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Car Insurance Estimate By Model – The average used car insurance is $1,867 per year or $156 per month. But the prices are different. The Honda Odyssey LX can cost as little as $922 per year, while the Maserati Quattroporte GT costs $6,234 per year.
Written by Lena Borrelli Lena Borrelli Lena Borrelli is a freelance writer for the Tampa Bay Sunshine who has worked with industry-leading titans such as Gronk Fitness, Morgan Stanley, Wells Fargo and Simon Corporation. His work has recently been published on sites such as TIME, Microsoft News, Bankrate, Investopedia, Fiscal Tiger, The Simple Dollar, ADT and Home Advisor.
Car Insurance Estimate By Model
Review by John McCormick John McCormick John is the editor-in-chief of CarInsurance.com, Insurance.com and. Prior to joining QuinStreet, John was deputy editor of The Wall Street Journal and a managing editor and reporter for several other media outlets covering personal financial insurance and technology.
Compare Auto Insurance Quotes (save $245/mo)
Expert opinions from Eliezer Zupnik Eliezer Zupnik Insurance consultant and founder of East Insurance Group. Go to comments
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When people think of used cars, they think of old cars that may have a few cracks and more than a few miles on them. But at the same time, many new high-end luxury cars in poor condition are entering the used car market. And no matter the age, make or model, your used car will need insurance.
I recently analyzed the cost of insurance for used cars. The average used car policy is $1,867 per year or $156 per month, but prices will vary per person. We found the cheapest model to be the Honda Odyssey LX at $922 per year, while the most expensive model was the Maserati Quattroporte GT at $6,234 per year.
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Used car insurance is not a type of insurance. This is exactly how some people feel about insuring a car that was not recently purchased. Regular insurance is similar to insurance for a new car.
But if you insure a new or old car, as long as you pay your premiums, your insurance company will provide financial protection against certain accidents.
The national average annual comprehensive used car insurance policy costs $1,867 per year or $156 per month.
Used car insurance rates depend on many factors, including the make and model, where you live and your credit score. Car insurance companies are also based on risk rates: they will check your driving record before calculating rates.
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When we crunched the numbers on broad insurance coverage for popular used cars between 2006 and 2021, we found that the 2006 Honda Odyssey LX was the cheapest used car at $922 per year for insurance.
On the other side of the equation, the 2015 Porsche 918 Spyder is the most expensive used car, with an annual premium of $5,239 per model year between 2006 and 2021.
When deciding how to get used car insurance, take the time to do your research. Be sure to include the cost of car insurance in your budget to ensure you can afford it after purchase. Insurers offer different discounts and interest rates in different ways, so you need to get at least three quotes to get the best deal.
Samuel Green, founder and CEO of BLUE Insurance, offers advice based on his 15 years of experience. “Get ballpark estimates based on your age, driving history and details of the vehicles used,” he says. “This helps set realistic budget expectations and speed up the implementation process, avoiding short-termism and delays. He added that used cars can actually open up opportunities for discounts that you might miss on new models. Ask the agent about savings on a multi-vehicle policy, safety features like airbags and low mileage—things that are likely to be on existing vehicles. – Borrow.
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You will need auto insurance before you buy a “new” car. So before you buy your keys, buy insurance or check with your current insurance company to see what prices they can offer.
Collision coverage that protects you financially if your car is damaged in a collision with another vehicle or object.
Comprehensive insurance that covers non-hazardous damage to your vehicle, including theft, fire, vandalism, animal attacks and natural disasters.
Liability coverage for damage you cause to others. Generally, state law requires that you purchase insurance for two types of liability: bodily injury liability, which pays for the medical expenses of someone injured in an accident you caused, and property damage liability, which covers damage to the property of others.
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Generally, comprehensive insurance is not required unless your car is expensive or you are financing it. This is because used cars are generally cheaper to repair and replace than new cars. But if you’re financing the purchase of your car, you should consider gap insurance, which covers the difference between the value of your car and the amount you owe to your creditors.
Comprehensive car insurance is a policy with different types of coverage. It typically includes liability, other coverage required by your state, and physical damage coverage for your vehicle, as well as extensive collision coverage.
Before you finalize your auto insurance policy, talk to your agent about the best coverage for your car.
To see the cost of comprehensive insurance, let’s estimate the 100/300/100 insurance base at $100,000 per person, $300,000 per accident for personal injury, and $100,000 for property damage. The table below, unless otherwise noted, is based on 100/300/100 coverage.
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*Comprehensive insurance is recommended for 2020 or newer vehicles, so only comprehensive insurance rates (including collision plus liability) are shown.
Our hypothetical driver is a 40-year-old man who drives 12 miles to work every day with a 100/300/50 policy ($100,000 single liability, $300,000 all injury, and $50,000). For material damage in an accident) and $500 collision with comprehensive insurance. This rate also includes driver’s insurance (as some states require it, we do it for all) and PIP or medical bills if required by state law. This hypothetical driver has a clean record and good credit history.
For liability, 100/300 is the same hypothetical driver rate, but with a liability limit of 100/300/50 and/or drivers at a PIP or MedPay rate if required by the state. We recommend this high limit even if you only have liability insurance. A state’s minimum policy includes only the state’s basic liability limits and coverage required by other states, such as motorist coverage or PIP.
The average was calculated using data from six major carriers, including Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm, in 10 area codes per state.
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Some cars are more expensive than others. These are the most expensive, based on 100/300/50 comprehensive coverage, plus comprehensive liability and collision with a $500 deductible.
If you don’t have money for car insurance, you can save money by choosing a cheaper model. These are the cheapest used cars based on 100/300/50 liability insurance with a $500 deductible for comprehensive and collision coverage.
Where you live can have a huge impact on the amount you pay for car insurance. Larger states with more drivers on the road have higher rates than states with fewer drivers.
Prices can vary by hundreds of dollars, depending on the state in which you live. Below is the average used car insurance rate by state.
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Don’t forget to consider the cost of car insurance when deciding on a new trip. Insurance premiums often add 15% or more to your monthly car insurance premium.
For example, if you set a budget for a monthly car payment of $300—say, for one of the cheapest monthly premiums on our list, like the Odyssey LX—your insurance would be $77 per month, or about 25% of your down payment . The car you
Research the cost of the car insurance you’re concerned about to make sure you can afford the car.
Our used car insurance calculator gives you the average cost of insurance for a specific vehicle, so you don’t have to call or go online to get a quote for every car you’re considering. Getting an online quote will not only help you decide which car to buy, but it will also help you make sure that both the car and its insurance are within your budget.
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You’ll need car insurance before you drive into a private owner’s parking lot or sidewalk, so it’s a good idea to contact your insurance company before you drive.
