http://www.autoblog.com/2009/07/02/r...-turn-signals/
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The National Highway Traffic Safety Association thinks it is, after finding that amber lights are 5.3% more effective at preventing crashes than the red blinkers. NHTSA came to that conclusion after comparing crash data of vehicles that switched from one color to another.
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it might not always look good, but it's a small sacrifice to make if it helps prevent accidents. Having lived in Europe where all cars have amber lights, I think it really makes a difference.