I found this snippet to change the status line color when i go to insert mode:
\" first, enable status line always
set laststatus=2
\" now set it up to chan
I don't see any mention of whether you are using a gui version of Vim, or just Vim in a terminal.
If you are in a terminal you need to change "ctermbg=5" to "ctermbg=red" instead. In this case "5" translates to "DarkMagenta". Vim will accept numbers or color names for these attributes.
More information can be found in under sections 2 and 3 under the Highlight Command from the Vim Syntax Documentation.