Joe's Auto Sales Official Blog
Learn How You Can Easily Save Money On Your Car Insurance
By Product Expert | Posted in Stories of Interest on Thursday, February 18th, 2016 at 8:52 pm
Are Used Cars Cheaper to Insure Compared to New Cars?
If you want a car that offers affordable monthly payments, it’s important to consider more than the sticker price. You’ll also want to consider potential fuel costs, vehicle condition and insurance costs. Here at Joe’s Auto Sale, we take care of offering you affordable payments, a wide range of fuel efficient models and top vehicle quality through our 150-point inspection, making a used model a great option over a new car for many drivers.
Read more benefits of buying from a buy here pay here dealership like Joe’s Auto Sales
Factors That Can Influence Car Insurance Premiums
But are used cars cheaper to insure than new cars? That’s an important question to consider, but one that is tough to answer. Though the insurance on a new car will often be more than the insurance on an older pre-owned car, calculating insurance costs is much more complicated than that.
Some of the other key factors that could affect your car insurance rate include:
- Age
- Marital status
- Location
- Vehicle size
- Your driving history/habits
- Deductible
5 Ways You Can Save Money on Car Insurance
While opting for a used car over a new one is often one way of potentially receiving cheaper insurance rates, determining the cost of your premium is much more complex. Here are some additional tips to consider to keep the insurance rates on your next car as low as possible.
- Use the same insurance company: Many insurance companies will offer discounts if you have multiple insurance policies through them, such as having both auto and home insurance.
- Get a policy with a higher deductible: This can be risky, as it could leave you having to pay a significant amount of money in a collision. But for drivers who would prefer using that additional money toward replacing a wrecked vehicle or who have the cash reserves, it can be one more way to cut down on your monthly bill.
- Drive less: How often and how far you drive can affect your insurance premium, so finding a way to drive less could cut down on the costs. This is especially true if you move or get a new job that requires less driving. If this is the case, let your insurance company know about it.
- Buy a basic vehicle: Having a more powerful engine or the latest technology amenities on your used car might be nice, but not only do these features cost more, they could also increase your insurance premium. Though there’s nothing wrong with having these things, consider what you really need in your next vehicle.
- Drive safe: Having a clean driving record can go a long way in saving you money on car insurance, but even if you have had some incidents in the past, it’s never too late to strive for safe driving. You may even be able to find a company that offers a policy that includes an in-car device that monitors your driving, which could reward you if you drive safe.
[Read more: You can save even more by learning how a used car purchase can boost your credit]
Remember that while used cars may often be cheaper to insure than new cars, there are many more factors at play. Since you have affordable payments and vehicle reliability covered when you shop at Joe’s Auto Sales, be sure to consider these other ways to save yourself money through your car insurance.
