Do Red Cars Cost More to Insure? (2024)

FAQs

Do Red Cars Cost More to Insure? ›

The myth that red cars cost more to insure is, in fact, a myth. While auto insurance companies take a number of factors into account when calculating your insurance rate, the color of the car isn't one of them.

You may have heard red cars are more expensive to insure. But, according to the Insurance Information Institute (III), the color of the car you drive does not affect the price of auto insurance. Here are some of the factors that help determine your auto premium and what to look for when shopping for car insurance.

The color of your car doesn't affect your insurance rate. Instead, your insurance company uses other information, like your car's age, location, usage, and your driving record, to help determine insurance rates.

While red does tend to be associated with less of a risk of accidents than black, grey, and silver cars, red cars have more accidents than many other colors. When compared with the safest color on the road, red cars have a 7 percent higher risk of an accident. Red is such a bold, vibrant color.

What are common myths about auto insurance? Myth #1: Red cars are the most expensive to insure. Fact: A red car won't cost you more than a green, yellow, black, or blue car. Insurers are interested in the year, make, model, body type, engine size, and age of your vehicle.

Which Color Gets Pulled Over the Most? According to the National Motorists Association, white-colored vehicles get pulled over the most. That said, red vehicles come in second, followed closely by gray and silver. Unsurprisingly, white cars are stopped by law enforcement because it's the most common vehicle color.

According to the iSeeCars report, yellow is the most valuable colors among convertibles and SUVs, while orange does it for coupes, beige is best for pickup trucks, and purple, being among the rarest of colors in any segment, boosts the value of sedans the most.

Overwhelmingly, white is considered the safest car color with the lowest risk of being struck. According to one study, white cars are 12% less likely to be in a crash than black cars, even during the day.

“Though car color usually will not have an impact on your car insurance rates, white, black, blue, and red cars are usually more expensive to purchase across the board as they are very popular colors,” InsuranceQuotes.com added.

That's great news if you're shopping for that fiery red car of your dreams! It may also be good news if you decide to sell that red car one day, since you now know that red cars will likely have a higher resale value after three years than more commonly seen car colors like grey and black.

Why do people buy red cars? ›

Some drivers like to reveal their individuality through the color of their car. One typical example is fiery red like fire on achromatic roads. Red cars are very dynamic. Red is often used on performance-oriented cars that show off high speeds with a powerful engine.

Red—or any other bright color that requires frequent cleaning—isn't ideal, but it can still work if you have some time and patience. Gray, silver and blue are great options if you want something that looks good without being too much trouble to maintain.

Myth 2: Red cars get stolen more.

According to Ben Vollaard, a Dutch economist at Tilburg University, red cars are actually less likely to be stolen than cars with more common colors, like black and white. However, Vollaard was only speaking of the Netherlands.

Does Having a Red Car Increase Your Insurance? Never fear, though. The myth that red cars cost more to insure is, in fact, a myth. While auto insurance companies take a number of factors into account when calculating your insurance rate, the color of the car isn't one of them.

White and black are the most popular car colors, meaning the demand and thus insurance rates for them are higher. The perceived value of your vehicle is also tied to your insurance rates, meaning a car with a custom paint job will have higher insurance than a less popular, brightly colored car.

It could be that some people associate red with danger. Whatever the reason might be for the assumption, the assumption is incorrect. Red cars are not involved in more car accidents than vehicles of other colors. In fact, studies indicate that black cars are actually the most dangerous color vehicle on the road.

“Consumers looking for a deal on a car should consider looking at beige and gold cars, but deals can still be found on popular colors such as black, white, silver, and gray,” said Ly. “It's important to do some research before making any purchase to find out whether the car you're considering really is priced well.”

In general, color won't affect the price a buyer pays for a new vehicle. It can, however, affect the resale value—but not for the reasons you might expect. Supply and demand and the combination of vehicle color and type (i.e. sports cars) also play a role.

on accident risk. According to Kelley Blue Book, white is the most popular color choice for minivans, pickup trucks, sedans and luxury cars alike. White is also considered the safest color. In fact, in comparison to white vehicles, black cars are 12% more likely to be involved in an accident.