Car Insurance Kentucky

Posted by on July 18, 2013 in Blog | Comments Off on Car Insurance Kentucky

Car Insurance Kentucky

Car Insurance Kentucky

Auto Insurance Myths Fact vs Fiction – in Kentucky

Red cars cost more to insure.

Color is not a factor used to calculate car insurance rates — we don’t even ask you what color your car is when you get a quote from us. Factors that do matter are the year, make, model, body type, engine size and age of your car, as well as drivers on your policy.

One speeding ticket will make my car insurance rates go up.

Sometimes this is true, but in many cases, you have to get two tickets before your rate goes up. Your driving history, the length of time you’ve been insured with a company and how fast you were going when you were cited can affect whether your rate increases or not. Keep in mind that a speeding ticket may not be the sole reason your rate increases, as several factors are considered when reviewing them.

Car Insurance Kentucky

Auto insurance rates aren’t regulated, so auto insurance companies can charge what they want.

Each state requires auto insurance companies to file how they calculate customer rates, and insurers cannot deviate from these filed rates. Each state also has regulators who review that information and the rates companies charge.

I only need the bare minimum amount of car insurance.

Many states have minimum car insurance requirements, but the minimum amount of required insurance may not cover all of your costs. If you cause an accident that results in a lawsuit and your insurance limits don’t cover all of the damages, your assets could be pursued.

Car Insurance Kentucky

Cheaper cars cost less to insure.

If your cheaper car has a large engine, weighs a lot or is an unusual model, it might cost more to insure than a more expensive small car. However, if you have a cheaper car, you will pay less for Comprehensive coverage, which covers damage caused by vandalism, hail, fire or animal accidents.

If someone driving my car causes an accident, I won’t be held responsible.

It’s possible you’ll be financially responsible for an accident — even if someone else is driving your car. In most states, the car insurance policy covering the vehicle is considered the primary insurance, which means that the insurance company for the vehicle must pay for damages caused by an accident. Even so, it’s still possible that the driver’s insurance company could be responsible for some of the damages. Why? If the vehicle’s insurance limits are too low and don’t cover all the damages, the driver’s insurance may be next in line to pay for the remainder of the damages.

Since policies and laws differ by state, knowing how your state’s insurance system works could influence who drives your car.

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