Making a model flash a certain color when shot

So I have a Player character that shoots a prefab projectile at an enemy prefab. What would be the best way to have that prefab flash a certain color once the projectile and enemy collide. It seems like it would be a simple solution, but I'm not sure how to implement it.

Change the renderer.material.color briefly; something like

OnCollisionEnter () {
   renderer.material.color = collideColor;
   yield WaitForSeconds(.5);
   renderer.material.color = normalColor;

This works fine even if the prefab does have a texture. The entire texture will be tinted by the color of the material.

I have made this for my game. It’s a coroutine called from OnTriggerEnter.
MainRenderer is the renderer associated with the object.
It disables the material, then it changes color to white.
This code is from a bigger class where color and material are saved before.

IEnumerator collideFlash() {
    Material m = this.mainRenderer.material;
    Color32 c = this.mainRenderer.material.color;

    this.mainRenderer.material = null;
    this.mainRenderer.material.color = Color.white;
    yield return new WaitForSeconds(0.1f);
    this.mainRenderer.material = m;
    this.mainRenderer.material.color = c;            

quick note for anyone using this. The code above works for the diffuse shader, not the mobile diffuse shader, also, it affects the material across all models in your scene so you’ll want to be careful if you have a bunch of clones running around, those will blink as well unless you change it so they have unique materials assigned. This works perfectly though.