What are the benefits of buying used car insurance?

The benefits of used car insurance include (1) lower repair costs, (2) lower car insurance rates, and (3) the option to install new safety features for additional car insurance discounts. Start comparing used car insurance now by entering your ZIP code below to generate your free used car insurance quote.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Aug 14, 2020

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Here's what you need to know...

  • The price and repair costs of a used car can save you money on insurance
  • Safety features in a used car can qualify you for car insurance discounts
  • After comparing car insurance companies online, take the top two to three choices and contact them directly for more details

Buying a used car does make financial sense in many situations. A used car in good condition is often priced at a more affordable level but can provide you with a stylish and dependable mode of transportation for years to come.

You will need to insure your used car, however, and you may be wondering if there is used car insurance that is priced at a more affordable level than insurance on a new car.

Enter your ZIP code into the above FREE tool to compare rates for used car insurance!

How Buying Used Can Reduce Your Insurance Rates

Unfortunately, there is not a “used car insurance policy,” but you may be able to take advantage of some savings on your insurance costs by buying a used car.

Car insurance rates are calculated by taking a number of factors into consideration, and some of those factors are vehicle-related.

Insurance rates, in general, do take into account the value of your vehicle as well as the repair cost of your vehicle too.

When you buy a used car, you are buying a car that is priced lower than a new car of the same make and model. Furthermore, often the repair costs associated with repairing a slightly older vehicle are lower than those associated with a brand new car. There are some exceptions to these lower costs.

For instance, a classic car in mint condition may have a higher value and a higher repair cost than brand new cars.

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Other Vehicle-Related Discounts to Consider

If you have not yet purchased your used vehicle yet, you may want to consider shopping around for a vehicle with specific safety features in it.

A vehicle with safety features can qualify you for certain discounts with some insurance companies, and so you can save money on your premium by ensuring your car has these features in place.

Some of the features to consider looking for include:

If you have a purchase narrowed down to your top two or three choices, you can consider reviewing safety ratings on your vehicle. Safety ratings often are taken into consideration when calculating insurance rates.

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How to Get Your Quotes

You can start shopping for insurance quotes either once you have decided which car you want to buy or immediately after you purchase it.

You may be inclined to simply call your current insurance company for a quote, but a phone call may not provide you with the lowest rate possible. Those drivers who are interested in rate shopping and ensuring they get the lowest rate possible will want to shop for their coverage online.

There are a number of benefits available to you by shopping online.

Shopping online just takes a few minutes of your time. You input information about your vehicle and yourself into an online form and then wait for quotes to be returned to you.

You may benefit from obtaining more quotes to compare against each other by using an online quote system.

The process of calling each insurance company individually can be tedious and time-consuming, and so you may give up on the process before you have contacted each one. With an online quote system, the convenience and speed with which you get quotes make it easier to compare more quotes.

Online forms are available to complete anytime, day or night, and they can be completed from the comfort of your own home. This open availability is convenient for busy individuals, as well as individuals who work odd hours and may not be able to call insurance companies for quotes during normal business hours.

Deciding Which Quote to Take

Using an online form is a great way to get specific quotes for your coverage sent directly to you. However, these quotes may not provide you with the lowest rates possible.

Many insurance companies offer discounts to drivers that may not be computed into your rate quotes. So it is often a good idea to take your top two or three quotes from the online rate comparison site, and then call those insurance companies directly.

They will have your information inputted into their system, and so you don’t have to repeat the quote process. You simply have to ask if you qualify for additional discounts.

Some of the many discounts that are commonly offered by insurance companies include:

  • Multiple Policies Discount – If you don’t have other policies with them, you can consider moving life, homeowner’s, or other policies over for greater savings.
  • Marital Discount – Even if your spouse is not on your policy, you can consider adding him or her to the policy for additional savings.
  • Safe Driver Discount – Insurance companies offer this discount in a variety of ways, such as by taking a driver’s safety course, by having several years of driving history free of accidents, and more.
  • Student Discount – If you or someone else on the policy is a full-time or part-time student, you may qualify for a student discount.

While there are not used car insurance policies in place, there are often savings associated with driving a used car.

Furthermore, there may also be additional discounts that you qualify for, too. You can use an online insurance rate comparison site today to get insurance quotes in a fast and easy way.

Enter your ZIP code below to get quotes now!

Free Car Insurance Comparison

Enter your ZIP code below to view companies that have cheap car insurance rates.

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