Used Cars May Be Cheaper To Insure
Save Money On Car Insurance with a used car
Here’s a great way to save money on insurance when buying a car. Consider buying a used car. Insurance is always higher on a new car than on a comparable used car. It is common knowledge, cars (and trucks, too) lose more than 20% of their value in the first year. Some vehicles lose as much as 40%. So if you buy used, you can save money on the purchase price and the insurance.
Note: I got a tip from a car insurance agent. Consider buying a used car for a young driver, and then only providing liability. The cost of the older car and the liability insurance may be much cheaper than trying to insure a young driver on a new car. The plan has some positives and negatives, but is one tip to provide affordable car insurance for young drivers!
The insurance is cheaper because it costs the insurance company less money to insure $30,000 car than a $15,000 car. If a used car is stolen, the insurance company will not have to spend as much to replace it as they would if the car was new. Additionally, auto insurance companies can charge you a lower rate for both collision and comprehensive coverage on a used car. All this adds up to a lower monthly premium for you.
SAVE TIME COMPARING AUTO INSURANCE WITH ONLINE QUOTE FORMS!
Some people would rather jump off a cliff rather than buy a used car. If you do your homework (I know you thought after you left school homework wouldn’t be an issue) a used car can be a great money-saver. On-line sites can give you lists of cars that: get the best gas mileage, have the lowest maintenance cost, are cheapest to repair and have the highest retained value. You can also look up the history of a used car online. Finally, always, always get the car checked out by a mechanic you trust. If you research all these aspects you will have taken a good portion of the risk out of a buying a used car.
To really save money on the insurance cost of used car, experts recommend when you think about insurance – think like an insurance company. Theft is a big issue with insurance companies. The National Insurance Crime Bureau (NICB®); list the 1991 Honda Accord, the 1995 Honda Civic and the 1989 Toyota Camry as some of the most frequently stolen cars in 2005. You would think no one would be interested in stealing these boring, everyday cars but they are. So you can see it pays to do your homework. Also insurance companies don’t like cars that are accident prone or cars that are expensive to repair.
Also check out a car’s model history. Some car insurance companies will raise their rates on a particular model because there are an unusually high number of claims made. Usually, insurers view imports less favorably than domestic models. Imported parts generally cost more than domestic and may be difficult to find. Therefore insurance companies charge higher rates for imported cars.
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The Cheapest Car Insurance For You!
What is the Cheapest Car Insurance?
Believe it or not, this is one of the most common searches on the internet. People search for: Cheapest Car Insurance. They also search for: The Best Car Insurance Company. Well, this is a question that no internet website can answer all by itself.
Car Insurance Rates depend upon many factors. So even though you see many commercials on TV or ads on the internet or a newspaper for the cheapest car insurance, rest assured that nobody can really make that claim for all of the applicants. Different companies weigh these factors differently, and the best car insurance company for one person will not work for the family down the street.
Some Factors That Impact Your Car Insurance Rates:
- Age and Driving History
- Zip Code Of Applicant
- How A Car Is Used
- Type Of Car - Some cars are cheaper to Insure
- Credit History - Yes, some insurers charge more for high risk credit.
- Passing approved Driver Safety Courses
- Anti-Theft Devices and Safety Features
- Type of Coverage, Deductibles, and Limits
So you can see that your car insurance premium will depend upon the coverage you want, your own individual age and health, and the type of car you drive. In order to get a true picture of the cheaper premium or best car insurance company, you need to compare car insurance quotes and plans.
Internet insurance quote forms make this job easy. For instance, the one that we uses runs on a secured server and participates in the Better Business Bureau Online Program for your safety. So if you would like to fill out a simple, 4 minute form, and then sit back and get competitive car insurance quotes, use the best website for insurance quotes online!
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Cheapest Cars To Insure
Consider Which Cars are Cheap To Insure
When you think about the price of a new car you tend to just consider the actual price you pay for the car. But there are other costs that are not reflected in the sticker price. One of those costs is insurance. As a rule, the cheaper the car, the cheaper the insurance. Domestic models are generally less expensive than their foreign counterparts. Also 4 door cars are cheaper to insure than two doors. Four cylinder engine cars are less to insure than cars with more powerful motors.
>>YOU CHOOSE - Instant Online Car Insurance Comparisons or Fast Detailed Car Insurance Quotes For you <<
NOTE: Of course, car insurance rates vary by location, driving record, and other factors. Run a Quick Online Car Insurance Quote Form To Compare Car Insurance Prices Accurately.
Some of the increased cost of insurance has do with the cost of repairs. In general, the more expensive cars cost more to fix. For instance some luxury cars have aluminum body panels that are more expensive to repair or replace than the sheet metal variety. The insurance company knows this and will increase your rates accordingly.
Insurance companies also don’t like high horsepower cars. They figure if you buy a car with excess horsepower, you bought it because you like to go fast. Statistics and insurance claims support that assumption. Small sports cars are more likely to be involved in crashes than your basic small economy car.
Sport Utility vehicles even though they are not fast cars tend to cost more to insure because of the damage they inflict. If you drive one of those and hit another smaller car, chances are you will cause significant damage. That is why the insurance company will generally raise your liability premium (which covers damage caused to other cars) when you buy an SUV.
So what’s the cheapest car to insure, and what’s the most expensive –
MSN Money reports currently the 10 most expensive cars to insure according to the Highway Loss Data Institute are as follows in order of most expensive to least:
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Mitsubishi Lancer Evolution
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Mercedes CL-Class
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Dodge SRT-4
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Subaru Impreza WRX
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Jaguar XK (convertible)
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Lexus IS 300
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Honda S2000
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Acura RSX
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Nissan 350Z
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Jaguar XJ
There seems to be a bit of a dispute over the 10 cheapest to insure so I’ll give you two lists. The first list is from the same source as the most expensive car to insure shown above and the second according to leading car retailers.
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Volvo XC90
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Chevrolet Malibu Maxx
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GMC Safari
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Buick LeSabre
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Nissan Pathfinder Armada (2004 only)
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Pontiac Montana (standard model)
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Mazda MPV
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Ford Thunderbird
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Pontiac Montana (extended model)
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Ford Taurus
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Chrysler PT Cruiser 4dr Wagon
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GMC Safari SLE AWD 3dr Minivan
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Dodge Caravan SE 4dr Minivan
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Saturn ION 4dr Sedan
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Pontiac Sunfire 2dr Coupe
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Jeep Liberty Sport 4WD 4dr SUV
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Saturn L300 1 4dr Sedan
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Volvo S40 4dr Sedan
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Saab 38600 Linear 2.3t 4dr SportWagon
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Buick Century Special Edition 4dr Sedan
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