Life Tip from an Auto Insurance Broker: Buy the Red Car!

Jan 5, 2024 | Insurance Tips

We’ve all heard it at some point in our lives: “Red cars are more expensive to insure.” But is this age-old automotive adage grounded in reality or just another case of urban legend heard while helping your uncle work on the chassis?

 Let’s stop puttering around and buckle up! We are going full throttle to bust this popular insurance myth!

One theory behind the red car myth suggests that people who drive red cars are more likely to have a lead foot. After all, the colour red is synonymous with speed, right? But can you really blame the release of your inner speed-demon on your fire-engine-red hatchback?

Another theory is that red cars are like beacons for police radar guns! But here’s the wheel-deal: the good folks in blue aren’t in the business of playing hide-and-seek with your car’s colour and neither are the good folks in insurance.  Your insurance company cares more about your driving record, where you live (totally not looking at you, Toronto), as well as the make and model of your vehicle – I mean, you may feel like a Formula 1 champ in your trusty Corolla – and so you should –  but there is a difference between insuring a Corolla and a McLaren. But don’t worry – it’s the driver who makes the car, not the other way around.

McLaren, Lambo, Aston Martin, Bugatti (I’ll take two, please!), or any other sports car (many of which are red) tend to be pricier to insure because of their high-performance engines which can potentially lead to riskier driving behaviour.  It’s all about the horsepower, not the hue. A typical case of correlation without causation. Pfft.

When you’re behind the wheel, remember that safe driving and responsible choices will always be the keys to keeping your insurance premium in check.

And the next time someone from your local Fast and Curious Club tells you that driving a red car is a financial risk, you can confidently tell them, “That’s just a pigment of your imagination!”

Did you know?

The first auto insurance policy was issued in 1897 – followed by the world’s first speeding ticket in 1902!

Your driving record could be an indicator of your life expectancy – people who drive safely and don’t get any tickets or into accidents tend to live longer than reckless drivers.

The fastest police car in the world is in Dubai. The Dubai Police Department’s fleet includes 14 supercars — the Bugatti Veyron being the fastest with a top speed of 253 mph!

We may have picked on the Toyota Corolla a bit, but did you know it is the TOP-SELLING CAR OF ALL TIME – to the tune of 50 Million since 1966?

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