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Toronto Auto Insurance Brokers - Myths Revealed

July 9, 2008

Most people do a great deal of research when buying a car, however when it comes to car insurance people often believe the myths and rumours that they hear to be fact. Toronto auto insurance brokers compare which myths are true and which ones are not.

1. “Smokers car insurance rates are higher.”

False. It might save you money to give up smoking but you won’t save any money on your car insurance rates by doing it.

2. “Red cars cost more to insure.”

False. There is no truth in this. Insurance companies do not even ask for the colour of your vehicle during your application.

3. “My neighbors and I will have similar auto insurance rates.”

False. Car insurance is determined by the person's individual characteristics such as age, vehicle, and driving record. There are many factors that will determine the best rate that your auto insurance broker can get you.

4. If I let someone drive my car and they cause an accident, I'm not responsible.

False. The truth is that your policy is classified as the primary one and the result is that your insurer is liable for any damage caused, this in turn will effect your claim history and increase your car insurance rate.

5. Teenage boys are more expensive to insure than girls.

More often then not, true. In general teenagers cost more to insure because they are more likely to be involved in an accident and statistics show that it is more common for a boy to be involved in an accident then a girl.

6. I have fully paid my insurance premiums, so my new car is covered.

False. An increasing number of insurance companies are finding excuses to avoid paying out for claims. In the small print of your policy it is often stated that you must inform your insurance company of any changes in the vehicles that you drive.

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