The cost of insurance coverage can be determined by a number of factors, but over the years many myths have developed regarding coverage. Investopedia dismisses a number of auto insurance myths that are commonly believed to be true.

While the make and model, style and engine size of a vehicle can all affect premium prices, the color does not matter at all to insurers. This myth may be a result of pricey sports cars that are often painted bright colors, but in reality, a drivers' behavior accounts for more than their color selection.

Drivers of older vehicles may not think their car would be a target to thieves, but the site notes that older models may be easier to steal, therefore possibly more appealing.

Letting a friend borrow a car may seem like a gracious act, but despite the belief that the driver is responsible if there is an accident, the owner of the vehicle will be the one to deal with insurance claims.

Unlike home insurance policies, auto insurance policies also don't offer coverage for personal property left inside of a vehicle. This means items that are damaged in an accident will need to be replaced through a different policy or paid for out-of-pocket.