Comprehensive coverage pays only for damage caused by an event other than a collision. Examples such as fire, theft or vandalism would apply as well as weather-related damages, Progressive said.

Other situations where comprehensive coverage applies include damage caused if a vehicle collides with an animal or provision for a rental car when a vehicle is stolen.

Rick Crawley, product development general manager for Drive Insurance, said the lack of insurance knowledge is due to individuals not placing insurance on a higher priority and spending "more time thinking about the features on their car rather than its insurance coverage."

Sixty percent of those surveyed mistakenly think rates go down drastically when a driver turns 25, according to the survey.

Mr. Crawley said that rates do go down as individuals become older but that companies require additional data concerning the driver's history. If an individual makes a change such as moving to another state or purchasing a new car, then rates can increase.

A prior survey by Progressive of 2,000 drivers, half teens and the other half adults, revealed that 2 percent of the teens believed that age was not a factor compared to 9 percent of adults.