According to popular belief, drivers who drive red-coloured automobiles are more likely to take risks than those who drive other colours and vehicles.
They will likely pay more for auto insurance since they take more risks and have more fines and claims on their driving records. As a result, the red automobile insurance myth may have an unintended impact on your premiums in a roundabout way.
Regardless of the colour car that you drive, you can reach out to a Surex insurance advisor to find the most competitive auto insurance quotes in Canada.
Table of Contents
Do red cars cost more to insure as a driver in Canada?
Although the colour red is unlikely to affect your insurance premiums, a bespoke paint job may. Some insurance companies regard bespoke paint jobs as additional custom parts or equipment. Even if your premiums go up, it won’t be by much. At most, it’ll be a modest surcharge.
Consider yourself fortunate if you own a red automobile for the most commonly stolen car colours. In this situation, having your automobile stolen will almost certainly raise your insurance rates because you will be required to make a claim. However, this can only be true if you have comprehensive insurance.
So, to answer the question “do red cars cost more to insure in Canada?”, you now know that the answer is “no”.
Does the colour of your automobile have an impact on your insurance rates?
Your insurance rate is unaffected by the colour of your car. Instead, additional factors such as the age, location, and usage of your vehicle, are used by your insurance company to determine insurance premiums.
Find out more about the price components that influence rates. Custom paint jobs are a different issue; if you want to safeguard the increased value of your car, you may add optional custom parts and equipment coverage to your policy.
Is it true that red cars get more tickets?
Many individuals believe that red cars are stopped more frequently than other vehicles; however, there is no clear evidence to back this up. The reason for a traffic stop is usually the driver’s behavior, not the car itself.
Other myths about car insurance
Full coverage is the same as comprehensive coverage. While the term “comprehensive” implies that something is all-encompassing, comprehensive coverage only protects you from events beyond your control, such as theft and damage. It will not cover a collision with another vehicle or an object.
Insuring a cheap car is less expensive
Your less expensive car may cost more to insure than a more expensive, smaller car if it has a massive engine, weighs a lot, lacks safety features, or is an older model.
On the other hand, a less expensive car will normally result in a reduced comprehensive coverage price.
My auto insurance covers my business vehicle
Although your policy usually covers you for business activities, you’ll need a commercial auto policy if you’re providing delivery services or if you have a specific vehicle type that’s used for work. If you use apps like Lyft or Uber to carry people for a fee, you may require additional insurance.
When I acquire an insurance quote, it will impact my credit score
Insurance companies may use your credit report to calculate your insurance score, which is a number that predicts your chances of submitting a claim. However, because the credit check is a soft inquiry, it will not affect your credit score. This means you can compare many insurance rates in a single day without affecting your credit score.
Other factors could influence my rate
This is possible because your location is essential in determining your insurance rate. A significant rise in traffic or accidents in your ZIP code may result in a higher premium due to a higher risk of claims.
A ZIP code with less traffic and fewer accidents, on the other hand, may result in a lower rate. This is also true when you are involved in an accident that is not your fault. You won’t see a rate hike in some provinces, but your insurance carrier may raise your premium in others.
Factors that have an impact on your insurance prices
It’s not about the colour of your car in the end. If you wish to buy a red car, keep in mind that it will not raise your insurance premiums.
It’s a myth backed up by no research or statistics. Your driving record, claims history, and many more factors that you may or may not be able to change all impact your premiums. So, if you wish, go ahead and get that red automobile. You will not pay more for a red car than a black, silver, green, or blue car.
Here are some of the basic factors that insurance companies consider when determining the cost of your premiums:
- Your automobile
Insurers consider the type of car you drive. Because some cars are more expensive to fix, they are more costly to insure.
- The mileage on your vehicle
The more time you invest in driving, the more likely you will have an accident. You’re more likely to drive during rush hour if you drive every day. This also helps to raise your insurance price.
- Your record behind the wheel
Your premium will automatically be lower if you have a clean driving record. Car insurance companies are interested in your accident history. Your premiums will be a bit lower if you are less likely to be involved in an accident and submit a claim.
This is because insuring these businesses will be less expensive. Most insurance companies will provide you a good driver discount if you haven’t had any accidents, violations, or claims for a set number of years.
- Your residence
Your premium is also affected by where you live and keep your car. Theft and vandalism are more common in metropolitan areas since they are more densely populated.
- What is your age?
Unfortunately, auto insurance for drivers under 25 is more expensive. New and younger drivers are more likely to cause accidents on the road.
- What is your gender?
Men, unlike women, are more likely to be labeled high-risk drivers and involved in more accidents. They frequently have to pay a higher price for the insurance.
- Previous credit history
Some insurance companies believe there is a link between your credit score and how you drive. If your credit score is low, you will pay extra for vehicle insurance.
- The state of your relationship
Married couples are thought to be safer drivers by insurers. They are statistically involved in fewer accidents. Most insurance providers will give you a discount if you have a spouse.
- Deductibles and coverage
It depends on your budget, but the more coverage you have and the lower your deductible, the higher your cost. You should strive to increase your deductible if possible.
- A history of insurance claims
If you’ve filed a claim, your premium will almost probably increase as a result. Insurers feel that if you’ve been in one accident (even if you weren’t at fault), you’re more likely to be involved in another.
- Prior insurance coverage
Always attempt to keep your insurance coverage up to date. Even if it’s only for one day, having a gap in your insurance coverage can result in issues in the future. It also tells insurance companies that you’re a high-risk driver, which means you’ll have to pay extra for coverage.
