Insurance Myth or Reality? Red Cars and Sports Cars

More often than we’d like we hear misinformation thrown around about insurance.  A lot of times this misinformation is based in common sense, and other times it’s hard to tell how a particular myth got started.

Here we will look at a couple things and tell you whether they are myths, or in fact realities.

Red cars cost more to insure than any other color.

Well this myth is by far the most common and is 100% false.  Insurance companies don’t even ask the color of your car when giving you a quote.  It probably comes from many sports cars being red and the idea that sports cars cost more to insure than other vehicles.  This brings us to our next topic.

Sports cars cost more to insure than other vehicles.

This may not be as true as some people think.  Though in many cases a sports car can be very expensive to insure, rates are based in large part on their claim history and number of violations by it’s drivers.  If a particular sports car has a low history of claims and violations it’s rate can go down significantly.  Your sports car may never be cheap to insure, but it probably won’t be as expensive as a Hummer who’s drivers have upwards of 5 times the average number of violations.

As always you can leave us a comment below, follow us on Twitter, or head over to Wolpert.com for anything else.

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Published in: on January 25, 2010 at 5:29 pm  Comments (1)  

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  1. More often than we’d like we hear misinformation thrown around about insurance. A lot of times this misinformation is based in common sense, and other times it’s hard to tell how a particular myth got started.

    Here we will look at a couple things and tell you whether they are myths, or in fact realities.

    Red cars cost more to insure than any other color.

    Well this myth is by far the most common and is 100% false. Insurance companies don’t even ask the color of your car when giving you a quote. It probably comes from many sports cars being red and the idea that sports cars cost more to insure than other vehicles. This brings us to our next topic.

    Sports cars cost more to insure than other vehicles.

    This may not be as true as some people think. Though in many cases a sports car can be very expensive to insure, rates are based in large part on their claim history and number of violations by it’s drivers. If a particular sports car has a low history of claims and violations it’s rate can go down significantly. Your sports car may never be cheap to insure, but it probably won’t be as expensive as a Hummer who’s drivers have upwards of 5 times the average number of violations.

    As always you can leave us a comment below, follow us on Twitter, or head over to Wolpert.com for anything else.


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