How Expensive Is It to Insure a Pre-Owned Vehicle?
If you’re in the market for a previously owned automobile, we encourage you to look through our extensive inventory of used cars. Many drivers who visit Next Mile have a car-buying budget they plan to stick to.
One of the factors you must account for in your budget is the amount you’ll need to spend to secure car insurance. Luckily, buying auto coverage for a pre-owned vehicle isn’t something that typically breaks the figurative bank.
Our used car dealers know that it’s often less expensive to insure a pre-owned vehicle than it its to insure a new model. That’s particularly the case if you carry comprehensive and/or collision coverage.
Car insurance rates depend less on whether an automobile is new or used and more on the car’s specs and your policy’s details. Here are some of the factors that will influence the premium you’ll have to pay to insure a previously owned vehicle:
- Where you live
- The minimum coverage required by your home state
- Your age
- The make and model you intend to buy
- How you’ll use your automobile
- Your driving record
- The specific coverage you choose
- Your marital status
- Whether you have continuous coverage
- Your credit history
- The mileage you’ll accrue annually
- Your driving habits
- How you’ll pay for your car insurance
As a rule, car insurance is the same for new and pre-owned automobiles. Standard coverage ordinarily includes liability, uninsured motorist or UM, and personal injury protection or PIP. If your used car isn’t worth that much and you can afford to fix or replace the vehicle out-of-pocket, if necessary, you may be able to lower the cost of your insurance by passing on comprehensive and collision coverage.
When you use our car finder, remember that you’ll need to have auto insurance before you can legally drive your new-to-you automobile. If you have an existing car insurance policy, you’ll normally have a grace period to add your used vehicle to your insurance.
Are you ready to get a pre-owned vehicle? Apply for used car financing through Next Mile now.