Average used car insurance rates by vehicle 2022 – Insure.com

October 24, 2022

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Buying a used car has many benefits: Your car has already depreciated in value, so you won’t pay as much as a new model, and you may have more wiggle room to negotiate a sale price. Buying a used car can save you money on both purchases and auto insurance, but it’s important to do your homework so you can find the right used car insurance protection for your situation.

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There are a few steps you can take when buying a used car to ensure you get the car you want and the right used car insurance coverage to protect it. Auto insurance can be an important factor when buying a car, and you should always compare insurance quotes for any vehicle you’re considering.

Reading: How much is car insurance on a used car

According to data from insure.com, the cheapest used car model to insure is the chrysler voyager l at $1,267 per year, while the most expensive used car model to insure is the maserati ghibli gransport with a premium of $4191 per year.

Here’s what you need to know before you buy and insure a used vehicle.

how much does used car insurance cost?

Several factors determine used car insurance rates. Auto insurance companies take into account certain insurance qualifying factors, such as where you live, your driving record, and your credit score.

However, one of the most important factors for an insurance provider is which car will be insured under their used car insurance policy.

A family-friendly vehicle loaded with safety features will almost always have lower insurance rates than a sports car, regardless of whether the vehicles are used or new.

When we look at comprehensive coverage figures for popular used vehicles between 2006 and 2021, we find that the 2006 Honda Odyssey LX is the cheapest used car to insure, costing $922 a year for coverage.

On the other side of the equation, the 2015 Porsche 918 Spyder is by far the most expensive used vehicle to insure at an annual premium of $5,239.

average used car insurance rates by model from 2006 to 2021

most expensive used cars to insure (2006 to 2021)

porsche 918 spyder
maserati quattroporte gts granspor (2019)
maserati quattroporte gts granspor (2018)

Some cars are much more expensive than others to insure. These are the most expensive used cars to insure in 2021, based on 100/300/50 total liability coverage plus comprehensive and collision coverage with a $500 deductible.

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cheaper used cars to insure (2006 to 2021)

honda odessey lx
chrysler city & country
dodge caravan se

If you don’t have a lot of money to spend on car insurance, you could save yourself a ton by opting for one of these models. These are the cheapest used cars to insure based on 100/300/50 liability coverage with a $500 deductible on comprehensive and collision coverage.

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most expensive used cars to insure in 2022

When trying to determine how much used car insurance costs, it helps to know the most expensive vehicles to insure. These are the most expensive used cars to insure in 2022 with used car insurance rates by model.

Some cars are much more expensive than others to insure. These are the most expensive used cars to insure in 2022, based on 100/300/50 total liability coverage plus comprehensive and collision with a $500 deductible.

least expensive used cars to insure in 2022

To answer the question, is used car insurance cheaper?, we’ve provided used car insurance rates by model. If you’re looking for cheap car insurance, these are the least expensive used cars to insure in 2022.

including the cost of car insurance in your purchase estimate

Don’t forget to factor in the cost of car insurance when deciding on a new trip. insurance costs will often add 15% or more to your car’s monthly amount.

for example, if your monthly car payment is $400, even the cheapest monthly premium on our list, the chrysler voyager l, would be $106 a month or about 25 percent of your car payment.

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Research the insurance costs of any vehicle you’re seriously interested in to make sure you can really afford the vehicle.

Our used car insurance rate tool gives you an average insurance cost for specific vehicles, so you don’t have to call or go online to get a quote for every car you’re considering. Getting a quote online will not only help you decide which vehicle to buy, it will also help ensure that both the car and your insurance are within your budget.

How much auto insurance coverage to buy for your used car?

Before you get quotes, establish what levels of comprehensive, collision and liability insurance you want. One question to consider is how much full coverage insurance costs on a used car. this includes your liability insurance.

When you are legally responsible for a car accident, liability insurance covers injuries to people in another vehicle or on your property.

all states except new hampshire require at least a minimum level of liability insurance. Liability coverage is divided into two types: bodily injury and property damage. Although the state minimums are much lower, experts say you should get at least:

$100,000 bodily injury coverage per person
$300,000 bodily injury coverage per accident
$100,000 for property damage to your vehicle

It’s always important to protect yourself with higher coverage, as you’ll be personally liable if your limits are exceeded. Insurance companies also consider a model’s claim history when calculating rates. This means that you are likely to pay higher car insurance rates if your car model is frequently stolen, has many accidents, or frequently receives tickets. this is regardless of your driving record.

After determining the amount of liability you need, decide if you want comprehensive and collision insurance. These are the auto insurance coverages that protect your vehicle.

