That new sports car might look classy sitting on the showroom floor, but when you go to get a quote for insurance, you will find that the monthly insurance premiums are going to be almost as much as the car payment. In addition, if you have any points on your driving record for speeding, you are going to pay an even higher rate to own a new sports car.

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For many people, the thought of owning a sports car is only a dream because they can't afford the cost of insuring it with even mandated insurance, let alone to cover what is necessary because of a car loan. After all, even if the financial institution doesn't require it, you want to carry collision and comprehensive insurance—you certainly don't want to pay for a car you can no longer drive because of an accident or theft.

Strangely enough, sometimes insuring an older SUV is more expensive than insuring a new car. For example, one insurance provider quotes a price of $122.33 per month for a 2005 Honda Civic compared to $193 for a 1996 Ford Explorer. Why is that? First, the Civic has many more safety features, a definite plus in today's market, especially that of a car alarm. The other factor is that of the newer car will hold up better in an accident than the SUV, though it doesn't seem possible that any new vehicle can hold up better than a truck at any age. These factors always come into play when insurers rate a policy, and though it makes little sense to us, it surely does to them.

A factor that some people don't realize is that a majority of insurance companies charge a higher rate to insure a red car or truck. It is based upon the premise that red vehicles are involved in more crashes than any other color. Perhaps this is based upon the fact that many sports cars are red, and thus, those who have a red car have a tendency to drive it as if it were a sports car (Corvette, Porsche, Mustang, Ferrari).

An ordinary red car or truck does not have the pickup of a sports car, and thus the driver becomes involved in an accident trying to perform street racing with a car that is not even close to being a race car. Thus, insurance companies feel if you are going to drive your car like a racecar, they are going to charge premiums accordingly.

Another possibility is that many people think of red cars or trucks as emergency vehicles, so when they see them, they immediately get out of the way. If the person behind you doesn't see it that way and continues accordingly, you will have a rear end collision, and depending how many people are in front of you, several other crashes as a result of you being forced into the car in front, and through the line of cars on the road or at the intersection. Statistics prove that red vehicles do not fare as well on the road as others.

 

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