Color Does Matter: The Exceptions
The only way paint can be a factor in your insurance rates is if you have a custom paint job, but even that shouldnt add a ton to your premium.
Custom paint could increase your rates, says Kirchen. It could be considered under additional custom parts and equipment, but there would only be a nominal fee charged for it.
And while it wont directly cut your rates, your cars color may make it less likely to be stolen. In that case, a red car might be an advantage.
According to a 2012 report by CCC Information Services, red doesnt even register in the top five vehicle colors that are most frequently involved in thefts. Car thieves prefer green, gold, black and white cars, and their No. 1 pick is silver.
Cars that are frequently stolen will also cost more for comprehensive coverage.
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Whats The Origin Of The Myth Of The Red Car
Where did this urban legend emerge when red cars arent more expensive to insure? According to some, its due to their striking color. The premise here is that a red car will catch the eye of a cop issuing a citation more often than not. The color red has long been linked with vehicle racing, so drivers who enjoy speeding may be more inclined to buy a red car than those who prefer a more leisurely ride.
There is a statistical correlation between lower-visibility car shades such as grey, black, and silver and an increased likelihood of an accident. However, there is no definitive evidence that car color affects ticket or crash rates because there is little research on this topic.
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When Paint Color Does Impact Car Insurance Rates
Weve just said that the color of your car doesnt impact your car insurance rates but your paint job might. Some drivers elect to get their cars painted with special designs or decals. Depending on your insurance policy, this custom paint job may fall under additional parts and equipment.
If the paint used to spice up your ride is expensive to purchase or supply, you could see a spike in your cars value. As we all know, the higher your car is valued, the more your car insurance coverage will cost. Custom paint jobs may require additional pieces to be created and applied to your car, and custom parts will also result in a spike in your insurance premiums.
If this is the case, report these modifications to your insurance provider. If not, failing to do so could invalidate your policy. These modifications are reflected in your insurance premiums to provide coverage in case of an accident.
Rare colors can affect your insurance rates as well. You may have felt like you won the lottery when you got the only sedan in serious cyan blue, but dont celebrate yet. If the paint color is rare or expensive, you may find yourself paying higher premiums.
How Can The Drivers Of Red Cars Get Lower Insurance Rates
- Probably not from a new paint job Even if you were to have your red car painted a different color, your premiums probably wouldnt go down right away. After you have been categorized as being in a particular insurance risk group, any changes that you make will need to be consistent.
- Finding applicable discounts It is a far better idea to look for discounts that your car insurance provider can use to reduce your rates. Any anti-theft devices such as alarm systems and special locks can help you to get a discount on your car insurance premiums.
- Keeping a safe driving record By avoiding accidents and receiving few driving infractions, you will see your auto insurance rates go down when it is time to renew your policy. At first, your premiums might not be reduced by much, but any reduction in price is a good sign.
Within a year or two, your rates will be much lower despite the fact that you are still driving a red car. Remember, the owners of red vehicles can be safe drivers, too. Make an effort and you will see the difference.
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How Much You Drive
Upgrading to a new car can mean plenty of benefits over your old car. Not only could you get better fuel economy with the newer car, but if you havent called your insurance company to adjust your daily mileage, you should. Have you changed to a remote position working from home? Do you only have to go to the office a couple days here and there? Believe it or not, a change in your work schedule could help you save on car insurance and gas!
What Color Cars Are More Expensive To Insure
So what color cars are more expensive to insure? As mentioned earlier, your insurance company has no idea what color your car is. Thats right. Zero. Zilch. Nada. You dont need to get red-car insurance to cover your flashy red vehicle.
However, many variables determine what color car is cheapest to own. One study found that 80% of cars come in only four colors black, white, gray, and silver and dealers may offer incentives to buy cars in less desirable colors. Colors like yellow, green, or orange are left on the lot much longer than black, white, or silver cars.
So if youre looking to save a few bucks on a brand new car, opting for an unusual car color may be the way to go. Colors that are harder to sell will be cheaper to buy, and may also depreciate slower than cars in more popular colors.
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How To Find The Best Car Insurance For Your Red Car
If youre trying to find the best car insurance for your red car, keep in mind that theres no car insurance designed specifically for your red car. If your car doesnt have any custom paint or custom parts, and your driving behaviour is reasonably good, your car insurance premium will not be as high as you might think.
