Do Red Cars Cost More to Insure?

Posted Apr 4th, 2018 in Media, General, Insurance Tips, Auto Insurance, Did You Know?, In the News

Black, yellow, blue, or red? Does the colour of your car influence the cost of auto insurance in Ontario?

Some people believe that certain colour cars are at a greater risk of being involved in an accident. However, Canadian auto industry experts say that there is no data to support the belief that vehicle colour has an impact on the number of accidents.

Red Cars Are More Expensive to Insure: Truth or Myth?

The colour of your vehicle is not a consideration when determining your auto insurance rate. Insurance companies and their actuaries do not have built-in rates for different coloured cars. So, the idea that people driving red cars pay higher rates to insure their vehicles is a myth. There is no data to support the idea that divers of red cars drive more aggressively or carelessly.

Is Auto Colour Regulated?

The auto industry regulates several components of auto manufacturing to ensure passenger safety, including headrests, seat belts, and the knobs along dashboards. According to Transport Canada and the U.S. National Highway Traffic Safety Administration, there are no rules regarding the colours auto manufacturers can use for vehicle body paint.

Considerations About Your Vehicle That Influence Auto Rates

Instead of the colour of your car, there are other considerations about your vehicle that your insurance company will want to know, such as:

The type of vehicle you drive (make, model, sticker price, engine size, year, and safety record)
Is your vehicle costly to repair?

Having a red vehicle does not have an impact on your auto insurance!

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