In fact, according to Gorman, "there are no major insurance companies that consider car color when determining your rates." Insurance rates differ based on where you live, how old you are, driving record, any many other factors. However, vehicle color is not on of them. When you call your insurance company for a quote, they will not ask you about your vehicle color. As a red Miata owner, I can personally tell you that the insurance company does not care about my red car. Therefore, we can fully count the myths about red cars as false. If you want a red car, go ahead and buy one. But we will admit, they do attract some attention from people who might think you are a showoff, just not police.