Also, the absence of previous claims and major accidents will keep your insurance cost low. However, before you purchase car insurance, it is advisable that you get at least three quotes from different car insurance companies so that you can avoid any unwarranted high price.
How To Find The Best Insurance Rates
Buying a vehicle based on its color is unlikely to save you a lot on insurance, but there are other things that you can do to find the best insurance rates:
In addition to comparing quotes when shopping for an insurance policy, it is also important to regularly evaluate your insurance needs. If your driving record, credit score, or any other factor changes, it may make sense to consider your options again. This is especially true if your risk drops, such as when you reach 25 years of age or you pay off an auto loan. Reevaluating your needs and communicating with your insurance representative also ensures you’re receiving all of the discounts available to you.
Color has little direct impact on your insurance rates, it can affect a vehicle’s demand and value.
Check this out if you need additional information, resources, or guidance on car insurance.
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Myth #10 I Only Need The Minimum Amount Of Coverage Required By Law
If you take nothing else away from this article, let it be this: Floridas minimum car insurance requirements are not enough to adequately protect you.
Under Florida law, you are only required to carry a minimum of $10,000 in PIP coverage and $10,000 in Property Damage Liability coverage .
If you are severely injured in an accident, that $10,000 may not last very long and $10,000 in property damage is barely enough to pay for a decent used car nowadays.
Not only do the legal minimums provide too-little protection, theyre often more expensive. Insurance companies believe that people who are willing to protect themselves with better coverage are less risky than those who dont.
Truth: Well say it again: Floridas minimum car insurance requirements are not enough to adequately protect you.
Do Red Cars Get Pulled Over More Often
Part of the red car myth is that red cars are more likely to get pulled over by the police than other cars. Some studies show that certain models of cars are more likely to get pulled over, although these results aren’t particularly strong.
A 2016 review of traffic violation data of more than 300 models by Insurance.com found that the vehicles most likely to be ticketed include a combination of economy and luxury models, as Cover Blog reports.
Since police pull vehicles over because of the driver’s behavior rather than based on the model, this finding actually suggests that certain types of drivers are drawn to different vehicle models, rather than that police choose to pull over certain models more often.
While studies are inconclusive, they do suggest that red cars or flashier cars are more likely to get a ticket. The theory here though is that drivers who are more likely to get violations are also more likely to choose red cars or flashy models.
Riskier drivers are more likely to rack up tickets and to have to pay more for their insurance since the auto insurance companies calculate that these drivers are more likely to submit a claim. So it’s possible that the red car insurance myth is true in a certain way. But it’s simply not the case that insurers place higher premiums on red cars.
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Red Cars Are More Expensive To Insure: Truth Or Myth
The colour of your vehicle is not a consideration when determining your auto insurance rate. Insurance companies and their actuaries do not have built-in rates for different coloured cars. So, the idea that people driving red cars pay higher rates to insure their vehicles is a myth. There is no data to support the idea that divers of red cars drive more aggressively or carelessly.
Myth #9 My Driving Record Is The Only Thing That Affects My Insurance Rates
While your record of traffic accidents and violations are considered when calculating the cost of your car insurance premiums, they are not the only determining factor.
In addition to your vehicle, insurance carriers also look at your insurance score.
Your insurance score is a number ranging from 200 to 997 that represents an individuals likelihood of filing an insurance claim. To determine your insurance score, insurance companies examine your claims history, credit score, and other factors .
Your location matters greatly too. Rates often vary by zip code and are determined by both the number and cost of claims in your area. Yup, your neighbors affect your insurance rates, too!
Truth: Insurance companies give you an insurance score, which is used to calculate your car insurance rates.
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Do Drivers Of Red Cars Really Pay More For Auto Insurance
Most of us have heard the myth about red car owners paying more for auto insurance. The truth is the color of the vehicle doesnt matter. Before you purchase a car, whether new or pre-owned, research auto insurance costs. Some things to consider when making a car purchase are a cars overall safety record and the likelihood of theft. Insurance premiums are also, in part, based on the cars sticker price, the cost to repair it, its overall safety record, and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. These include daytime running lights and anti-theft devices.
Many people believe that red cars cost more to insure because theyre linked to aggressive driving or speeding. The truth is, insurers have no interest in the color of a car, but they are interested in knowing if you have had any previous car accidents, the number of miles you drive annually, and where you live when determining auto premiums.
