True or false: Red cars are more expensive to insure?
Is it true that red cars cost more to insure?
There are many myths out there when it comes to the insurance world. When it comes to your auto insurance, it does not matter if your vehicle is red, blue, white or silver; the color of your car has no impact on your auto insurance rate. As a matter of fact, in most cases, your insurance company or agency doesn’t even know the color of the vehicle that you drive. Again, that is because vehicle color has absolutely no impact on how much your auto insurance will cost.
With that being said, when getting ready to purchase an auto policy, the type of vehicle you drive has a major impact on what your insurance premium will be. Insurance companies will want to know the VIN (vehicle identification number) of your vehicle(s). The VIN number will tell the insurance company the year, make and model of the vehicle(s) that you drive as well as its engine and even warranty details. The VIN cannot tell you or the insurer what the color of the vehicle is but rather the components of your vehicle(s). The only way color can be an exception for your insurance rates is if you were to put a custom paint job on a car of yours, but even in this case, the increased premium should be minimal and shouldn’t add very much to the total rate.
While color does not directly affect your rates, according to multiple studies, the color of your car may make it more or less likely to be stolen. Studies have found that red cars are not even in the top five vehicle colors that are most frequently involved in car thefts. In fact, studies show that car thieves prefer green, white, black, and gold colored cars, with the number one pick for car thieves being silver.
All in all, there are many factors that go into how much your auto rates will be including the year, make and model of your car(s), the driving records of each driver on the policy and what limits of coverage you desire to have. So that bright new shiny red vehicle will not have you paying extra for your auto policy and might just be an advantage when keeping you protected from car thieves.