Buying a used car can be a great way to get a good deal on a vehicle, but it’s important to factor in the cost of insurance before you make your purchase so you stay within your budget.
If you’re curious about how much you’ll pay for car insurance for a used car, keep reading.
Used car insurance calculator
To find average rates for more than 3,500 used car models from 2006 to 2020, use our used car insurance calculator below. Input your car year, make and model and your state of residence to find out how much you can expect to pay for used car insurance.
Average INSURANCE RATES for your USED CAR
Do you need insurance to buy a used car?
Yes, you will need car insurance to buy a used car and drive it to your home. All states, except for New Hampshire and Virginia, require you to purchase car insurance. Even in New Hampshire and Virginia, you’re financially liable in an accident and those states have their own requirements.
How do you compare car insurance for a used car?
Car insurance rates are personalized to each driver based on different factors, like location, credit score and claim history. In addition, the year, make and model of your vehicle will determine how much you pay for coverage.
If you’re in the market for a used car, it’s a good idea to shop for car insurance while you search for your vehicle. You don’t want to pick out a vehicle only to learn you can’t afford the car insurance premium. Once you’ve settled on a few contenders, you should compare car insurance rates to see what the cost of car insurance coverage is so you can account for it in your budget.
Used car insurance rates by model
To give you an idea of what you might pay for coverage, we’ve included a variety of used car insurance rates by model in the table below. These rates reflect a full coverage policy with 100/300/50 in personal liability coverage and a $500 deductible for collision and comprehensive insurance.
Even if the specific car you’re considering isn’t listed, this data should give you a ballpark range for your rate based on the vehicle year, make and model.
The make, model and year of your vehicle have a big impact on the cost of auto insurance for a used car. Typically, used cars that have high-end finishes are more expensive to insure because they cost a lot to repair or replace in the event of a claim.
How much car insurance do you need before buying a used car?
Each state has minimum liability insurance requirements. Liability insurance will help pay for any injuries and damages you caused to others, their vehicles and property if you’re responsible for the accident, but it won’t cover you or your car.
Depending on your used vehicle’s value, you may want to add additional coverage to protect your car – and if you’re financing the purchase, full coverage insurance is required.
Comprehensive vs. collision insurance on a used car
Comprehensive insurance pays for damage to your car due to flooding, fire, vandalism and hail, and pays out the actual cash value of your car if it’s stolen. Collision auto insurance covers damage to your car from accidents when you hit, or are hit, by another vehicle or object.
Comprehensive and collision car insurance are often purchased together to expand on your protections. They’re not mandatory coverages unless you plan on financing your vehicle with an auto loan, in which case they’re required. Are they worth the extra expense? If your car is less than 10 years old, or worth more than $3,000, it’s wise to get them.
How do you get insurance before buying a used car?
Most major insurance companies make it easy to purchase a policy online, which is the most common way to purchase coverage. Here are the steps to follow if you don’t already have car insurance:
- Choose your desired vehicle: Look at the options for the car you want to buy. To price insurance, you should know the details about the car you want to buy.
- Get vehicle information: Once you have decided upon the vehicle, you should confirm your intent to buy the car with the dealer and get details like the make, model, vehicle identification number (VIN) and vehicle history report, which will affect your overall insurance rate.
- Determine which kind of insurance you want: The cost of used car insurance could be lesser than that of a new car, but it really depends on the exact vehicle you want to buy. If you’re financing the car, you’ll have to purchase collision and comprehensive coverage in addition to the minimum liability required by your state. Remember to get at least three quotes from various car insurance companies.
- Decide on a deductible. The deductible is the amount you’d pay out-of-pocket if you were in a car accident before the insurer starts to pay. A typical car insurance deductible is $500 or $1,000. The higher the deductible, the cheaper your used car’s insurance will be. If you bump up your deductible to save on your monthly premium, make sure you can afford to pay the deductible if you’re in an accident.
- Purchase the policy. Once you complete the application and see your final rate, you can purchase a policy through the online checkout. After you submit the insurance binder and proof of coverage to the dealership, you can then safely drive away with your car.
How do you save money on used car insurance?
Discounts are one way to save money on car insurance for used car models: Insurers typically offer savings for students who live away from home, telematics usage, low-mileage, safe driver and military service.
Additionally, drivers can save money when they:
- Prepay your premium or sign up for autopay.
- Bundle your auto policy with your homeowners or renters insurance.
- Opt for a higher deductible. You could take the savings on your monthly premiums and put it away in a savings account each month if you’re involved in an accident.
FAQs: Used car insurance
How do you get insurance for a used car if you already have a policy?
If you already have car insurance, insuring a new-to-you-used car is pretty simple. Contact the company you’re covered with and let them know you’d like to insure a different vehicle. The representative will ask you about the vehicle to tell you if there’s a price difference.
Keep your existing vehicle on the policy unless you’re selling it – in that case, an agent can help you remove the car from the policy once it’s sold.
How long do you have to get insurance after buying a used car?
You’ll need to have some type of car insurance when you purchase a used car. If you have existing coverage, your policy may offer a grace period that will automatically cover the used car until you can officially add it to the policy.
If you don’t already have insurance, however, most car dealerships will require you to get a policy before the transaction can take place. They need to verify that your policy is current and that it meets the state’s minimum coverage requirements.
Do you need gap insurance for a used car?
Gap insurance, or Guaranteed Auto Protection, is designed to bridge the gap between the value of your vehicle and what you owe on the car. Gap insurance on used car models isn’t normally required because used cars don’t immediately depreciate like new cars.
Can I drive a used car off the lot without auto insurance?
If you’re buying a used car from a dealer, you’ll need to show proof of insurance before you’re allowed to drive away. Private sellers may not have that requirement, but driving an uninsured vehicle is risky.
Most online insurers will provide instant coverage once you pay for the policy, so you simply log back in to access your quote, enter the missing details such as VIN and price paid for the car, pay your premium, show the dealer insurance proof, and you’re all set.
Are older cars cheaper to insure?
A car’s age has less of an impact on the insurance cost than does the make and model. Additionally, newer cars have more safety features that could prevent or minimize accident damage. That’s why it’s important to do your research and compare car insurance quotes with a used car insurance calculator before purchasing a used vehicle.
– Elizabeth Rivelli contributed to this story.