Insurance Rates Based On Car Color
Car insurance rates increase when the driver is under the age of 25.
Insurance rates based on car color. It makes no difference. In fact auto insurance companies rely on sound statistical data compiled and tested over decades to determine the fees it charges its individual customers. As an example michigan uses a unique no fault insurance system that in many ways is responsible for its high premiums. Additionally according to an article in the chicago sun times in 2005 despite the mistaken belief by 25 of drivers that color affects your car insurance rates it really has no effect on your insurance at all.
Car insurance companies do not take a car s paint color into account when determining premiums. Car insurance rates 101 you may feel that a car insurance company sets its rates by throwing darts at a dartboard or consulting a ouija board but that s not the case. Your insurer could not care less about your car s color. In addition it is a fact that on average drivers of red cars pay higher car insurance rates but does that mean that all yellow and red car owners pay higher insurance rates.
You may have heard red cars are more expensive to insure. The good news is that the idea of the color of your car increasing your insurance rate is a common but ultimately false misconception source. The color of your car in no way changes the rate of your car insurance though there are several other factors that can increase what you have to pay for car insurance. Will car insurance premium based on car s color posted on august 20 2015 november 16 2019 author policyboss 0 there has a common belief that color of a car might affect car insurance premium rates.
In fact when insurance companies get the information for your car it s typically through the vin or vehicle identification number. Factors like year make model body type and engine size are taken into consideration along with the driver s personal information. In reality however not only does color have nothing to do with car insurance rates a particular model s risk isn t determined by the number of tickets its owners receive. States set car insurance regulations and minimum insurance requirements which can have a major impact on the rates paid by residents.
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