Do Red Cars Cost More to Insure? (2024)

FAQs

Do Red Cars Cost More to Insure? ›

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.

Contrary to popular belief, the color of your car does not affect your insurance premiums — red included. Insurers look at a myriad of other vehicle features to determine your car insurance rate, but paint color is not 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.

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.

The color of a car can have an effect on its resale value. Many buyers choose to buy white, black, gray, or silver cars because they retain their value better. If your car is a flashier color, you may have difficulty selling it. There is a common misconception that brighter hues like red increase insurance premiums.

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.

What is the Red Car Theory? The Red Car Theory is based on a simple premise: if you are thinking about buying a red car, you will suddenly start noticing red cars everywhere. This is not because there are suddenly more red cars on the road, but rather because your mind is now attuned to noticing them.

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.

As of June 2023, the car colors that retain a higher resale value are: Yellow (13.5% value lost over three years) Orange (18.4% value lost over three years) Red (20.6% value lost over three years)

Research suggests that black vehicles are involved in accidents much more frequently than other color cars. During the day, black vehicles are associated with about a 12 percent increase in crash risk. At night, you're about 47 percent more likely to get into an accident when you're driving a black car.

Why do people choose 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.

A red car conveys more than just your potential driving habits. It also implies that you enjoy taking risks because you enjoy the rewards. Many people equate red cars with entrepreneurs, CEOs, and people who are highly competitive.

Red cars are no more likely to be stolen or pulled over by the police than any other vehicle. Painting your car red won't make it more expensive to insure unless you need additional coverage for a custom paint job.

What the research says. For the car market in general, the above-average colors for resale value are yellow, beige, orange, green, red, white and blue. These could be good choices if resale value is a top concern.

Neutral colors like white, black, silver, and gray are consistently associated with luxury and elite social status. They are elegant and often considered “classy,” at least compared to “loud” car colors like yellow and red.

It doesn't matter what color it is because the insurer will not factor that into your policy rates. Insurers know the vehicle identification number (VIN), but the color isn't included with this information. Many factors that impact your insurance costs include the following: Make.

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.

Studies have shown that the four colors of cars that get the most tickets are, in this order, white, red, gray and silver. White cars, for example, get 19% of all of the traffic tickets that are given out in a single year. Red cars only get 16% of the traffic tickets, gray cars get 10% and silver cars get 5%.

Neutral colors have better resale value.

While today's fad colors might temporarily make your car more appealing, sticking to neutral colors such as silver, gray and white are safer bets, according to Kelley Blue Book. That's because daring colors can depreciate your car's value and are harder to resell.