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Should You Buy Used To Save On Auto Insurance Premiums?

By Kyle Park

Many people ask this same very good question. Are new or pre-owned vehicles cheaper to insure? Well, this question is not easy to answer quickly. It is a little like asking if blue or brown houses cost more. The cost of the house is not based on the paint, and so the cost of coverage is not totally based on the age of the auto.

A used luxury vehicle that still costs many tens of thousands of dollars may well cost more to insure than a sedate and common sedan. You have to consider vehicles that would be the same, or similar, makes and models. If so, you probably can lower your premiums quite a bit by purchasing an older car.

Insurance companies look at many different factors when they set premiums. Auto safety features, anti-theft devices, repair costs, and the car’s value will matter. In some cases, a new car may already have anti-theft or safety features that will earn discounts. In other cases, the older car will cost less because it has a lower value.

But there are some ways to make sure an older car or truck will help you save money on premiums. For one thing, you can pass on the full coverage. Just buy liability insurance. If you do not owe any money on the loan, you can make this choice.

This is something you should think about. You will, of course, have to make a risky move in case you do have an accident. Make sure you learn about the benefits and disadvantages before you decide to save money like this.

GAP insurance is a product that covers the difference between a loan amount and the actual book value of a vehicle. If you do not have a loan, there will be no reason to spend extra money on this coverage. So you can save money this way if you can buy an older car you can pay cash for.

Find out how much a car costs to insure. Stop by to compare insurance rates with simple online quote forms.

categories: car insurance,insurance quotes,auto insurance,used cars,autos,automotive,finance,money

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Article Citation
MLA Style Citation:
Park, Kyle "Should You Buy Used To Save On Auto Insurance Premiums?." Should You Buy Used To Save On Auto Insurance Premiums?. 2 Jul. 2010. uberarticles.com. 29 Dec 2014 <http://uberarticles.com/finance/are-pre-owned-vehicles-cheaper-to-cover/>.

APA Style Citation:
Park, K (2010, July 2). Should You Buy Used To Save On Auto Insurance Premiums?. Retrieved December 29, 2014, from http://uberarticles.com/finance/are-pre-owned-vehicles-cheaper-to-cover/

Chicago Style Citation:
Park, Kyle "Should You Buy Used To Save On Auto Insurance Premiums?" uberarticles.com. http://uberarticles.com/finance/are-pre-owned-vehicles-cheaper-to-cover/


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