It sounds silly, but the idea of paying higher insurance rates for a brightly colored car has been around for years. Let’s finally put it to rest. It’s not true and, according to insurance industry experts, it never has been.

“I’ve never heard of a company that does” charge more for a certain color, says Jeanne Salvatore, Senior Vice President Public Affairs at the Insurance Information Institute. “They’re looking at theft records and safety records…make and model, and expense to repair.”

“It’s a myth,” says Luz Correa, Public Affairs Specialist for State Farm Insurance in Metro New York. “[Car color] is not something that goes into a rate.”