There’s probably a pretty good chance you’ve heard the myth that red cars cost more to insure than vehicles of any other color.

“For years there has been a notion that color plays a significant part in calculating insurance premium costs, many people believing that red cars cost more to insure because they are linked to aggressive driving or speeding,” a rep for Insurance Information Institute told NerdWallet.com.

As it turns out, however, that rumor is completely false.

Instead, insurance rates are based solely on the make, model and year of your car, as well as its engine size, body type and safety features.

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