Remember – most personal property is actually not covered under an auto policy, even when it’s stolen or damaged while in your car. Instead, this property is usually insured by a homeowners’/renters’ policy. Be sure to check with your Independent Insurance Agent to learn more about how your coverage applies in property theft situations.
Myth #7 The Personal Items Inside My Car Are Covered By My Car Insurance
Theft of personal items is actually covered by your home or renters insurance .
If the personal items in your car were damaged in a car accident caused by you or someone else, they may be covered by your car insurance policy, but youd have to check your policy verbiage to be sure.
Truth: Theft of personal items from your car is covered by home or renters insurance.
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Its Time To Sort Through The Myths And Facts Related To Red
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Generations of drivers have dreamed of cruising down a coastal highway in a flashy red car while blasting Princes Little Red Corvette on the stereo. However, you may have heard claims that led you to keep on walking when you saw a shiny red automobile in a car dealers lot. For instance, some studies claim that law enforcement is more likely to pull over a red vehicle and ticket its driver. And rumors abound that red cars cost more to insure, simply based on their color.
Many factors determine how much youll pay for auto insurance. But will buying a red automobile leave you seeing red when you get your insurance bill?
Quality Auto Coverage Starts Here
Insurance companies look at many factors when determining auto insurance rates for drivers. These may include:
- The make and model year of the car
- Who drives the car
- The number of miles you drive
- Where the car is parked a majority of the time
- Your age, marital status and gender
- Your driving history
- The auto coverage you choose
- The deductibles and coverage limits you select
So, while your vehicle does play a role in the price of a policy, it’s more about the type of car you drive and how you drive it not the car’s color.
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Are Red Cars More Expensive To Insure Then
That common belief is wrong, owning a red car instead of a white car wont increase your auto insurance premium rates, despite what some may say. Red cars are not more expensive to insure! On the contrary, we can say the red car popular belief of higher insurance costs is just that, an urban legend.
Today, well look into where this strange red car impact on auto insurance myth came from. Well also take a look at studies regarding how the red color for cars affects a cars risk of collision.
What Factors Do Impact My Auto Insurance Price
Now that weve set the record straight about a car colors impact on auto insurance rates, you might be wonderingwhat does actually matter when calculating my car policy price?
Basically, car insurance premiums are based on a lot of factors. A main point of interest is not the color of your vehicle, but rather its make, model, and year. Certain car models can be linked with higher insurance costs, like a Tesla Model S .
Your insurance provider can also flag various aspects about your car and driving habits and up your premium accordingly. These could be things likeyou have a vehicle type with advanced safety features that are expensive to repair, or your car is at higher risk for theft in the area that youre regularly driving or parking, or you have a lengthy history of car insurance claims.
Lemonade Car puts an emphasis on your actual driving behavior, driving record history, and the number of miles you drive when determining how much you pay for your auto insurance. If youre red-y to look under the hood of what goes into an auto insurance premium, you can learn all about how Lemonade Car prices policies.
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Does Having A Red Car Increase Insurance Premium
A red car does not cost more to insure because red cars are not a higher risk. Typically, the number of accidents and claims are the primary factors that can drastically affect what you pay for auto insurance. Not only do red cars not have higher premiums, they also don’t possess higher crash rates, receive more tickets for traffic violations or bear higher stolen-car claims than other vehicles.
Custom Paint Jobs And Auto Insurance Rates
The one situation in which your cars paint will affect your car insurance rates is if you get a custom paint job or wrap.
Modifying your car with a custom paint job can make your car look awesome, but youll be required to report those changes to your insurance company and youll likely pay more to insure those modifications.
When it comes to car insurance coverage, your insurance company will consider your car to be in the same condition that you bought in its original form, so if you get a custom paint job for your vehicle and want it to be covered in case of damage, you should notify your car insurance company.
Many insurance companies offer a special coverage for aftermarket modifications, sometimes called custom parts and equipment coverage.
This will extend your car insurance coverage to repair or replace your customizations if theyre damaged in an accident. This includes custom paint jobs as well as other custom parts, such as:
-
New wheels or rims
-
The make and model of your car
But things that wont affect your car insurance rates include your cars color, paying off your car loan, or even getting a parking ticket.
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