To answer the question: No, it doesn’t.
However many believe that the opposite is true. They think flashy colors like red and yellow factor into an increase in insurance premiums.
A whopping 46% of drivers believed red cars cost more to insure since they get pulled over more often, according to a survey by Insure.com.
The truth is, color has nothing to do with insurance costs. A car’s model doesn’t get more or less risk simply because its owner gets more tickets, either.
Car color is not a criterion for insurers
Again, the color of your car won’t give you a different rate. Most often, the insurers won’t even know (or ask) what your vehicle’s color is.
What they do know is the VIN (vehicle identification number). They don’t care if your car is a red Ferrari. They would care if it is a Ferrari, though.
Do tickets acquired affect insurance premiums?
Tickets do matter, especially when an insurer investigates your driving record when they calculate how much rate to give you. It also matters in determining whether you are a high-risk driver or not.
A speeding ticket can spike rates by 15%. Two tickets can spike rates by 40%. (This data was gathered by Quadrant Information Services, from 6 major insurance companies, for Insurance.com.)
An important thing to remember is that insurance fees will change only for the person who drives the car, and not the car itself.
Insurers are concerned with claims, which affect the risk directly. A car that has lots of claims or a record of expensive claims will definitely cost more to insure – for all who buys that specific model.
The level of risk for the driver is a separate issue from the risk factor of the car. Case in point: a speed camera or radar gun won’t know the difference between hot red cars and dull beige ones.
What about custom paint jobs?
Yes, having a custom paint job on your car can affect your premium – but not too much. The most you can get charged for is a nominal fee.
Actually, your car’s colors can even help you. The color can make it less likely to be stolen. Cars often stolen will cost more in insurance premiums. So if you have a red car, you’re good to go.
Why? Red isn’t in the list of the top car colors to get stolen. According to data, thieves prefer to steal white, black, green, and gold cars.
The most commonly vandalized or stolen of which is silver.
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