If you own a red car, will you pay more for auto insurance?
Forty-four percent of Americans seem to think so, according to a study by insuranceQuotes.com, an online insurance comparison site.
Insurance companies will consider a myriad of factors in rate calculations, but color is not one of them.
“Color has nothing to do with rates,” Loretta Worters, vice president of communications for the Insurance Information Institute, told CNBC. “I guess that myth just keeps perpetuating.”
In fact, some insurance agencies won’t even ask you for the color of your car when you apply for a quote.
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