There are a lot of factors that will affect how much your car insurance premiums will be. This can be things like gender, age, your area, credit score and more.
For example, the younger the driver that will be insured, the more expensive the premium.
For another, if you live in an area where it is prone to accidents and crime, your car insurance premiums would be higher.
Or if your credit score is excellent, then that is a relief as your premiums would not cost as high.
All in all, your car insurance premiums will be determined in a risk-benefit ratio.
But is color a factor that will affect your car insurance premiums? If your if you have an eye on getting a shiny new red car, you might want to first have the question “do red cars cost more to insure?”
In this article we’ll cover the answer to that question.
Do Red Cars Cost More To Insure?
Truth be told, no, having a red car does not make your car insurance premiums higher. The idea of having a red car means that your car insurance premiums will be higher is just a myth. (And one that I, and many others, believed for a very long time.
The color of your car does not have anything to do with your car insurance policy’s premiums. As I have said earlier, there are many risk factors that affect your car insurance policy’s premiums, but your car’s color is not one of them.
So no matter what your car’s color is, whether it is blue, red, white, or black, it will not raise or lower your car insurance premiums.
But how exactly did this idea come up in the first place?
Where Did This Myth Come From?
One theory is that red cars are more associated with race cars. So drivers who tend to choose a red car just want to go as fast as possible.
Another reason why it is said that red cars are riskier is because of their bright and more noticeable color. The theory is that it attracts police officers more and issuing tickets is more likely because of it.
And this myth may have a little bit of truth to it. Well, indirectly at least. Let’s explain.
While it is true that car colors have nothing to do with your car insurance, your driving record does. In fact, getting ticketed has a large effect on your car insurance premiums. A single speeding ticket can add about 22 percent to your car insurance rates.
Two speeding tickets makes it worse. It can result in about an additional 43 percent increase on your car insurance premiums. The reason why that is the case, is because you are riskier to insure compared to drivers with clean driving records.
So, if people with red cars have a lead foot and drive fast, then they may see an increase in their car insurance premiums. But it’s due to how they drive, not the color of their car.
To sum up, the color of your car does not have anything to do with your car insurance premiums. But other factors do. So if you have your eye on a shiny red car, go for it! Buying it will not mean you’ll pay more for insurance.