Saturday, November 7, 2009, 1:23PM ET - Canadian Markets Closed.
When you bought your car, did the colour of it matter to you? Did you pick the colour for reasons other than you simply liked it? If you picked the colour of your car because you believed it would affect the cost of insurance you pay, you are not alone. In fact, according to the Insurance Bureau of Canada 40 per cent of Canadians believe the colour of their car affects their car insurance rate.
It’s not surprising really that a good chunk of us believe that car colour affects insurance rates when a simple online search about car colours displays a plethora of sites and studies that suggest, for example, that:
• Black cars are more likely to be involved in a crash.
• White cars are less likely to be involved in a crash.
• Red cars are more likely to be ticketed for moving violations.
• Black cars are more likely to be stolen.
Based on what you can easily find online, is it any wonder that 40 per cent of Canadians are mistaken? Whether the sites and studies are true or not, the fact remains that car colour does not affect the car insurance rate you pay; the insurance rate for a particular make and model of car will be the same regardless, whether it is black, red, or white.
What does affect the rate you pay?
Even though each insurer calculates their premiums differently, the main factors used to determine the insurance premium you pay include:
• Where you live
• The type, but not colour, of the vehicle you drive
• How you use your car
• Your driving record and that of any additional drivers
• The optional coverages you choose to include in your policy
• The deductibles you choose
Depending on where you live, there may be other influential factors. However, these are the most common across most provinces in Canada.
Don’t believe that car colour doesn’t matter?
Compare car insurance quotes online through the kanetix.ca auto insurance quote comparison service. Not only will you find great rates from competing companies, but you’ll see that in order to get accurate rates you are not asked once about the colour of your car.
What are the most popular car colours? Find out with the most popular car colours.
Rates provided by 
| Mortgages Type | Rate |
|---|---|
| 1-yr Closed | 3.59% |
| 3-yr Closed | 4.22% |
| 5-yr Closed | 5.07% |
| GICs Type | Rate |
|---|---|
| 1-yr Annual | 0.98% |
| 3-yr Annual | 2.16% |
| 5-yr Annual | 2.80% |
| RRSP Type | Rate |
|---|---|
| 1-yr | 0.97% |
| 3-yr | 2.13% |
| 5-yr | 2.78% |
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