If I’m a 23 year old college girl, my insurance is cheaper than a 17 year old boy’s. Truth or myth? Keep reading to find out ten of the most common insurance myths (and truths!) which float around the world of car insurance!

Myth No. 1 If my car is totaled, my insurance will pay off what I own on my loan 

Truth: They will pay you the value of your car before the accident, minus your deductible. The only way to cover the difference between what the insurance company gives you and what you would still owe would be to have gap insurance.

Myth No. 2 If I never get a ticket or have an accident, my rates will decrease.

Truth: While both of these will help decrease your rates over time, there are things like the average cost to repair a vehicle or rising hospital bills that could increase your rates.

Myth No. 3 If I own a bright red car, I will probably get more tickets and my insurance will be higher.

Truth: It doesn’t matter if your car is zebra-striped or hot pink, the color of your car does not affect your insurance rates.

Myth No. 4 If I own a newer car, thieves are more likely to steal it!

Truth: Statistics show thieves are more likely to steal older cars due to the used-car-parts market.

Myth No. 5 Less expensive cars are cheaper to ensure.

Truth: This depends on the coverage you receive. If in an accident, smaller cars are more likely to sustain damage and therefore are higher to insure if you have collision and comprehensive coverage.

Myth No. 6 If my car is stolen or vandalized, it is covered by my insurance.

Truth: Without comprehensive coverage, these things are not covered. If you want to fully cover every scenario, you need to have collision and comprehensive coverage.

Myth No. 7 Purchasing insurance online will save me money.

Truth: Without speaking to an agent, you could end up paying more in damages then you saved with purchasing your insurance online. In the long run, if nothing happens with your vehicle, you might save money, but if something happens and you’re not covered, it will cost you more later.

Myth No. 8 My driving history is the only thing considered when I purchase car insurance.

Truth: There are many factors that go into your rate other than your driving records. Things like your age, if you’re a student (good grades typically get you lower rates), the type of car you’re getting, and even your credit history play a part in your overall rate.

Myth No. 9 Newer cars are always more expensive.

Truth: It depends on the year, make and model; sometimes older cars can be more expensive.

Myth No. 10 If anything is stolen from inside my car, my policy will cover it.

Truth: Typically stolen items are covered by your homeowners or renters policies.