It is a myth that red cars cost more to insure.
Keep reading to find out more about insuring red cars and what really goes into insurance costs.
Do red cars cost more to insure?
Red cars do not cost more to insure. When you get a quote from an insurance provider, they're most likely not going to ask about the color of your vehicle.
Now, if it doesn't cost more to insure a red car, why do so many people buy in to the myth?
The age-old assumption is that drivers of red cars are riskier drivers, may have more tickets and claims, and therefore, have to pay more for insurance.
Some people also think that police officers are more likely to pull over drivers with red cars since it's assumed they're riskier drivers.
What factors really impact insurance rates?
While factors like your driving record, address, and gender will impact your insurance rates, color doesn’t make the list. So feel free to buy that fiery red car!
Here are some factors that actually could lead to a higher insurance premium:
Someone living in an urban area will pay more than someone living in a rural or suburban area.
The cost of car care, the number of insurance fraud cases, and even the weather in your area are also major factors.
Credit history (in some states)
Your payment history, length of credit, and types of credit will all have an impact on your credit-based score and, ultimately, your premium.
Drivers under 25 generally pay more than drivers 30 and over. Statistically, young drivers are more at risk for being in an accident.
Data has also shown that men are considered higher-risk drivers than women. Premiums tend to be higher for men.
Your car model could potentially affect your premiums by hundreds of dollars. Luxury cars and SUVs are generally more expensive to insure because of high repair costs. Your car’s theft rate, safety rating, and repair costs also factor into your premium.
Your occupation and education level
How to find cheap car insurance
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