Does Having a Red Vehicle Make Your Car Insurance Premiums Go Up??

Does Having a Red Vehicle Make Your Car Insurance Premiums Go Up?

There is a common myth that the color of your vehicle will affect the cost of your car insurance premiums, but insurers don’t consider the color of your vehicle when calculating your rates. This myth partially comes from the statistics of colored vehicles that are pulled over more frequently by the police. While there may be truth to that statistic, insurers don’t care about the color of your car. 

The type of vehicle you have, however, can affect the cost of how much you pay to insure it. 

Your car insurance premiums are primarily based on how likely you are to file a claim. This is your level of risk. The color of your car does not affect your level of risk, but the type of vehicle you drive can. 

Vehicles that Cost More to Insure 

Vehicles that are geared for speed cost more to insure. Sports vehicles are statistically more likely to be involved in accidents and also have the highest rate of fatal accidents. 

Not only do the amount of accidents matter, but the severity. Insurers carefully consider the safety rating of your vehicle when calculating your car insurance rates. Not only is it important to look for safer vehicles for your own safety, but to save money on car insurance. 

If you drive a heavy vehicle, you may be able to cause more damage and injury in accidents than a small vehicle, meaning you may pay more in car insurance. Heavy vehicles like trucks and vans may cost you more to insure. 

Newer cars also cost more to insure because of their higher value. Essentially, if there is a chance that the insurer will have to pay a higher amount of money in compensation, they will charge more to offset that risk.