Taken from the Snopes website.
I continuously hear the rumor that statistics "prove" that red cars are stolen more than any other color, even to the extent that insurance companies are wary with red cars due to the increased theft factor. Red car owners thus have higher rates. The idea is that the color red attracts car thieves, I guess like hummingbirds.Those in the automobile insurance business deny they're charging more to insure red cars than comparable vehicles of other colors and this would not be the case if red cars were more likely to be stolen or involved in accidents. Regarding the belief that a vehicle's color drives up it's insurance premiums, says Jeanne Salvatore, vice president of consumer affairs for the Insurance Information Institute in New York City: "It's not the color, it's your driving record." She's never heard of any insurance company charging more for red cars.