Does the Color of Your Car Affect Your Insurance Rate? Myth vs. Reality
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Does the color of your car affect your insurance rate?
The color red, in particular, has long been said to increase your auto insurance rate and to draw greater attention from authorities. But can a popular car color actually influence your insurance policy? This guide explores factors that affect your car insurance rates, including a clean driving record.
Introduction to Auto Insurance Rates
An insurance premium is the rate you pay to have your vehicle insured by an insurance company. You can usually pay your auto premium monthly, quarterly, or annually.
Today's average insurance rate is about $2,064 annually or $172 monthly. Many factors will affect your car insurance rate, ranging from your location to your driving record.
Factors That Influence Insurance Premiums
The factors influencing auto insurance premium costs are much less exciting than anything to do with a popular color, but that means they are also more predictable and easier to understand.
- Driving record: A better driving record will lead to a lower car insurance premium. On the other hand, issues such as auto accidents and traffic violations will increase your premium. Likewise, if you are a newer driver, you don’t have a record to review, so you will likely pay more for insurance.
- Your zip code: If you live in a big city, you will pay more for car insurance than someone living in a smaller town since urban areas are considered more prone to theft, accidents, and vandalism. If you park in a garage, your car insurance will cost less than parking on the street.
- Type of vehicle: Insurance companies can review prior claims from similar models to evaluate theft rates and potential repair costs. Because the cost of replacement and repair is so steep, newer luxury vehicles can incur very high premiums.
- Your age: Both younger and older drivers are considered harder to insure due to an increased possibility of accidents. Your premiums will likely be lower if you are between 25 and 64.
- Credit history: Many car insurance companies today examine credit scores to determine your likelihood of making a claim.
Other factors influencing premium price include how much you use your car (less is best), your coverage selections and auto insurance deductibles, and your gender. Women have fewer accidents and drunk driving charges, so they often pay less than men for car insurance.
The Myth of Car Color and Insurance Rates
Myth: A red car costs more to insure.
Fact: Car color has no impact on insurance rates.
Auto insurance companies do not factor in the color of your car when setting insurance premiums. In fact, most insurers won’t even ask about the color of your car.
However, a custom paint job might incur a small fee for extra coverage for custom parts and equipment. You will also need additional insurance for extras such as:
- Tinting
- Custom wheels and rims
- Roll bars
- Other aftermarket adjustments
What does not affect your car insurance rate? While many factors play a role, the color of your car does not affect your insurance cost!
How Insurers Assess Risk
During a car insurance risk assessment, the insurance company examines your risk of filing a claim to determine potential insurance coverage. Whether you complete a form online or on paper, you will be asked several questions about your vehicle and yourself, including your:
- Age
- Gender
- Driving history
- Location
- And more
If you are still wondering, “Does car color affect insurance?” it does not influence an insurer’s risk assessment.
Popular Car Colors and Insurance Claims
The most popular car colors today are black, gray, blue, white, and red.
Black is commonly considered the most dangerous color car to drive, while white cars are reportedly 12% less likely to get in an accident than black ones. Since insurance companies don’t typically track car colors, it's impossible to compare car colors to claims. However, light-colored cars are generally easier to see, which can reduce issues and accidents.
The Impact of Vehicle Type and Driver Profile on Rates
Both vehicle type and driver profile can increase or decrease car insurance rates.
Generally, SUVs, small pickups, and minivans cost less to insure than cars. Likewise, electric vehicles tend to be more expensive to insure than traditional cars. In terms of driver profile, age, gender, and driving history are all important factors in determining auto insurance rates.
Compare Car Insurance Quotes To See What Really Impacts Your Rate
To find the best car insurance rates, compare car insurance quotes to find the ideal option for your circumstances and budget. EverQuote can help you compare auto insurance quotes online and find the best option for your vehicle, regardless of its color!