3 Myths About Auto Insurance Drivers Shouldn't Believe

Owning a car is an expensive prospect -- especially after factoring in the cost of auto insurance. U.S. News & World Report puts the average cost of car insurance in the U.S. at $2,068 per year. But there are different factors that determine how much a policy will cost, from driving history to vehicle model to ZIP code.

The more drivers know about how car insurance works, the better equipped they may be to anticipate the cost of having it. With that in mind, here are some auto insurance myths drivers shouldn't buy into.

1. Bundling with a homeowners policy is always the best bet

Some will say that bundling an auto and homeowners insurance policy will result in savings on both. That's sometimes the case, but not always.

For people with homeowners insurance already, it definitely pays to get an auto insurance quote from their current provider. But don't stop there. Also reach out to other insurers to compare options. That's the only way to know whose deal is the best.

2. The more safety features a car has, the less insurance will cost

Many new vehicles today come loaded with safety features that are designed to prevent accidents -- at least in theory. These include backup cameras, lane departure warning sensors, and brake sensors.

Drivers might assume that paying extra for a vehicle that has these features included will result in a price break on auto insurance premiums, since they might reduce the risk of an accident.

But while that may be the case, those features are also expensive to replace in the event of an accident or damage. And so those features may not result in savings at all. If anything, they could result in higher costs.

3. If another person drives and damages a car, their insurance will pick up the tab

It's not uncommon to lend a car to a friend or family member for a day. But don't assume that if an accident ensues, the driver's insurance will pick up the cost of repairs.

When a car is in an accident, it's that car's insurance that's usually billed for repairs. And from there, premium rates on that policy can rise due to a claim being filed against it.

So be careful when loaning out a car. Accidents can happen any time. But it may not be the best idea to loan a car to someone with minimal driving experience or a habit of speeding or weaving in and out of highway lanes.

The more drivers know about auto insurance, the easier it might be to find ways to save on it. So don't buy into myths like these. Instead, read up on auto insurance to approach the process of buying it more strategically.