Urban legends are a prevalent aspect in circulating myths that people often perceive as true. One of these popular misconceptions surrounds the notion that red cars are more expensive to insure. This statement is a myth that has been circulating for years but has no factual basis to support it. Insurance premiums are calculated based on several factors such as car model, make, and year, driver history, and even zip code. Colour variation is not one of the benchmarks insurance companies use when pricing a policy.
The idea that red cars cost more to insure traces its origins to a long-standing misconception about their visibility. Several articles over the years suggest that red cars are more visible to law enforcement officers, hence more likely to get pulled over, and as a result, incur more insurance premiums. According to this claim, flashy red cars are associated with rash driving and speeding, making them a liability to the insurers. However, this theory is purely speculative and does not hold up to scrutiny. The colour of your vehicle has little to do with your driving habits, and insurance providers do not use it to justify higher premiums.
Recently, TransUnion conducted a study that sought to examine the relationship between auto insurance premiums and car colours. They analysed insurance prices between red, green, white, black, and blue cars of similar make, model and year. The results of the study were conclusive; there is absolutely no correlation between car colour and insurance rates. In fact, the study showed that red cars have the same average cost of insurance as other colours. Therefore, the idea that red cars are more expensive to insure is unfounded and based on an urban myth.
Another reason why this myth has been perpetuated over the years is due to the association of red with sports cars. Often, red is the colour of choice for sports car enthusiasts who prefer flashy vehicles with high performance. However, the insinuation that these cars come with a higher premium is false. Insurance rates for sports cars are higher than standard vehicles, irrespective of colour. Moreover, high-end sports cars are exposed to more risks such as theft, vandalism, and crashes, leading to increased premiums.
Another factor that influences insurance rates is the type of coverage you’re after. Full coverage policies that include comprehensive and collision coverage are relatively expensive, irrespective of car colour. These policies help to protect your vehicle against damage sustained from accidents or non-collision events such as theft and natural disasters. Therefore, it’s common for drivers to assume that red cars are more expensive to insure because most people who fancy red cars choose to protect their investments with comprehensive coverage, which commands higher rates.
While it’s understandable that the perception of red cars as a liability may stem from experiences and anecdotes, there’s no factual basis to connect the colour of your vehicle with your risk score. Insurance providers determine your risk score based on factors such as your driving history, age, zip code, and the type of vehicle you drive. The make, model, and year of the car are the most essential factors that determine the cost of insurance. Therefore, drivers should not shy away from purchasing a beautiful red car because of this urban legend.
In conclusion, the idea that red cars are more expensive to insure is an urban legend that has been circulating around for years but has no factual basis. Insurance providers calculate premiums based on several factors except a vehicle’s colour. A survey conducted by TransUnion debunked this urban legend, showing that red cars, just like other colours, have the same average cost of insurance. As such, it’s essential to dispel this misconception and create awareness to save car enthusiasts some money. Regardless of the colour, the type of vehicle, and coverage plan you select, you can rest easy knowing that colour has nothing to do with your insurance premium.