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My family and I moved to Canada in the summer of 2019, bright-eyed and bushy-tailed. We were willing to do everything it took to make the move a success. I knew that finding a job right away was unlikely and also sensed that landing a position at the same level as I had in Dubai was out of the question. I had no ego about it and was ready to put in the time and the work.

I found my.

The biggest car insurance myths, according to experts

The auto insurance world is rife with misconceptions, experts say, and not knowing fact from fiction could end up costing drivers thousands of dollars. 

There are several reasons why insurance myths exist, said Steven Harris, licensed insurance broker and LowestRates.ca expert. “(Insurance contracts) are written in legal terms and it doesn’t always translate into everyday language,”  he said. “There can be a little barrier there.” 

Harris said people also often assume they’ll be covered against various damages or liabilities, but don’t necessarily know or understand exactly what’s in the policy. A lot of people draw upon personal experiences of friends and family and make decisions based on that, he added.

Here are some of the most common myths.

Red vehicles cost more to insure

The most common question Harris said he comes across.

Avatar photo Jayden Dakin is a seasoned financial analyst and writer with a deep passion for decoding economic trends and market movements. With a background in financial consulting and investment research, Jayden brings a sharp analytical perspective to complex financial topics, helping readers navigate the intricacies of wealth management, stock market dynamics, and global economic policies. Before joining Financial Magazine, Jayden worked in corporate finance, advising businesses on financial planning, risk management, and capital allocation strategies. With expertise in macroeconomic forecasting and investment strategy, Jayden’s work provides readers with actionable insights on market opportunities, portfolio diversification, and emerging financial innovations. Beyond writing, Jayden enjoys studying behavioral finance, exploring the intersection of economics and technology, and mentoring young investors on building sustainable wealth.

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