Do red cars cost more to insure?

You may have heard red cars are more expensive to insure. But, according to the Insurance Information Institute (III), the color of the car you drive does not affect the price of auto insurance. Here are some of the factors that help determine your auto premium and what to look for when shopping for car insurance.

No, the color of your car alone does not impact your premium. Insurance companies look at many factors when determining auto insurance rates for drivers. These may include:

• The value of your car and cost to repair it
• Your car’s safety record
• Who drives the car
• The number of miles you drive
• Where you live
• Where the car is parked a majority of the time
• Your age, marital status and gender
• Your driving history (i.e. any accidents and traffic violations)
• The auto coverage you choose
• The deductibles and coverage limits you select

Sources: III

So, while your vehicle does play a role in the price of a policy, it's more about the type of car you drive and how you drive it — not the car's color.

When you're shopping for auto insurance, the III recommends getting at least three quotes from different car insurance companies. This can help you compare rates to get a competitive price for your vehicle. When you're comparing multiple car insurance quotes, make sure each is for the same set of auto coverages, deductibles and limits. That way, you can be sure you're accurately comparing quotes on the same set of protections.

Also, see if you're eligible for any car insurance discounts. You may be able to save some money on your auto premium if you bundle multiple insurance policies or have safety features on your car.