Does the color of my car make it more expensive to insure?
Looking for a new car?
Tax season has almost passed, and returns are either already in your hands or on their way. It’s no secret that tax season is a time a lot of hard-working Americans find deals on some new appliances, electronics, and even cars. As you’re considering some new wheels, surely you’ve had a certain color catch your eyes – which brings to question: Do insurance premiums really change based on the color of a car?
One of the most commonly heard urban myths about car insurance is that red cars are more expensive to insure. According to a survey by Insure.com, 46% of licensed drivers believe that red cars are more expensive because they’re pulled over more frequently. The truth is, however, that color has nothing to do with car insurance rates.
Color isn’t factored into your rate.
In most cases, your insurance company doesn’t know the color of the car you’re driving. We know your vehicle identification number (VIN), but the color of a vehicle isn’t included in a VIN. To the insurer, whether the car is red or blue doesn’t matter; the difference between it being a pickup truck or a Ferrari is more important in calculating the risk attached to it – and thus the cost to insure it.
Tickets (and your driving record) DO affect your rate.
Tickets matter when shopping for new coverage, as the insurer will look at your driving record to calculate your rate based on whether you are a high-risk driver.
According to data gathered from six major carriers, one speeding ticket can bump your rates by up to 15%, with that number jumping to as much as 40% with a second ticket.
The important detail with tickets is that insurance rates changed based on the driver, not the car.
If you have any questions about how the rates are calculated for your car insurance premiums, reach out and give us a call. We can walk you through the quoting process, take a look at your driving history, and let you know what to expect.