According to the Axalta Global Automotive 2017 Color Popularity Report, for the seventh year in a row white leads the world as the most popular car color. Thirty-nine percent of the world’s cars are white, followed far behind by second place black at sixteen percent.
However, bolder colors are on the rise. Blue is gaining popularity, as well as gold and green. And then there is the infamous red car. Red cars account for about six percent of the total but hold one of the most widespread car myths of all time: that red cars cost more to insure.
So, is it true?
Red Cars Cost More to Insure: Myth or Fact?
While there is data to support the fact that red cars can be more expensive to buy, the data around insurance costs for red cars is a little less definitive.
Drivers seem to love red cars. Red can evoke a dynamic and exciting feeling that can simply make people feel good. This love affair with red, especially for fast cars, keeps the sticker price a bit higher than the more popular white and black cars.
But, this higher pricing does not seem to extend to insurance policies for red cars. There are many factors that go into determining your car insurance premiums, and color is not one of them. Even though color doesn’t affect your rate, these factors do:
Your driving record – A history of accidents or incidents, such as tickets, will have you paying higher rates. A clean record is one of the best ways to keep your rate low.
Your age – Younger, inexperienced drivers will pay more. More experienced drivers who keep a clean record can get the best rates.
Your credit score – Many people do not realize that in most states their credit score affects their insurance rates. Insurers want to make sure you will be able to pay your premiums
Your car – While color is not one of the factors that auto insurance companies consider when determining your rates, the year, make and model of your car are.
Where Does this Myth Come From?
The myth that red cars cost more to insure may come from that feeling mentioned earlier, that red cars are exciting. This excitement can lead to a heavy foot on the accelerator, especially in a faster than normal sports car, and this of course can lead to speeding tickets.
It is a fact that speeding tickets will definitely lead to an increase in insurance rates, regardless of the color of your car. If you have a fast, new red sports car and get yourself a couple of speeding tickets, it may take a rise in your rates to slow you down.
If you want to compare rates for your new red car, to be sure you are getting the best deal, use the InsuranceWins form. We’ll shop around using your location and match you with the best agents and carriers for your needs.
