Table of Contents
Key
Takeaways
While some use car models are much more low-cost to insure than new models, the price remainder in coverage between honest-to-god and newly model years for some vehicles is humble .
When comparing coverage and pricing for the cheapest use car insurance rates, we found GEICO and USAA have the best insurance prices .
Drivers can save on car indemnity for used cars by shopping round, considering coverage choices, asking about discounts and bundling home and car insurance.
Comparing the Cost of Used Car Insurance
Knowing the price of exploited car insurance can be helpful when you ’ re trying to decide if you should buy a new or used car. not all used cars are importantly less expensive to insure, and the cheapest use car indemnity price may not be enough to justify buying a exploited cable car over a new cable car.
Insurance Costs for the Top-Selling Used Cars
Some of the top-selling use cars are significantly cheaper to insure than the average fomite, while others are only slightly less expensive. For exemplar, it costs $ 1,609 to purchase full coverage insurance for a Dodge Ram 2500, while a model five years older costs $ 1,470 — that ’ s a difference of $ 139. however, used car indemnity rates for some models aren ’ deoxythymidine monophosphate meaningfully lower for older models — take the exercise of the Ford F-150. A new model costs $ 1,269 to insure, but a five-year-old model only costs $ 1,227 — that ’ s a difference of precisely $ 42 for the same coverage.
Car Insurance Costs By Age for the 10 Best Selling Used Cars in 2020
| Used Vehicle Type | monetary value of Full Coverage Insurance When New | monetary value of Full Coverage Insurance When Five Years Old | cost of Full Coverage Insurance When 10 Years Old |
|---|---|---|---|
| Ford F-150 | $ 1,269 | $ 1,227 | $ 1,048 |
| Chevrolet Silverado | $ 1,323 | $ 1,267 | $ 1,077 |
| Dodge Ram 2500 | $ 1,609 | $ 1,470 | $ 1,260 |
| Toyota Rav4 | $ 1,266 | $ 1,214 | $ 1,074 |
| Honda CR-V | $ 1,172 | $ 1,116 | $ 996 |
| Toyota Camry | $ 1,414 | $ 1,306 | $ 1,103 |
| Chevrolet Equinox | $ 1,267 | $ 1,172 | $ 1,057 |
| Honda Civic | $ 1,414 | $ 1,329 | $ 1,225 |
| Toyota Tacoma | $ 1,266 | $ 1,208 | $ 1,053 |
| Nissan Rogue | $ 1,290 | $ 1,209 | $ 1,070 |
The Five Cheapest Used Cars to Insure
While some use cars are expensive to insure, some makes and models cost substantially less because of factors like mileage, monetary value to repair and safety features. We found that Subaru Forester, Honda CR-V and Jeep Patriot have the brassy car indemnity rates of all practice vehicles. MoneyGeek found the follow five makes and models have the cheapest exploited car indemnity price for fully coverage.
Top Five Used Cars With the Lowest Insurance Costs
- Vehicle Type Avg Cost to Insure
- Nissan Frontier $ 937
- Honda CR-V $ 900
- Jeep Patriot $ 895
- Honda Odyssey $ 928
- Subaru Forester $ 907
Best Cheap Insurance for Used Cars
When bribe car policy for used cars, most people want to find the best company with the cheapest rates. Rates vary widely by provider — even for the lapp coverage — so it ’ randomness important to know which company offers the most low-cost policy for the vehicle you drive. MoneyGeek compared the like coverage with multiple policy companies for the top 10 most popular use cars and found that GEICO and USAA tend to offer the most low-cost rates.
Cheapest Insurance Providers for Popular Used Cars
| Used Vehicle Type | Cheapest Insurance Provider | average cost of indemnity policy with This insurance company |
|---|---|---|
| Ford F-150 | USAA | $ 1,041 |
| Chevrolet Silverado
Read more: Classic Car Insurance | Bankrate |
GEICO | $ 1,070 |
| Dodge Ram 2500 | GEICO | $ 1,206 |
| Toyota Rav4 | GEICO | $ 945 |
| Honda CR-V | GEICO | $ 900 |
| Toyota Camry | USAA | $ 1,070 |
| Chevrolet Equinox | GEICO | $ 1,014 |
| Honda Civic | USAA | $ 1,009 |
| Toyota Tacoma | GEICO | $ 976 |
| Nissan Rogue | GEICO | $ 969 |
Factors That Affect Used Car Insurance Costs
There are many factors used to determine used car policy rates. Some are specific to your vehicle, its price, likelihood of being stolen and repair costs. Others are personal, like your drive record, coverage choices and nothing code. The price of exploited cars has besides been steadily increasing since 2015, which may mean full coverage is more expensive because of higher successor costs.
