process and government approval. You do not have to worry about or assume that your insurance provider will randomly change what is and isn’t covered.

Work with a Reliable Auto Insurance Broker in Barrie

As outlined above, there are many misconceptions about auto insurance in Barrie. There are also many factors to consider when selecting the best policy for your unique situation. Therefore, it is highly recommended that you work with an insurance broker who can provide an accurate insurance quote in Barrie. At Orr and Associates, we offer prompt service and reliable solutions for all your auto insurance needs.

Our team is highly knowledgeable and will compare policies from all top insurers to find you the best rates and coverage. If you are seeking insurance for your vehicle, reach out to our Barrie auto insurance brokers by calling 905-833-6691 or 1-866-521-5926. Alternatively, fill out our no-obligation online auto insurance quote form to get started.