Home Page RSS Contact Us Get A Quote


Insurance Advisors' Newsletter
October 2015

Most Millennials Fail This Basic Quiz  

About Auto Insurance 

Written by Alexandra Mondalek for time.com

This Month's Trusted Partner

Summit Bank & Trust
Jeff Lovato 

Jeff Lovato is a mortgage broker who offers competitive rates on flexible mortgage options, as well as standard home loan programs. If you need financing for a new home or cash out of a current home, Jeff can be reached at 303.970.4922.

 Contact Us

Click to email us!

Earn $ For Your Referrals


Insurance Advisors believes that a referral from an existing customer or business
partner is the ultimate
reward for a job well done.
Gift Card If you have received excellent service and amazing value from  Insurance Advisors, please pass our contact info on to your friends, family and co-workers.
We promise to provide the same great service that you have become accustomed to. Plus for the referral we will send you a gift card as a thank you!

IA Team

If you think the color of your car is the reason you’re paying more for insurance, you’re wrong.

If you’re a Millennial between 18 and 29, chances are you can’t tell whether these simple statements about auto insurance are true or false. Gen Xers and Boomers: Don’t be too smug because plenty of you are striking out, too.

A new survey conducted by InsuranceQuotes.com has found that across the board, people don’t know as much about their car coverage as they think—and that could cost them big time.

Think you know whether the following statements are fact or fiction? Read on to find out (the answers are below.)

1.    True or False: Driving a red car makes your insurance more expensive.

2.    True or False: Auto insurance covers you when an accident is your fault.

3.    True or False: Where you live affects how much you pay for auto insurance.

4.    True or False: Items stolen from a vehicle are covered by auto insurance.

Quiz answers:

1.    False: This is a perennial myth, probably perpetuated by parents as they tried to avoid buying flashy speed demons for their young drivers. Purported, too, is the idea that red cars are pulled over more frequently, causing insurance rates to spike for the unlucky driver. Again, not true.

2.    True: A basic auto insurance plan should cover you, even if that fender bender was your fault. To make sure you’re protected, check that your liability and collision coverage are above the minimum your state requires.

3.    True: Most Americans actually do know that location affects insurance rates. Urbanites with a car typically have higher insurance rates than those who live in rural areas based on the simple idea that cities are more densely populated—and more people equals more accidents, if you’re looking at basic probability.

4.    False: When something is stolen from your home, it’s typically covered under “personal property” or “contents” insurance—and 34% of Americans think the same principle applies to autos. If you’re worried that something will be stolen out of your vehicle, check with your homeowners or renters insurance to see if the items in your car are covered, too. Surprisingly, Millennials did better than their parents’ generation on this question. People age 18 to 29 responded correctly 68% of the time; those 65 and older responded correctly only 38% of the time.

With Age Comes Wisdom — Sometimes

Knowing exactly how you’re covered by your auto insurance plan doesn’t seem that important until you find yourself reaching for your insurance card after an accident.
Unfortunately, too many people—especially Millennials—wait until they’ve been in a collision before educating themselves, according to Laura Adams, senior analyst with InsuranceQuotes.com.

“Unless you’re taking Uber 100% of time or using a public transportation system, you can’t escape insurance. We all have to budget for it and make it part of our financial profiles.”

And when you think about it, you really ought to know what your coverage includes when you’re shelling out an average of $6,100 a year for auto insurance if you’re under 25, according to personal finance website, Value Penguin.

Luckily for drivers, if they’re not happy with their coverage, Adams says shopping around often yields cheaper rates. The important thing is to make sure that even if you’re paying less for your plan, you’re not skimping on value.

If you’d like more information about your coverage, Insurance Advisors are always here to answer your questions. Just give us a call at 720.210.9898.

The Hartford

Electric Insurance Company Logo



19751 E Mainstreet, Suite 380, Parker, CO 80138   |   720.210.9898   |   www.theinsuranceadvisors.net
                   Facebook          Twitter Insurance Advisors