There are several factors that can influence the cost of your auto insurance rates. Color is not one of them, despite the misconception that drivers of red vehicles tend to pay more for car insurance.
The color of your vehicle should not have any affect on how much you pay for auto insurance. This myth may come from studies that reveal certain colors of vehicles tend to be pulled over by police more than others, but this has no bearing on your car insurance rates. This is because while some accidents and traffic tickets can raise your rates, the simple act of getting pulled over cannot affect your insurance.
Instead, the factors that are influencing your car insurance rates include your:
Type of vehicle
Your driving record has one of the highest impacts on your car insurance policy, but other factors may raise or lower your rates, as well—such as your age and gender.
As a rule, males below the age of 25 tend to pay the highest rates in car insurance because they are considered statistically more likely to be involved in accidents. Drivers of all genders may see a drop in their insurance rates when they reach 25 years of age.
Credit score is also another large factor. Insurers view your credit score as an example of how reliable you will be in paying your car insurance premiums in full and on time. A low credit score could raise your car insurance rates as the insurer tries to offset their risk.
Type of Vehicle
The vehicle you drive matters when it comes to car insurance. Expensive vehicles such as new vehicles generally cost more to insure, as they will cost more to repair or replace after an accident. On the other hand, vehicles with higher safety ratings may cost less to insure because it lowers the risk of severe injuries in an accident.
Coverage Limits and Deductible
The more car insurance you have, the more you generally pay for coverage. Not all car insurance policies are created equal. In most cases you will be recommended to carry full coverage auto insurance policy, but this can vary depending on your vehicle and other insurance needs.
Your deductible also matters. A high deductible could save you money on monthly premiums, but it also means paying more out of pocket after an accident.