Common car insurance myths revealed
SAN FRANCISCO – Sept. 21, 2015 – Car color does not affect insurance rates, but 42 percent of Americans wrongly think it does, according to a new insuranceQuotes.com report.
Most millennials (50 percent) believe this myth. They’re in good company, including 44 percent of college graduates and 41 percent of Americans with annual household income of $75,000 or more.
Another popular misconception is that insurance does not pay for repairs if you get into an accident that is your fault. Just 56 percent answered this one correctly; insurance does cover an at-fault driver. Again, most millennials got it wrong.
Oddly, 1 in 5 Americans thinks repairs are not covered by insurance even if the accident is not your fault.
Car insurance does not replace items stolen from a vehicle, but 34 percent of Americans incorrectly think that it does. Stolen property is protected by homeowners and renters insurance (even if the property is stolen from a car rather than a house or apartment).
Seventeen percent of consumers are unaware that where they live affects how much they pay for car insurance. And 14 percent are under the false impression that car insurance pays for mechanical problems.
“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.”
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
PSRAI obtained telephone interviews with a nationally representative sample of 1,003 adults living in the continental United States. Interviews were conducted by landline (501) and cellphone (502, including 302 without a landline phone) in English and Spanish by Princeton Data Source from August 20-23, 2015. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.6 percentage points.
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