Learning about Car insurance is one of the essential things to do when you buy a car. Car insurance can definitely help you from spending loads of money in the event of damage or injuries caused to others.
What about color of the car? Is it associated with the insurance cost?
Myth, not a fact:
Choosing car color is the very first thing that you will decide after planning to go for a car. Everyone refrains from choosing red color because of this myth of red color car costs more insurance. But this myth is not true, why because insurance companies are color blind. Insurance company never bothers or discriminates based on the color of the car.
To be clearer, never hesitate to tick on red while choosing car color as there is no connection between color of the cars and Insurance.
How the Myth evolved?
Are you thinking that there is no smoke without fire? Then you are on the track, let me explain you on how this myth got evolved on choosing car color. Sports car gives the utmost driving pleasure for its fantastic speed, but have the higher likelihood of meeting an accident. Those who go for sports car, most of the time, prefer the red color for their car. The fact is that the sports car is receiving higher interest rates, instead people started thinking that its the color rather than the actual car that is giving them higher interest rates.
What are the factors that are considered for insurance rates?
Your car insurance is not connected to car color but it does look for VIN number which means Vehicle identification number. This VIN gives information about a vehicle, like where it was manufactured, its trim level and warranty details, but it is not telling you or the insurer the color of your Car. Now ,we will discuss on actual factors that affects the Car insurance premiums.
Do tickets matter? Yes, it does. Your car insurance company will look at your driving records to determine whether you are a high risk driver and also to calculate the individual interest rates.
Expensive cars and Repair costs:
Expensive cars will demand more repair costs, which is why you end up paying more insurance rate for a BMW 5 series than a Toyota Camry.
If you are a young driver with less than 8 years of driving experience then you are sure to get higher insurance amount to pay than your dad who has more experience.
Are you single? Then get ready to pay more interest rate for your car. Though Choosing car color is not going to affect the interest rate but being married will definitely decrease the rates as it is a general consideration that married drivers are tend to be safer while driving.
If you are using the car for business or for daily commute then be prepared to pay more than those who are using the car in weekends. Since Annual mileage is considered while calculating the rates.
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