Does the color of my car affect my insurance premiums? I’m curious if certain colors can lead to higher or lower rates and if there’s any evidence or data supporting this. What should I know about how car color might influence my insurance costs?
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The color of your car does not directly affect your insurance premiums. This is a common myth, particularly the belief that red cars are more expensive to insure. However, insurance companies base their rates on factors such as your driving record, the make and model of your vehicle, its age, your location, and other risk-related criteria.
It’s a car insurance myth that never goes away. While color can be a powerful communication tool and it may even influence your mood, it will not influence your auto premium. However, a vehicle’s color could have an impact on its resale value.