Have you ever fantasized about speeding down a highway in a red car, blaring Prince’s “Little Red Corvette” on the stereo? What would have stopped you? Let me take a wild guess! You may have overheard claims about red cars being expensive to insure. Is it more expensive to insure a red car? If this is something you’ve heard, you’re not alone.
Is Insurance More Expensive If You Drive a Red Car?
Have no fear. The misunderstanding that red cars are more costly to insure is just a myth. There isn’t much proof to back up the claim that red cars increase insurance costs.
While auto insurance providers assess various factors when deciding your premium, the shade of your vehicle is not one of them. When you apply for auto insurance (VIN), your insurance company will want to know your car’s make, model, year, and VIN when you apply for auto insurance (VIN). Your insurance provider will be more concerned with the manufacturer and type of your vehicle than with its color.
A standard, mainstream model, for example, will be less expensive to insure than a high-end foreign car. Auto insurance companies look for risk variables that show a higher likelihood of filing a claim. These include your claims, location, age, gender, and driving record. While insurance firms generally consider the same set of risk indicators, consider that their insurance prices are calculated differently. You can shop around for the best rates by collecting quotations from other insurance companies.
The manufacturer and model of the car and the engine size and sticker price are all factors in insurance costs. Insurers frequently provide discounts for equipment such as daylight lights or anti-theft alarm systems to help lessen the chance of theft accidents. Many aspects decide the cost of auto insurance. Will buying a red car, on the other hand, make you see red when you get your insurance bill? Apparently not!
What’s the Origin of the Myth of the Red Car?
Where did this urban legend emerge when red cars are more expensive to insure? According to some people, it’s likely due to the striking red color of the car. The idea here is that because of the stigma that relates red color cars to race cars, as red is a color most race cars use. Another claim is that red catches the eye of the cop because of how popping the color is, causing you to get more tickets than if you drive other color cars.
There is a statistical correlation between lower-visibility car shades, such as grey, black, and silver, and an increased likelihood of an accident. However, there is no definitive evidence that car color affects ticket or crash rates because there is little research on this topic.
Common Belief that Red Cars are Vulnerable to Theft
According to the insurer’s opinion, insurance premiums for high-end cars are higher since they are more challenging to replace if they are stolen. You’ll have to contact your insurance company if your car is stolen could further raise your premiums. The color of your car may also play a role in determining whether or not it is more likely to be stolen.
If you’re the owner of a red car, you’re in luck! Car thieves are more likely to target dark-colored vehicles than lighter-colored ones, according to a 2012 survey by CCC Information Services.
Does the Color of a Car Play Any Role in Insurance Rates?
It’s common for drivers to wonder whether or not the color of their car affects their insurance premiums. The color of a vehicle does not appear to impact insurance rates directly. It may indirectly impact insurance rates in some ways. The price of a car can go up if its color is more in demand (white, black, gray, silver, blue, red, brown/beige, and green), leading to an increase in rates.
It’s common for drivers to wonder whether or not the color of their car affects their insurance premiums. The color of a vehicle does not appear to impact insurance rates directly. It may indirectly impact insurance rates in some ways. The price of a car can go up if its color is more in demand (white, black, gray, blue, red and silver), leading to an increase in rates.
40% of licensed drivers believe that red cars are more expensive to insure. But the truth is, there is no correlation between color and cost. Red cars (and other popular colors) are more expensive due to their high consumer demand. There is no need to lower sticker prices for popular colors because dealerships don’t have to do so for less popular ones.
Car insurance premiums aren’t affected by a car’s color because it doesn’t significantly impact its value.
Do Red Cars Cost More to Insure?
Take heart if you’re in the market for a red car: This widely held belief is untrue. It’s a fallacy that red cars are more expensive to insure. In truth, insurance companies don’t consider your car’s color when determining your quote. Many don’t even ask for it.
Sara Sam may not look like your typical car and finance expert, but don’t let that fool you. With over four years of experience in the industry, she knows all the ins and outs of cars, car insurance, and refinancing. You can trust Sara to help you navigate the often-confusing world of automobiles and financing.
