The color of a vehicle is not a factor considered by underwriters when determining auto insurance rates. Instead, they focus on factors such as the value, make, model, age, engine size, body type, safety features, theft rates and repair costs. They also look at other factors such as driver’s age, experience, driving, insurance and credit history and zip code. Insurance companies are more concerned with statistical risk factors and actuarial data rather than the color of a vehicle.
The notion that red cars cost more to insure is a myth, and surveys have shown that a significant number of motorists believe this misconception. However, there is no direct link between the color of a car and insurance premiums. Any correlation that might exist could be attributed to other factors, such as the visibility of red cars on the road, which could potentially lead to more attention from law enforcement officers.
Checking many automobile insurance quote forms reveals that they don’t have any question about the color of the vehicle. That means it isn’t one of the things they even want to know. Also, we checked through several well-known insurers’ websites and found clarification that they are not interested in knowing if the car is grey, white, red, blue, black or yellow. Furthermore, several authorities like the Insurance Information Institute confirm that it has no bearing on premium.
However, specifications of cars affect the prices a lot. To give an accurate quote, carriers want to know the make, model, age, engine size and body type. These are all important and statistically relevant details. For example, today insurers know which types of automobiles cause more injuries and which ones protect their passengers better based on safety test results. They also know which cars are more likely to be involved in high-speed collisions looking at statistical data and incorporate this knowledge into their premium calculations.
Your and other listed drivers’ experience and claim records are other big determinants. For example, a bad driver wanting to insure a high risk vehicle would substantially increase the costs. And a good motorist with a low risk minivan can get cheap auto insurance rates.
Ultimately, when seeking affordable insurance rates, it is important to concentrate on the factors that insurance companies do consider, such as the specifications of the vehicle and the driver’s history. Shopping around and comparing quotes from different insurers can also help find the best prices.
What makes people think red cars cost more to insure?
A recent survey suggests that approximately 40% of motorists believe this myth. One of the explanations is that police officers notice bright red vehicles more than the others and may have a tendency to stop and ticket them. Even it may be the case that doesn’t prove any direct link between color and premiums. Speeding tickets can increase people’s rates, regardless of what vehicle they are driving.
Another explanation is that red is associated with sports cars like Ferrari and Porsche and they are usually higher risk than the more modest automobiles. However, performance cars’ hefty costs are more to do with their engine capacity and speed and silver or black ones are as expensive.
Also, some people argue that certain hues may affect people’s mood. For example, white may have a calming effect while bloodshot automobiles may provoke. These are just conjectures and the bottom line remains the same. Currently, underwriters don’t consider color to be an influential factor.
So, there is no need to worry that you will pay more for vehicle insurance for owning a maroon convertible or ruby minivan. If rates are too high, you need to look at other details to pay less and shop around for the best prices.