For years, a saying has circulated throughout Wayzata, MN, that auto insurance costs more for red cars. It has led people to believe that they can save more money by purchasing or leasing a blue or black car instead. Is there any truth to this?

Does Color Impact Your Insurance Premiums?

Although many people believe that red cars are more expensive, this is not true. The color of your car doesn’t impact how much your insurance costs. It doesn’t matter if a Corvette is red or white, or whether you have a red minivan. Instead, insurance companies look at several other factors. You can contact an agent at Pizano Insurance if you want to double-check. 

Factors That Can Impact Your Insurance

Companies will consider several factors, some of which may impact your premium. However, it’s important to know that these factors can vary depending on the company. 

Education Level

Some companies will ask about your highest level of education. People who have completed a college education may qualify for a discount. Some companies also offer student discounts to individuals currently enrolled in school. 

Age

Companies often consider how old you are and how much driving experience you have. A person who has been a licensed driver with zero violations for 40 years may get a lower rate than someone who just got their license and is still a teenager. 

Car Specifics

Companies will ask about the make and model of a vehicle. They’ll consider safety features and other specifics that pertain to the make, model, and year of your vehicle. The color usually doesn’t impact the policy. 

It’s essential to note that every company is unique and offers different discounts. An agent at Pizano Insurance can help you learn more about factors that impact your premium. We’re currently serving the Wayzata, MN, area.