Are Red Cars Really More Expensive to Insure?

Contrary to popular belief, red cars are no more expensive to insure than cars of any other color. This myth perhaps emerged due to the popularity of sports cars in the color red, since auto insurance companies do tend to raise premiums for the speed capacity of the vehicle; however, the association between color and high insurance rates is completely unsupported. Insurance companies are more or less colorblind. Therefore, drivers have complete freedom for the color of their vehicle and can choose anything from basic blue to yellow and black stripes without paying a cent more on insurance.

Although you won't pay higher insurance premiums with a red car, there are plenty of other factors about the car to consider if you're looking for a way to keep your premiums low. Make, model, and year tend to have a pretty big impact on the amount of insurance you will pay. It may be obvious, but a more expensive car like a Lexus would similarly be more expensive to repair than a less expensive car like a Hyundai. Additionally, the older your vehicle is, the less it is worth and the less expensive it is to insure.

Drivers will also want to consider their own personal credit history and driving history, since these factors impact the insurance premium as well. In general, a low credit score and a poor driving history reflects irresponsible behavior and high risk for the insurance company. Your history of car accidents indicates a strong likelihood of another one occurring, which indicates a strong likelihood that your insurance company will be paying for the damage. Raising your premium in this case is the company's way of being prepared in case an accident does occur. Your insurance claims history is also considered to analyze the risk you are to the company. If you have filed many claims in the past, this also indicates to the insurance company that you are a risk to them and should pay more accordingly. Knowing this, you can worry less about the color of your vehicle and more about safety ratings and your own attentiveness on the road to keep your insurance premiums down.