Insure.com has taken the liberty of rounding up the top car insurance myths and explains the reality:

1. Myth: Red cars are the most expensive to insure.

Fact: Red cars don’t cost more to insure. Auto insurance companies are interested in the year, make, model, body type, engine size and the age of a vehicle. While the color may be important to you, it doesn’t matter to the insurance company.

2. Myth: Thieves prefer to steal new cars.

Fact: It’s the other way around. According to the National Insurance Crime Bureau, their statistics show that thieves actually prefer to steal older cars. The most-stolen cars are the ’95 Honda Civic, ’91 Honda Accord, ’89 Toyota Camry, ’97 Ford F-150 pickup and ’94 Chevrolet C/K 1500 pickup.

3. Myth: My insurance will cover me if my car is stolen, vandalized or damaged from hail or fire.

Fact: Unless motorists have comprehensive coverage, they’re not covered for any of these things. They need to purchase both collision and comprehensive coverage in order to fully protect the vehicle from all types of damage situations.

4. Myth: If my car is totaled, my insurance will pay off what I owe on my loan or lease.

Fact: When a car is totaled, the policy does not pay off what is still owed on the car. It will pay the owner the actual cash value of the car – minus the deductible. Actual cash value is the amount the car was worth before the accident, factoring in depreciation. Owners are still responsible for any amount outstanding on the loan or car lease. The only way to cover the difference between the car’s cash value and the amount owed on a loan is to purchase gap insurance.

5. Myth: My insurance company will pay for a rental car if my car is stolen or damaged in an accident.

Fact: Even if a motorist has comprehensive and collision coverage, it may not include a rental car. Rental car reimbursement is not automatically included in most car insurance policies, but it can be added for an additional cost. 

6. Myth: Drivers of sports cars get more tickets and thus pay higher insurance premiums.

Fact: This is not necessarily true. According to a study by Quality Planning Corp., the most violations have gone to the drivers of the Hummer H2 and H3. Hummer drivers have almost five times the number of violations compared to the average.

For more details, read 6 Top Car Insurance Myths over at Insure.com.

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