Many factors go into determining the rate of auto insurance. But according to the Insurance Information Institute, your car color does not have a direct impact on your auto insurance. However, that doesn’t mean that vehicle colors can’t indirectly impact car insurance. For instance, higher demand for a certain car color can increase the cost of the car, thus affecting the car insurance rate.
Where Did This Myth Come From?
If there is no relationship between auto insurance rate and color, why do most drivers believe that cars with colors such as red are more expensive to insure? This is because red vehicles cost more. Red, white, blue, and black tends to be the most expensive color of cars because they are the most in-demand with drivers.
Are There Exceptions to When Color Matters?
The only way color can have an impact on your insurance rates is if you have a custom paint job since this will increase the value of your car. Some custom paint jobs require custom parts that are specifically designed for that particular job. This usually comes with a high cost that can indirectly impact your car’s insurance rates.
Factors That Do Affect Your Auto Insurance Rates
While a vehicle color does not increase the cost of your insurance, some vehicles are more expensive than others to insure. These factors can include the model, make, and age of the car. Each of these factors can increase or decrease your auto insurance rates. While factors such as age are beyond your control, others like driving record and car type are well within your grasp.
