The way it is behaving and the red light usually indicate that there is a problem in the power section of the tv.
This isn't really a home repair. So what you need to do is contact the sore you purchased from and check for warranty and where to get it repaired. You can also check local tv repair shops if there are any near you or go through Insignia customer support and find out where the repair depot is. If you have no warranty coverage you only want to get repair estimates. Then you want to check out the prices for a new replacement tv.
Depending on the parts and labour rates it sometimes is much cheaper just to go out and buy a new tv. If you have a good tv shop tech there it can be fairly cheap. Bad ones can be just as expensive as the rest. Anyway once you know the costs you can then decide to repair or replace. Aside from the quality of the technician the reason for the difference in the cost will be if the power board is separate or part of the main board or if the tech can just replace a component or has to replace the entire board. As long as you check a few places you will know whats the best way to go dollar wise.
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