Vehicle Color influencing Insurance Premium

I suppose most of you don’t actually know that the color of your car affects its insurance, considering that I could still see several neon green and jet black-colored vehicles everywhere.

So, what would be the best car color then? Insurers said that buying a red, yellow, white or silver vehicle can positively influence your insurance premium. According to AA Insurance spokesman Gary Ronald, such colors were proven to be more visible, cheaper to maintain, and less likely to be involved in collisions because of dark or bad weather condition, “Avoid colors that merge with dark times of the day and bad weather conditions,” he said.

Ronald also mentioned that another good idea is calling a potential insurer for possible premium payments, based on the risk profiling in the country and maintenance costs. Ha said, “Most insurers are happy to give you a quote on a premium. But shop around for the best one for you.” “It makes good sense to take top cover because of inevitable outcomes that could leave you with a huge bill. The book value of your car depreciates every month, top cover pays for the book and not actual value of the car,” he added.

According to Hollard spokesman Zuriel Naicker, the area where you live in and where you park; in a garage or carport; also influences how much you pay for insurance. He said the cost of repair of a vehicle is also a significant factor to consider. He also mentioned that although not all eventualities can be covered, fitting a tracking system in your vehicle made a difference to payments.

Naicker said, “Each insurer uses different underwriting criteria. It is common practice in the global insurance market for some insurers to not cover persons under 25, or a particular gender… Environmental factors influence the ratios of theft and hijacking.”

Recently, Hollard announced a decision to stop covering Golf 1’s made between 2004 and 2006. The Volkswagen Citi Golf 1 is considered as one of the inexpensive entry level cars. It retails at R70800 to R109600, which makes it one of the favourites for first-time car buyers. The decision was made mainly because providing cover for the cars has become too costly for them. That is considering that those cars were reported to be prone to theft, and accounted for one percent of its books. The action is said to be their way of avoiding an unfair increase in premiums of all clients. The good thing is that they would still be covering their existing 2000 customers.

However, Ronald said that AA will not be following Holand’s route. He said, “You cannot dictate to a customer what they should or should not buy. Rather improve risks.” Good point at that.

Still, for those of you who are planning to purchase a car and wanting to save up money on premiums, it would be worth to pick the colors they have mentioned. Besides, red and silver are excellent car colors.

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