Most people have heard it, and many people believe it: a red sports car will cost more to insure than, say, a white one. Mercury Insurance wants to let consumers know that car color does not factor into insurance rates.
"The idea that certain colors of cars are more expensive to insure is nothing more than an urban legend," says Ken Kitzmiller, VP of underwriting for Mercury Insurance. "We don't even ask for the color of a vehicle in the quote or application process. Your driving history is much more important than the color of your car."
Kitzmiller offers some other factors that can actually affect car insurance premiums:
- Driving record. A major portion of car insurance rates are based on past accidents and tickets.
- Driving experience. Young drivers with less than eight years on the road generally have higher insurance rates. However, Mercury Insurance rewards young drivers who possess a GPA of 3.0 or higher with a good student discount.
- Price of your car. Expensive vehicles are generally more costly to insure. Car insurance rates for your BMW 5-series will be higher than if you drive a Toyota Camry.
- Annual mileage. As a rule, the more you drive, the higher your rates will be. The way you use your vehicle can also affect your rates. Expect to pay more if your car is used for business and vehicles used in a daily commute will be higher than those only driven on weekends.
- Marital status. Statistically speaking, married drivers tend to be safer behind the wheel than their single counterparts, so their rates are generally lower. Additionally, Mercury offers multi-car discounts to customers who insure more than one car on the same policy.
Contact your Mercury agent before you purchase your next vehicle—no matter what color it is. You can learn the impact certain makes or models will have on your premium and get more information about Mercury discounts and savings.