Car Insurance Options for Used Cars
When you buy car policy for a secondhand car, you have options on what coverage you select. Some are required, like liability policy, while others are optional. Consider these coverages and whether the security they provide is worth the cost when shopping for secondhand car indemnity rates.
Common Car Insurance Coverages
- TOO LONG What It Covers
- Bodily Injury Liability Pays for the early party ’ second injuries when you cause an accident
- place damage liability Pays for the other party ’ s property damage ( car, home, etc. ) when you cause an accident
- collision and Comprehensive Provides forcible damage coverage for your vehicle if it ’ south damaged in an accident
- Gap coverage Pays for the deviation in a totaled cable car ’ sulfur prize and the remaining lend or lease balance
Body Injury Liability
indebtedness car insurance is required in closely every state because it covers the early driver if you cause an accident. Bodily injury indebtedness pays for the other driver and their passengers ’ medical bills and lost wages if you cause injuries during an at-fault accident.
Property Damage Liability
contribution of liability insurance, property damage liability pays to repair or replace another person ’ randomness property if you damage it in an accident. This property could be another person ’ mho car or home, but it besides covers damages to property owned by the government or a clientele build. Without this coverage, you may be personally responsible for paying for any place you damage when at demerit in an accident.
Collision and Comprehensive Coverage
Comprehensive and collision policy are optional coverages unless you have a used car loan and your lender requires them. When determining if you need physical wrong coverage, consider the coverage cost and the measure of the exploited car. For vehicles that hold their value over clock — like trucks — it may be worth the extra cost to purchase fully coverage used cable car policy alternatively of indebtedness lone.
Gap Coverage
Another optional used car policy coverage is gap indemnity. This coverage is for use cars with a loan or rent and pays the remainder between the car ’ s measure and the loan balance if the vehicle is totaled. Lenders normally don ’ deoxythymidine monophosphate require gap coverage, but it may be a dependable idea to buy it if your car is worth less than your loanword libra before you pay it off.
How to Save on the Cost of Used Car Insurance
With these tips, you can reduce your insurance costs without having to give up coverage — particularly if you want broad coverage for your use car. 1
Make your coverage choices.
Decide if you want liability-only or entire coverage for your practice car before you start shopping. 2
Shop for used car insurance.
Compare quotes with the same coverages from multiple carriers to find the cheapest used cable car indemnity rates. 3
Consider bundling.
Insuring your home plate and car with the same carrier wave offers excellent savings with the bundling discount rate. 4
Ask about other discounts.
Get savings for being a full driver, not making claims, driving a safe car and early cost-saving measures. 5
Use tools to your advantage.
Compare quotes faster and easier using a price comparison cock to get the best exploited car policy rates. 6
Increase your deductible.
Higher deductibles mean lower premiums, but be prepared to pay more if you file a claim. 7
Consider pay-per-mile car insurance.
If you don ’ metric ton use your car much, consider purchasing a pay-per-mile policy, which only charges you for the miles you drive.
Methodology
MoneyGeek collected policy rates from versatile carriers to calculate the price of full coverage policy on the best-selling use vehicles of 2020. The base driver is a 40-year-old male with a fully coverage policy with :
- $100,000 in bodily injury liability insurance per person
- $300,000 in bodily injury liability insurance per accident
- $100,000 in property damage liability insurance per accident
- Comprehensive and collision insurance with a $1,000 deductible
About the author
Mandy Sleight is a professional freelancer writer and licensed insurance agent. She has her place, casualty, life, and health licenses and has been working in the industry since 2005. Mandy has worked for long-familiar insurance companies like State Farm and Nationwide Insurance, and most recently as the Operations Coordinator for a start-up employee benefits caller. Mandy earned her bachelor of Science degree in Business Administration and Management from the University of Baltimore and her Master in Business Administration from Southern New Hampshire University. She uses her huge cognition of the policy diligence and personal finance combined with her writing backdrop to create easy-to-understand and engaging content to help readers make chic choices with their budget and finances.
Read more: Classic Car Insurance | Bankrate
sources
- Cars.com. “Used-Car Prices Spiked 30% in Just One Year.” Accessed September 2, 2021 .