Insurance Rates Based On Car Color
States set car insurance regulations and minimum insurance requirements which can have a major impact on the rates paid by residents.
Insurance rates based on car color. You may have heard red cars are more expensive to insure. Car insurance companies do not take a car s paint color into account when determining premiums. In fact when insurance companies get the information for your car it s typically through the vin or vehicle identification number. 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.
But according to the insurance information institute iii the color of the car you drive does not affect the price of auto insurance here are some of the factors that help determine your auto premium and what to look for when shopping for car insurance. Factors like year make model body type and engine size are taken into consideration along with the driver s personal information. 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. Car insurance rates increase when the driver is under the age of 25.
State required insurance minimums can also raise or lower insurance costs. 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. 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. 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.
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. Your insurer could not care less about your car s color. As an example michigan uses a unique no fault insurance system that in many ways is responsible for its high premiums.
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