When it comes to setting rates, insurance companies are more or less colorblind. They don’t typically care if your car is red, pink, or silver. Color does not factor into the cost of your auto insurance.
Most likely, this myth has survived for so long because of the popularity of red as a color for sports cars. Many insurance companies will increase premiums for cars with higher speed capacities. In these situations, it’s not the color of the car — it’s the size of the engine that makes a car more expensive to insure.
If you’re in the market for a car that won’t cost a lot to insure, there are several other factors you should consider instead of its color.
The make, model, and year of a car tend to have a high impact on how much the insurance will cost. A Porsche is going to cost more to insure than a Hyundai, and a brand new truck will likely cost more to insure than an old pickup.
If you’re trying to keep your insurance premiums down, you’re probably better off purchasing a safe economy car instead of a corvette, despite the color.
Of course, the type of car you drive is not the only factor. The amount you will pay for auto insurance will also be determined by your driving history, credit history, age, gender, and several other factors.
If you have a spotty driving history, you’ll probably have to pay more for auto insurance than somebody who has never had an accident.
So if you’re hunting for a car that will cost less to insure, don’t worry about the color. It doesn’t really matter. Think about the make, model, and year and know that you’re driving history will factor into the cost.
Do you live in Louisiana? As an independent agency, Guffey Insurance Agency can help you compare quotes from several top insurance carriers and chose the policy that’s right for you.