However, modifications to our cars and the types of cars that we choose to drive, that is going to raise your insurance, There are a lot of things listed out there that apparently can have an impact on how much you pay for your insurance on your vehicle. Some, you know, that kind of make a little bit of sense and you don’t really think about it And some that are just kind of way out in left field And so we thought what a perfect opportunity to dive into what exactly do insurance companies take into consideration when setting up a policy for your vehicle and what can truly impact how much you pay, there are a lot of myths and theories out there about car insurance and insurance companies in general and specifically things that can affect your rate or how much you pay per month on your car(engine revs)One of the more popular ones that you have probably heard is that owning a red car will up your insurance rate or that Hondas will cost more because they, you know,are stolen, more Some of these sounding pretty damn crazy, right? Well, there are some actual myths in here but also a surprising amount of facts as well So lets go through it and start knocking out some of the most common myths about car insurance.
Myth number one, new cars cost more to insure than something that is older, right So the time has come, right? You are shopping around for a new car but you heard that brand new cars will cost more to insure, and in turn, increase your rate in overall payment. So you drop the search filter back a couple of years, maybe search for something a little bit older and start shopping around there Now this actually is not really the case at all, Most of the time, the year of your vehicle has nothing to do with the cost of the insurance on it Directly, anyways, it won’t have a direct impact. Insurance companies take a lot of things into consideration when building out a policy, and yes, what type of vehicle you are looking to insure will play a factor However, a few things that get taken into consideration here include, what are the safety features of said vehicle Obviously, if the vehicle is safer, it has more to offer. Your rate might come out a little bit lower than another vehicle that is a few years older and doesn’t have as much safety And since technology and safety are advancing year by year, you could possibly end up with a lower rate with a newer car So almost the exact opposite of what is commonly heard
Myth number two, if you modify your car, your insurance will increase, right, This is a huge one for us Probably one that our parents have hit us with more times than we can remember Obviously we are going to modify our cars, It’s kind of the thing that we do And if you have talked to pretty much any insurance provider they will tell you that you will need to notify them about any modifications that you have done to your car Now, you know the meme, right? You seen it, we have all seen it, What I drive versus, you know, what the insurance company thinks I drive Yeah, it pretty much speaks for itself Most insurance companies do offer a custom parts or equipment coverage that would cover most after market parts of your car if you were to get in to an accident Obviously this is an additional coverage, and yes, you will be paying more for it. It is really up to you to decide whether or not you want those parts covered. If not, well, then obviously your rate will stay the same .
Myth number three, the color of your car will affect how much you pay, It’s an absolute classic The theory that because your car is red means that its fast, means that you are more likely to get pulled over, or that black cars are hard to see at night because apparently, you know, headlights don’t exist or city lights don’t exist, and that white or silver cars get lost in the snow, so then you are not supposed to drive them during winter I mean, if you think about it, you know, you are left with like, what, blue, green and like old man beige? This is false There is absolutely no factual information or any data to really support this, again, what it will really come down to is how safe that vehicle is its definitely one of the bigger myths out there And it just seems to keep on living on.
Myth number four, full coverage You have heard it, “its fine, I have full coverage” Probably one of the more dangerous blanket terms out there as far as like automotive things go The term full coverage really doesn’t have a definition by itself There really is no standard as to what full coverage actually means. its labeled more as great, but not absolute Even though you may consider yourself to have full coverage on your car, it can still exclude things such as rental insurance, gap coverage, emergency roadside service, and even uninsured motorist coverage. All of these can be great things to have included And if you want them included in your policy make sure you talk to your insurance provider about them And don’t just assume that because you said you wanted full coverage that that will be included So when all is said and done, most of these are what they are, myths, or just general misconceptions. What it really comes down to is how much is the overall value of your vehicle? How much would it cost to repair if you got into an accident, and how safe is the vehicle? And of course, do you live in a high risk area? Just your general boring things As much as we would really like to believe, there really is no evil, underlying thing about our cars that is going to jack your insurance rate, the suitable recommendation is always do research on the vehicle If you are looking to buy one, check out if parts are expensive and of course get a quote ahead of time so you know what you are getting yourself into, so you are not surprised like you are going to pick up the car, you are like, huh,I should probably get insurance, and then find out that its more than your car payment.