Used Car Insurance Costs Less Than New

August 29, 2023
pps-DUEditor
Buyer’s Guide
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Looking for a new car, SUV, or truck? Don’t buy one. Instead, get a used car and save some cash. Some amazingly well-preserved used cars out there will cost you less than the depreciation on a brand-new model. Here’s why.

It’s typically cheaper to insure a used car than a new car. That’s because a used car has already depreciated, and it costs less to replace it in the event of an accident. The lower the price of the vehicle, the less expensive it will be to insure.

Besides the price of parts and labor, insurance rates are also based on other factors. These include the driver’s age and address, driving history, credit history, and other things that may affect your premiums. The amount of deductible you choose also affects your rates and the type of coverage you select. These include property damage liability, comprehensive personal injury protection, medical payments, collision, and bodily injury coverage.

In addition, it is common for larger, more mundane cars to have lower insurance premiums than sports cars and muscle cars with powerful engines. Insurance companies know that performance cars are fast and charge higher premiums. Specialty models also require special parts, which cost more and can be expensive if the car is in an accident.

Below are some of the least expensive vehicles to insure in each class and a few economical runners-up (listed in no particular order).