Insurance can be confusing at the best of times, but here are some of the most common misconceptions about auto insurance coverage in Canada.
The color of your car affects your insurance rate: Most people may not know it, but the insurance industry is colour-blind. It doesn't matter if your car is blue, red, silver, white, or black, your insurance rate for that make and model of car will always remain the same.
A 2-door car is more expensive to insure than a 4-door: Not necessarily. Insurance companies rate cars based on the claims history of that vehicle. They look at things like accident frequency, repair costs, theft, vandalism and safety ratings for each make and model. When these factors are combined, a 4-door could cost more to insure than a 2-door model.
Getting a parking ticket means your insurance rates will go up: Parking tickets by themselves do not count against your driving record or your insurance, but unpaid fines could affect your ability to renew your driver's licence or worse result in a licence suspension - which will affect your rate.
