Are you curious about how car color might affect your overall insurance rates? You’re not alone!
Drivers are often looking for ways to save on their home and auto insurance premiums, but the impact of car insurance savings can sometimes be hard to understand. Don’t worry — we’ve got you covered!
In this post, we’ll break down exactly how car color affects your insurance rates so that you can make an informed decision when it comes time to shop around. So let’s get started; buckle up and get ready for some useful information about car colors!
DOES CAR COLOR AFFECT INSURANCE RATES?
You’ve probably heard stories of people being told they could save money on their car insurance premiums by choosing a certain color car. But is there any truth to this?
In other words: does the color of your vehicle really impact your auto insurance rates? The short answer is no.
Contrary to popular myths, red cars do not increase insurance. In fact, the color of your car, no matter what it is, will not affect your auto insurance rates. It doesn’t matter if you choose a bright shade of red or a more subtle shade of blue — insurers are only concerned with your vehicle’s make, model, year, and safety features (along with other personal details) when calculating your policy rates.
Why Do Many People Believe Car Color Affects Auto Insurance Rates?
The most likely explanation is that there’s some confusion about what impacts premiums versus what influences resale value.
Cars that come in bold colors like yellow or red may be more desirable for some buyers because they stand out from the crowd. This can lead to these vehicles having higher resale values than cars in less eye-catching shades like gray or black —but it has no effect on the amount you pay for auto insurance coverage.
When Does The Color Of Your Car Affect Insurance Rates?
When purchasing a vehicle, many people focus on the color as much as, or even more than, the make and model. While the perfect shade of your car might seem like one of the most important decisions you make, consider how it might impact your overall payments.
It’s true that in most cases, your car color will have no bearing on the premium you pay for your coverage; however, certain circumstances, such as when there is high demand and low supply for a specific hue, can cause an increased price tag that could be mirrored in larger insurance rates.
It’s important to remember that picking a color isn’t just about aesthetics — selecting a shade wisely can help you both look good and save money in the long run!
IF COLOR DOESN’T IMPACT AUTO INSURANCE RATES, WHAT DOES?
Understanding how various factors can affect the cost of auto insurance is essential when deciding which coverage plan to select. Your level of coverage, the type of vehicle you drive, your age and gender, your driving history, and more factors matter when calculating your rates.
Where you live will impact the rate as well; if you live in an area with a greater risk of accidents or weather that makes it likely damages may occur, you could end up with a much higher rate than someone living in a statistically safer area. To ensure you get the best rate possible on auto insurance, it’s important to understand these factors and shop around for the best quote that meets your needs.
SHOULD YOU LET YOUR INSURANCE KNOW ABOUT CUSTOM PAINT JOBS?
Whether you’re trying to set your vehicle apart or improve its aesthetic appeal, getting a custom paint job is often an excellent investment. However, before investing in this modification, it’s crucial to contact your insurance provider and add the new paint job to your policy. This way, if an accident occurs and damages the exterior of your car, your insurer will cover any necessary repairs involved with replacing the custom paint.
Insurance carriers recognize this trend and offer special coverage for these modifications. Custom Parts and Equipment Coverage protects your investment should anything happen to the custom items you’ve added to your vehicle. This type of coverage extends your primary policy, giving you peace of mind that if something were to occur, you’d be covered for repairing or replacing any aftermarket parts on your car.
By updating your policy to reflect any modifications you make to your car’s appearance, you can confidently enjoy this part of your policy while showing off your new style.
It’s easy to see how myths about car color and auto insurance policies could arise, but luckily, choosing a flashy shade won’t make any difference when it comes time to renew or purchase new coverage. Your insurer will consider only the make, model, and year of your vehicle, along with its safety features and personal details, when calculating your premiums — not its paint job! Ultimately, it’s up to you which hue you prefer; just remember that the wrong shade won’t ruin (or save) you financially when it comes time for you to hit the road.
If you need help finding the best car insurance coverage for the best price (no matter your vehicle color), start by speaking to a SimplyIOA agent at 833.872.4467 or get an auto insurance quote online now.
