Debunking Insurance Myths - Series Part 1

Insurance is about managing risk. Insurance companies use sophisticated algorithms to determine how risky each of us is, and they price policies accordingly. That's why smokers pay more for health insurance and bad drivers pay more for car insurance.

Still, insurance can be confusing and aggressive sales agents only make the problem worse. To help clear things up, we're debunking some of the most pervasive myths about different types of insurance.

Auto Insurance

Myth: The color of the car your drive can impact your car insurance premium.

Plenty of people believe that red cars are more expensive to insure, but this is simply not true. Other factors do matter, like how old the car is and whether or not it has added safety features, but color doesn't matter. If a red car will make you happy, go ahead and buy it.

Fun Fact:

Car Insurance is as old as cars

Today, auto insurance is mandatory in countries around the world, but it began as a specialty product for early auto enthusiasts. In 1895, an English insurance agent wrote out the first automobile liability insurance policy, and the first policy in the United States appeared three years later. Massachusetts was the first state to require all drivers to have insurance, starting in 1927.

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