- Why Is Red Cars More Expensive To Insure
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Why Is Red Cars More Expensive To Insure – Despite the long-held myth that the color of your car can affect insurance rates, insurance companies don’t charge more for red cars. Mark Richardson/The Globe and Mail
For years I have heard that the color of your car affects insurance rates. Specifically, I’ve heard that red cars cost more because drivers tend to speed in them. Is there any truth in that? – John, Calgary
Why Is Red Cars More Expensive To Insure
Excuse me, mythology? When figuring out how much to charge you, insurance companies look at the price of your car – not the color.
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“I’ve been in insurance for 30 years and they’ve never asked for the color of your car as part of the application process,” said Rob de Prus, director of consumer and industry relations for the Insurance Bureau of Canada. “It’s a myth I’ve heard since childhood.
So where did the myth come from? Good question. The claim that red cars get more speeding tickets has been debunked.
“Years ago, red wasn’t a common color for sedans but it’s more common for sports cars — people remember shows like Magnum, PI. Where he drove a red Ferrari,” said De Pruis. “Sports cars are more expensive to insure because they’re more expensive to repair.”
In a 2019 survey by financial comparison site Ratehub, about 22 percent believed that color affects insurance rates.
Common Car Insurance Myths Answered
For example, in Alberta and Ontario, insurance companies calculate rates by looking at your driving record, where you live, how much you drive, the make, model, and year of your vehicle, and your age, gender, and whether you’re married. .
The three provinces that have government insurance — British Columbia, Saskatchewan and Manitoba — don’t use age or gender to set rates.
But each province looks at the type of vehicle you drive. They consider how much it will cost to replace and repair – and how often other drivers of the same car make insurance claims.
“Is that vehicle more prone to theft or more likely to get speeding tickets?” said Matt Hands, director of insurance at Ratehub. “In general, cars are becoming more expensive to replace and repair, and often [companies] are scrapping and paying for them.”
Do Red Cars Cost More To Insure?
While Ratehub didn’t ask about red cars in its latest survey released this week, it tackled some other misconceptions.
Big? About 60 percent of the 1,500 Canadians surveyed believed that photo radar tickets affect insurance rates.
That’s a lie, Hands said. Photo radar tickets and red light cameras come with the same fines as tickets handed out by the police, except they don’t come with demerits or go on your driving record.
In the survey, 44 percent mistakenly believed that your insurance rates will only go up if you make an insurance claim.
Myth Busted: Red Cars Will Cost You More To Insure
But if you get a traffic ticket, your rates could go up, Hands said. Because tickets show that you are a dangerous driver.
“They stay on your record for three years,” Hands said. “You’ll see an increase when it’s time to renew, and they’ll abstract away your driver.”
In the survey, about 22 percent felt that tickets for speeding less than 15 km/h under the speed limit would not affect insurance rates. But even a small ticket can cause your fares to go up.
“In reality, your rate will go up,” Hands said. “If it adds up to $25 or $30 a month, that could cost you hundreds of dollars over the course of three years.”
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Your rates may go up for reasons that have nothing to do with how you drive. For example, your rates may increase if there are more thefts or crashes in your neighborhood. When the insurance company costs more, it can pass that cost on to you.
Insurance myths persist because insurance is complex and sometimes, it’s not always clear to consumers how rates are set.
“[Companies] consider your driving history and demographics, but they all do it a little differently,” Hands said. “They’re trying to balance their risk so they don’t have too many drivers who fit one profile — that’s why no two insurers will rate you the same.”
Have a driving question? Send it to email@example.com and put ‘Driving Concerns’ in your subject line. Emails without the correct subject line will not be answered. Canada is a big place, so let us know where you are so we can find an answer for your city and province. Many factors determine your insurance premiums, but there is one thing that is irrelevant: the color of your car.
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Charlotte, N.C. – We have all seen the famous red cars on the big screen in TV shows and movies. They are known to be fast and for decades, red cars have been the subject of myths surrounding the automotive industry.
One of those myths involves insurance premiums. Viewers check out a question about the cost of car insurance and how much you’ll pay the color of your car.
An email from the deputy director of communications and safety to the North Carolina Department of Insurance simply stated, “It costs no more to insure a red car than any other color.”
According to the Insurance Information Institute, it doesn’t matter what color your car is. It does not factor in the cost of insurance.
Average Cost Of Car Insurance In November 2023
The price does not depend entirely on what kind of car it is. Who is behind the wheel also matters. Your overall safety record, whether you are male or female, and your age can determine whether you pay more for car insurance.
Verify is dedicated to helping the public distinguish between true and false information. The Verify team, with the help of questions submitted by the audience, tracks the spread of stories or claims that need clarification or correction. Have something you’d like to review? Text or visit us at 704-329-3600 .There are many rumors that red cars cost more to insure. Although it’s a common assumption, it’s true – insurance companies charge more for red cars to better reflect their perceived higher risk.
In fact, driving a red car can cost thousands more in car insurance premiums each year! We find out why flashy red cars are a luxury for insurance companies!
If you are driving a red car other drivers will notice you. Unfortunately, this makes them less aware of their surroundings, which leads to accidents.
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In fact, research shows that when drivers see a red car from a distance, they pay more attention to it than they do to a white or silver vehicle.
Because of that, red cars stand out more against other vehicles, making them appear larger and more prominent.
For that reason, your car may be expensive to car insurance because they may charge you more based on their perception of how attractive it is.
With car insurance premiums on the rise, it’s no surprise that red cars are more expensive to insure.
Do Red Cars Cost More To Insure?
After all, it all comes down to the risk of theft: red cars are more likely to be stolen than other colors because of their bright color and visibility.
Additionally, it makes them more attractive targets for criminals, who often choose a different colored car when looking for an easy target.
Red color is more expensive because it requires very expensive pigments to produce. Thus, floating pigments in liquid red coatings are extreme to produce.
As you can see, a special coating is applied to red cars as an extra precaution against rust and corrosion.
How Much Does A Road Crash Cost?
So, when something goes wrong with your car, you need more parts and more time for repairs compared to other car variants.
Overall, red layers make it harder for mechanics to work, which results in higher insurance costs for everyone.
Accidents are one of the leading causes of car accidents, and this is simply because red cars are more visible on the road.
Furthermore, when you drive a red car, you are 3.24 times more likely to be involved in an accident compared to a black or silver car.
Reasons Why Red Cars Are More Expensive To Insure
Conversely, if you have a red vehicle, your car insurance costs will not increase, but any damage due to the accident will.
Red cars fade more quickly than other colors because red absorbs the lower energy wavelengths of visible light, causing the molecular bonds in the paint to break faster.
Apart from that, it makes them look old as soon as they are bought and leads insurers to charge higher rates to people who drive them.
Overall, insurance companies increase premiums on red cars to cover the increased costs because they are less likely to remain in excellent condition.
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For example, the fastest and richest cars in the world are often red, and women who wear red are thought to be more attractive.
As a result, having a red car gives you significantly more energy than others who don’t like this color.
But insurance companies don’t see it that way—red cars are more likely to be involved in accidents and cause damage. So, as a result,