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Myth #2: Your red car will cost more to insure. One of the most persistent myths about auto insurance is that insurance companies charge more to insure red cars.
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
Attorney Benson Varghese explains, "Most states require you to update your car registration and insurance within 30 days of residency. Missing this might lead to fines or uninsured periods."
Vehicle insurance in the United States (also known as car insurance or auto insurance) is designed to cover the risk of financial liability or the loss of a motor vehicle that the owner may face if their vehicle is involved in a collision that results in property or physical damage. Most states require a motor vehicle owner to carry some ...
Usage-based insurance (UBI), also known as pay as you drive (PAYD), pay how you drive (PHYD) and mile-based auto insurance, is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place.
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