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426 Main Street Suite 2
Stoneham, MA 02180
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LoPriore Independent Insurance Agency 426 Main Street Suite 2, Stoneham MA

Call us at 781-438.-375 Email Lopriore Insurance for all of your personal and commercial insurance Send us a message at 781-438-1375

There’s no shortage of wrong information about car insurance. And unfortunately, making decisions based on half-truths can complicate your life and cost you money.

Need help deciphering myth from fact? Be aware of these commonly held beliefs that aren’t entirely true.

Myth: Red cars cost more to insure.

Truth: The type of car you drive does mostly determine how much you’ll pay each month in premiums. However, insurance companies are more interested in the make, model, and age of your vehicle than the car’s color. How safe your vehicle is and what it would cost to repair or replace it are critical factors in determining premiums.

Myth: If you total your car, you don’t have to pay off the remainder of your loan.

Truth: Carrying optional gap insurance can supplement the difference between your loan balance minus the actual cash value of the car. Without gap insurance coverage, you could be facing a financial loss if you owe more than the car is worth. Review your options when buying coverage to make sure you minimize this risk.

Myth: Comprehensive covers everything.

Truth: A better way to say it is that comprehensive insurance coverage will pay for damage to your vehicle by something besides another driver. However, it won’t kick in for incidents triggered by a collision, although it should cover damage caused by things like vandalism, natural disasters, and fallen tree limbs.

Myth: If a friend is driving your car, they’re responsible for any damage done.

Truth: While that may be the most socially acceptable answer, it’s not the rule. In most cases, the owner’s insurance policy follows the vehicle, not the person driving it. So even if you weren’t in the car at the time of the collision, you’ll probably still have to file the claim.

Have questions? Reach out today.