Would you believe that the color of your car could affect its insurance costs? Many people set aside their preferences to opt for a tint to save on insurance. If a car color isn’t in demand or noticeable, like bright colors, it is cheaper to insure. Conversely, cars with colors that are in demand are more expensive to insure. Sounds bizarre? There’s more.
The most popular car colors, according to a study by Axalta, and the percentage of cars produced in each color are:
- White: 29%
- Black: 19%
- Gray: 17%
- Silver: 11%
- Blue: 10%
- Red: 9%
- Brown/beige: 2%
- Green: 1%
According to this list, white and black cars are likely more costly to insure since they’re in demand. Let’s study the link between car color and insurance premiums.
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Do Color Cars Affect Insurance?
The higher the demand for a car color, the higher the cost of its insurance. White and black vehicles are most likely to have more expensive insurance than cars of any color. The popularity of colors directly impacts insurance rates. The perceived value of any vehicle also increases the car’s insurance cost.
Colors that aren’t popular and the challenge of selling bright-colored cars lead to cheaper insurance rates. Cars with lower resale value are more likely to be sold slowly, resulting in lower insurance rates.
Read Related Article: Car Insurance in Tallahassee.
How Custom Paint Jobs Affect Insurance Rates?
Your car’s color typically won’t directly affect your insurance rates, but a custom paint job can. That’s because fixing or replacing a custom paint job costs more if it is damaged. Anything that increases your car’s worth can bump up your insurance rates. It’s wise to tell your insurance company if you add a custom paint job or modify parts on your car to ensure they’re covered.
Do Color Cars Affect Auto Insurance Rates?
Yet, some studies disprove this theory. Experts say the belief that a car’s color affects insurance rates is only partially accurate. The color of your vehicle isn’t even asked about on insurance applications—it’s not a factor at all.
While car color typically doesn’t impact insurance rates, it’s crucial to ensure that white, black, blue, and red cars are often more expensive because they’re popular colors. Their popularity drives up demand and, consequently, their prices.
Your car type, its age and safety ratings, your credit score, where you park it, and your job affect auto insurance rates. You don’t have to stress about your car’s color when shopping for insurance.
What Color Cars Are More Expensive to Insure?
The insurance cost depends on the market’s demand for the color. Based on the research by Axalta and the list cited earlier, it’s clear that white and black are the most in-demand colors for cars in America.
Another factor on which the insurance cost is based is the risk of theft and being noticed by people. The color red is the most noticeable and flashy, so it is more likely not to be stolen easily, resulting in its insurance cost being lower than that of any other car that isn’t as noticeable. A bright car loses value earlier than any colored car, resulting in cheaper monthly insurance payments.
Read Related Article: What is Uninsured Motorist Coverage?
Conclusion
Insurance costs depend on the car’s make, model, age, safety features, and driving history, and not color. While popular colors like white and black may have slightly higher insurance rates due to demand, the impact is minimal. Custom paint jobs can affect insurance rates by increasing the perceived value of the vehicle. Remember, while car color preferences may vary, your vehicle’s overall characteristics impact your insurance premiums. When selecting a car, focus on its features and safety rather than its color to get the best insurance.
Also, check out Beem for personalized auto insurance quotes from the industry’s leading insurance providers and get up to 40% off on your preferred coverage.
