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I hear a lot that when getting you’re first car that you’re supposed to buy a used car and not a new car because auto-insurance is going to be cheaper. Is there any truth behind this?

8 Comments »

1. 

   Bottom line is if you have a new car on a loan you have to get FULL coverage This alone bumps the premium. On a used car you could put only collision on it which is much cheaper.

   Comment by tigger — July 31, 2010 @ 9:03 pm

2. 

   it does dpend on part with what the vehicle is. a 95 camaro z28 isnt going to be much cheaper then a brand new vehicle with similiar performance.
   but a 2005 accord will be cheaper then a brand new one.

   biggest difference comes from if there is a loan on it. if you owe, you need full coverage. that way if you do something stupid and total it by yourself the bank still gets paid.
   if vehicle is fully paid for, or loan is from the bank of mom and dad, liability only is an option.

   also size matters. big truck can do big damage to small car, so they pay more.
   but, small car can get creamed by big truck, bad injuries can occur. so they pay some more too.
   midsize seems to have an advantage in insurance rates……

   you might consider playing around with gieco.com or some other site and try various years of various models you are interested in.

   Comment by Cliff — July 31, 2010 @ 9:03 pm

3. 

   There are about 25 different factors that determine your premiums for liability coverage. Not so much the age of the car as it is the type of car you drive determines your premiums (along with the other 24 factors).

   If you are talking about collision and comprehensive, then yes. Used cars have less value.

   Comment by Dan B — July 31, 2010 @ 9:03 pm

4. 

   You can compare how the insurance quotes would change, for example here – autoinsurance.bebto.com

   Comment by Larry — July 31, 2010 @ 9:03 pm

5. 

   It is hard to say,call you local agent or do some research yourself by using seach engine,you should get the idea.

   Comment by ARTHUR R — July 31, 2010 @ 9:03 pm

6. 

   An older car falls in a lower risk category. The cost to repair or replace it is lower, so typically its car insurance rates are also lower.

   Comment by ADAM SHELTON — July 31, 2010 @ 9:03 pm

7. 

   Try this site

   http://www.usainsurancequotes.net/

   Here you can compare quotes from different companies

   Comment by John A — July 31, 2010 @ 9:03 pm

8. 

   Usually that is correct.
   There are some exotic cars that will have almost the same premium regardless.

   Comment by skyking — July 31, 2010 @ 9:03 pm

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