Myth #1: Red cars are the most expensive to insure. Fact: A red car won't cost you more than a green, yellow, black, or blue car. Insurers are interested in the year, make, model, body type, engine size, and age of your vehicle. Myth #2: My insurance will cover me if my car is stolen, vandalized, or damaged by hail or fire. Fact: Unless you have comprehensive coverage, you're not covered for any of these things. Comprehensive coverage pays for damage to your car that is not the result of a car accident. Myth #3: If my car is totaled, my insurance will pay off what I owe on my loan or lease. Fact: It will only pay you the actual cash value of your car, minus your deductible, factoring in depreciation. You're still responsible for any outstanding amount on the loan or car lease. Myth #4: If someone else drives my car and gets into an accident, their auto insurance will cover them, not mine. Fact: In most states, the car owner's insurance must pay for damages caused by an accident. Get familiar with the laws in your state before allowing another person to drive your car. Myth #5: My credit doesn't affect my insurance rate. Fact: In many states, insurers generate a numerical ranking based in part on your credit behavior, known as the "insurance score". Studies have shown that how you manage your finances can help predict the likelihood that you'll be involved in an accident. To learn more about how your credit affects your rate read our credit use FAQs page.