Collision covers your car when it is damaged after an accident with another vehicle or object. Comprehensive coverage covers theft and damage caused by flood, fire, vandalism, and other causes beyond your control.

You’ll want to do some math to see if that makes sense for your situation. a good rule of thumb is:

If your car is less than 10 years old or is worth more than $3,000, we recommend purchasing comprehensive coverage.
If your car is older and you wouldn’t spend your own money on mechanical repairs, it may be time to skip collision and comprehensive services and start saving for a replacement vehicle.

Keep in mind that thieves steal more old vehicles than new ones, so maintaining comprehensive insurance is a good idea, unless the car isn’t worth much. Some car insurance companies offer you the option of taking out comprehensive insurance without collision insurance; others require you to buy both.

Remember to compare rates for exactly the same levels of coverage using an apples-to-apples comparison as you compare prices.

rating factors: vehicle

rating factors: value, repair, claims & write

value: Whether new or used, the value of the vehicle is critical to insurers when calculating your collision and comprehensive costs, as they may need to cover the cost if it ever occurs a complete loss.

Repairs: The cost of repairs is also a consideration. A used car with newer, more expensive technology will cost you more to insure than an older car with little or no technology. An older car that has hard-to-find parts and requires a repair specialist is likely to cost more to insure, perhaps even more than a new car that has parts and repair specialists readily available. The more an insurer has to pay for repairs, the more you’ll pay in premiums.

vehicle claim history: If your insurance company has historically paid many claims for your model of vehicle, it will cost you more to insure it. For example, if your vehicle model is stolen more frequently, you will typically pay more than a vehicle that is not as popular with thieves.

vehicle type: Similar to new vehicles, a sports car typically costs more to insure than a minivan. If insurance companies find that certain cars are notorious for being driven fast and others slow, they will consider the available accident and loss data. those vehicles will cost more to insure.

other rating factors – without vehicle:

When shopping for a used vehicle, remember that insurance companies don’t just care about the vehicle and rate it. you’ll likely get better rates with:

a good driving record
good credit score
driving experience (the more years with a license, the better)
drive 10,000 miles or less per year
have prior insurance coverage (a gap in coverage is not desirable, so if you don’t have a car for a few months, get a non-owners auto insurance policy)

Other factors to consider include age, marital status, gender, and location.

While price is important, there’s more to auto insurance than getting the lowest rates. Make sure you get quotes with the same level of coverage so you can get accurate and comparable quotes from each insurance company. You’ll also want to read consumer reviews of the best auto insurance companies to make sure you’re choosing one with stellar customer and claims service.

how long do you have to get insurance after buying a used car?

You’ll need auto insurance before you drive off the lot or drive off the curb of a private owner, so it’s a good idea to contact your insurance company before you make a purchase. that way you can figure it out before you forget and get into trouble. you don’t want the finance company to put “forced” insurance on your vehicle at a very high cost.

Also, be sure to make it clear if you’re replacing a vehicle on your policy or adding an additional car, as that can make a difference if there’s immediate coverage under your current policy.

If you don’t already have a car insurance policy, shop around and be ready to finalize and buy it when you buy the car.

used car prices are currently through the roof

If you’re currently shopping for a used car on the market, the prices may surprise you. Used cars have risen in price dramatically since the pandemic wreaked havoc on the economy.

According to the Consumer Price Index, used vehicle prices rose sharply for the third month in a row. used cars and trucks increased 10.5% month over month in June; The Bureau of Labor Statistics (BLS) found that this is the largest monthly increase ever reported for used cars since it began publishing the report in 1953. And, year over year, used vehicle prices rose by a staggering 45.2%.

Several factors have contributed to the rise in prices. here are the main culprits:

pandemic

When the pandemic hit, automakers closed factories or operated them with a much smaller workforce, limiting the number of vehicles produced. As the pandemic began to recede, demand for vehicles has increased dramatically, but dealerships continue to run short of inventory. That has caused prices to rise for both new and used vehicles.

chip shortage

Semiconductor chips power a variety of driving and safety features in automobiles, including backup cameras, emergency braking systems, airbags, and power steering. many chipmakers closed factories when the pandemic hit, leading to a lack of chips in the supply chain. Chipmakers have returned to normal production, but the high demand for chips has led to continued shortages not only of vehicles, but also of computers, televisions, cell phones, and game consoles. Unfortunately, the automakers that cut chip orders last year are now at the back of the queue.

low inventory

Used car inventory relies on people buying new cars, turning in their leased vehicles, and fleets of rental cars turning in, all of which have been affected by the pandemic.

