Do you have a fascination for red, flashy cars? Being a car enthusiast, it’s natural to nurture this passion.
However, you might be wondering, ‘Do red cars cost more to insure?’ Well, this is just a myth, and we will bust the same in this article.
To give you a brief answer, there’s nothing that the red colour has to do with your automobile insurance cost. Insurance companies do not consider the colour of your car as a determinant of your premiums.
If you want to purchase a red car, you can comfortably go ahead. Make sure to consult the Alberta car insurance brokers at Surex to buy affordable car insurance policies.
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Do you need to pay higher car insurance premiums for red cars?
No, the insurance premium for a red car in Canada would be the same for any other colour. Car insurance companies do not consider the colour of your vehicle as a parameter to calculate premiums. Neither do they have any infrastructure based on colours.
On examining the rating manuals of auto insurers in Canada, you would find that no insurer considers colour to be a determining factor. So, if you are wondering, ‘Do red cars cost more to insure?’, the answer is ‘no’.
Do red cars get more traffic tickets?
Well, the bright red colour looks flashy to cops. While some people believe this to be the reason for a higher number of tickets, the law enforcement department doesn’t convict drivers based on the car’s colour. Rather, they pull out drivers who do not adhere to the traffic norms. So, even if you own a flashy red car, healthy driving habits ensure you won’t get pulled up.
On the contrary, if you drive aggressively, frequently speed or drive while being distracted, you can get pulled up regardless of the colour of your car. With more demerit points accumulating against your name, you can get your driving record tarnished. This can have a negative impact on your insurance premiums. Automobile insurers would start perceiving you as a high-risk driver and would hike the premiums.
Are red cars more susceptible to theft?
Practically thinking, thieves would target black or any dark-coloured vehicle rather than bright red ones. This would help them get away with the car easily. So, if you are willing to settle for a red car, you should consider yourself lucky! Red cars might be more attractive to you, but not to thieves. They are more likely to get caught by the cops, and the red colour would come to your rescue.
Factors determining your auto insurance premiums
While the red colour of your car speaks for your preferences and character, it makes sense to explore factors that determine your car insurance premiums. Insurers generally look into your risk profile, so the colour of your car has nothing to do with the premiums. Let’s check out some of the key determinants of your car insurance premiums.
1. Type of your car
The model and nature of your car go a long way in determining the premiums you would be paying. For instance, luxury car owners need to shell out much higher premiums. The same goes for SUVs or off-roading vehicles. These cars are more challenging to insure since the spare parts cost more. The repair expenses are higher in terms of labour charges too. Moreover, luxury cars are more susceptible to theft, regardless of their colour.
2. Your driving history
Insurers prioritize the risk profile of automobile owners. This is visible in your driving history, so make sure to maintain a clean record. In case you tend to Overspeed or get distracted while driving, you would accumulate more demerit points based on the number of tickets. Naturally, you would be paying more to the insurers. Completing a defensive driving course can significantly lower your insurance premiums.
3. Age and gender
The age of the driver happens to be a prime element defining their risk profile. Young drivers aged under 25 carry a higher risk since they tend to be aggressive. Therefore, you may pay much more as a young driver before the insurance rates decrease. Generally, the premiums start dropping once you reach the age of 30.
Male drivers have historically paid higher premiums compared to female drivers. Records reveal that males are more susceptible to automobile accidents throughout Canada.
4. Marital status
Insurance companies consider married drivers to be more responsible. The sense of belongingness to a family makes them more careful while they drive on the roads. So, being a married person can reflect in terms of lower insurance premiums for your car. Regardless of the colour of your car, your marital status would impact the quote that the insurer would give you.
However, if you combine your insurance policy with your spouse and they have a poor driving record, you may end up paying more premiums.
5. Your locality
The insurance premium on your car can vary significantly based on your ZIP code. Some localities are more susceptible to vandalism or theft. Again, if you have your home on the main roads or drive through heavy traffic, the chances of accidents are higher. This denotes that you would be filing the claims more frequently. Also, localities more prone to natural disasters like floods or hurricanes would attract higher insurance premiums.
Do red cars cost more to insure in Canada — Endnote
You now have an adequate answer to the question, ‘Do red cars cost more to insure?’.
Buying red cars won’t attract thieves as frequently as you think. Neither would you get more traffic tickets if you are vigilant at the steering? With proper maintenance and careful handling, you can make your red car last as long as any other vehicle. What you need to think of is getting an affordable automobile insurance package.
With the experts at your local insurance brokerage ready to help you with the right recommendation, finding the right policy shouldn’t be an issue.
Car enthusiasts willing to go for a red model of their cherished brand need not worry about high premiums.