One of the most common car colors in the United States is red. And it turns out, having a red car does have some benefits. In fact, it may actually increase your insurance rates. Why? Well, it all has to do with the color coding of vehicles. Red cars are considered high-risk vehicles, and as such, they may be charged more for insurance than other colors. If you’re concerned about this issue and want to know if your car color affects your insurance rates, give our team at Allstate a call today. We can help you figure out whether or not your car color affects your insurance rates and what you can do to protect yourself from potential increases.
What is a Red Car
Red cars are associated with danger, and statistically speaking, drivers of red cars are more likely to be involved in accidents than drivers of other colors. This may be because drivers of red cars tend to take more risks than other drivers, and as a result, they are more likely to get into accidents.
If you’re thinking about buying a new car, it might make sense to avoid the red ones. Not only are they statistically dangerous, but they can also cost you extra money in insurance premiums.
How having a Red Car affects your insurance
Red cars are statistically associated with an increase in rates, according to a study published by The Huffington Post. The study analyzed insurance claims data from 2009 to 2013 and found that drivers of red cars were 3.9 times as likely as those in other colors to have a claim filed against them.
The study’s lead author, Jeff Zandi, said that the color of a vehicle is not the only factor affecting rates, but it is an important one. “Other factors such as driving history and age also play a role,” he said. “But I think often drivers perceive their chances of getting into an accident or causing a claim based on the color of their car.”
While drivers with red cars may face higher premiums, Zandi said that these cars are still likely to be insured. “Most insurers understand that there is some risk associated with driving a red car,” he said.
A lot of people seem to think that having a red car means they’re automatically safer drivers. Unfortunately, this isn’t always the case. In fact, many insurance companies actually rank drivers by their rates based on factors like vehicle color and make. If you want to save money on your car insurance, it might be a good idea to keep your car’s color low-key and avoid flashy accessories.