Rick's suit modes give him different abilities. Grey for strength, red for speed?, white for parkour (wall jumps and double air jumps). Not sure what Blue mode could be just yet. As Rick progresses throughout the game, these abilities receive level ups, which allow Rick to gain access to new areas of the map.

Grey Mode: Strength, high defence, slower movement. Level ups increase strength and defence.

White mode: Wall jumps and air jumps. Level ups increase the number of wall and air jumps.

Red mode: Possibly a speed burst.

Ideas: Higher resistance to status/environmental effects.

Blue mode: Undecided