In the past year, new car inventory has shrunk sharply due to supply chain issues and car factory closures. GM and other automakers have halted production of some smaller car and SUV models as they divert computer chips to large trucks and SUVs.

Also, when people stopped traveling, the car rental companies dried up, so there was no need to hand over their fleet. With no new cars available to buy, fewer people traded in their used cars, which helped reduce used car inventory, which also pushed up prices.

“A stronger-than-expected economic recovery has us seeing strong demand for new and used cars,” says Matt Degen, publisher of Kelley Blue Book. “It’s a simple matter of supply and demand.”

high demand

As new car prices have risen, it has pushed some buyers into the used car market because they can’t afford a new car. combine high demand with limited inventory and you have a recipe for high used car prices.

Experts expect high prices through the rest of the year and into early 2022. If you can afford to wait, you may want to put off replacing your vehicle for a year or two. (Although, if you have a used car to sell, now may be the time to get the best price.)

degen’s advice to consumers in the market for a used car is to do their research. “Before you even step foot on a dealership lot, make sure you’ve researched vehicles that will fit your budget, family, and needs. Also, don’t expect a deal.”

how to buy a used car

Buying a used car takes homework, research, and perseverance, whether it’s your first car or an older model.

Here are some tips on how to buy a used car:

Set a budget: Most experts recommend spending no more than 10% of your take-home pay on a vehicle. if your budget is already tight, you may want to lower that number to 8%.
Decide what kind of car you want – Buying a used car isn’t always that easy and usually means searching through databases, online forums, and local car lots to find what you want.
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contact dealer for help: You can usually list the features you want at the dealer, and the dealer can search the make, model, color, and features to find the right car for you. once you find the cars you’re interested in, be sure to test drive it to make sure it’s the right vehicle for you.

Research Vehicle History: Most states don’t have the same “lemon law” consumer protections that apply to new cars, so you should take extra steps to check vehicle history. get a vehicle history report to make sure there are no red flags. You can also read other drivers’ reviews to learn about any issues, and view the car’s safety ratings and recalls by searching online.

negotiate: Now that you are better informed, you have more room to maneuver to negotiate the price. For example, a new car dealer may not be able to give you the price you want on a new vehicle, but a used car dealer could save you more money.

used car inspection checklist

You don’t know everything about a car’s past by looking at it, but the good news is that there is a way to explore its history.

check vin: You can research the history of a specific used car by running the vehicle identification number (vin). The National Insurance Crime Bureau (NICB) maintains a database called VinCheck, which allows consumers to check for a stolen or salvaged vehicle. vincheck is free to consumers and can perform a maximum of five searches in a 24-hour period.

buy a nmvtis report: You can use the vin to check the national motor vehicle title information system (nmvtis). This is a system that was created to stop the concealment of flood damage and other vehicle history and protects you from purchasing unsafe vehicles as well as potential title fraud. nmvtis is the only national database that requires all insurance companies, salvage auctions, junkyards, and auto recyclers to report losses and junk/salvaged vehicles, in accordance with federal law. a nmvtis report must be purchased from an approved nmvtis vendor.

View Vehicle History Report: You can also purchase a full Vehicle History Report, which will tell you the vehicle’s accident history, previous owners, correct odometer mileage, major repairs and vehicle warranties. this report also tells you the “lemon” status of the vehicle. The federal lemon laws cover new cars, but can also cover used cars if the vehicle is still under warranty. Some states, including Massachusetts, Connecticut, New Jersey, New Mexico, New York, and Minnesota, have stricter lemon laws for used cars, requiring dealers to offer warranties and recall vehicles with problems.

Talk to your dealer: If you work with a major car dealer or car sales site, most will provide you with a free vehicle history. Otherwise, you can purchase vehicle history reports from companies like autocheck, carfax, and vinaudit.

Inspect your vehicle: You don’t have to be a car enthusiast to inspect your vehicle up close. Look for things like dents, rust, tire wear, interior damage, and heating and air conditioning problems. You can also check the radio, power seats, power windows, and other features for problems. In addition to visually inspecting the car yourself, experts recommend that you take the time and money to get your car fully serviced by a reputable mechanic before you buy.

methodology

insure.com commissioned Quadrant Information Services to provide a report of average car insurance rates in 2022 for more than 2,500 models. The sample driver is a 40-year-old man who drives 12 miles to work and is purchasing comprehensive coverage. Rates are an average of prices offered by seven insurance companies: Allstate, Amtrust, Farmers, Geico, National, Progressive, and StateFarm. rates are for 10 zip codes per state.

Source: https://amajon.asia
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