Some large insurance companies in South Africa still consider car colour when determining premiums, and darker colours can result in higher premiums., insurance expert Ismail Canfield said using colour as a factor in determining car insurance premiums is a methodology used by older companies, which some insurers in South Africa still employ.
He explained that this means there is a higher probability of darker-coloured cars being involved in accidents. However, he noted that although vehicle colour and driver age can play a role, other factors like credit profiling also contribute to determining premiums. Another factor insurers could consider when determining premiums is the type of powertrain your vehicle uses, with some insurersMyBroadband spoke to several prominent vehicle insurers in South Africa about getting cover for EVs.
“At this stage, we are still monitoring the trends to see if there is a material difference in the risk.”