Will a red car cost you more to insure? Absolutely not. That doesn't keep people from believing it, though. According to an Insure.com survey done last year, 46 percent of 2,000 licensed drivers believed that red cars are more expensive to insure because they are pulled over more often. Yet they're doubly mistaken. 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.
Red, blue, silver: It makes no difference
Your insurer could not care less what color your car is. “We handle dozens of insurers, and not one of them asks,” says Des Toups, managing editor of Insurance.com. “The color of your car has no bearing on your premiums,” says Loretta Worters, vice president of communications with the Insurance Information Institute (III). “The color of your vehicle is not even a question on the insurance application, and it is a non-factor,” says Kristofer Kirchen, president of Advanced Insurance Managers. In most cases, your insurance company doesn't even know the color of the car you are driving. They do ask for your vehicle identification number (VIN) number during the underwriting process, but vehicle color is not a component of the VIN code. A VIN can tell you quite a bit about a vehicle, including where it was built, its trim level and even warranty details, but it cannot tell you or your insurer the color of your ride. So go out and buy that Ferrari-red sports car. Your insurer will not care, as long as it is not an actual Ferrari.
Tickets don't matter? Yes and no
Tickets matter when an insurance company looks at your driving record to calculate your individual rates and decide whether you are a high-risk driver. A single speeding ticket can raise your rates by 15 percent, according to data gathered from six major carriers for Insurance.com by Quadrant Information Services. Two tickets? Nearly 40 percent.