Used Car Insurance
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Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.<br> Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. <h3>How We Make Money</h3> The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Keith Lance/Getty Images January 27, 2021 Cynthia Widmayer is an insurance contributor for Bankrate and has over two years of experience as a personal finance writer. She covers home, car and life insurance products for Bankrate, The Simple Dollar and Coverage.com among others. Bankrate logo <h2> The Bankrate promise </h2> At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo <h3> The Bankrate promise </h3> Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. 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Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. 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Buying a used car often costs much less than it would to purchase a brand new model. Older vehicles also do not depreciate as quickly as new cars. However, you will need to obtain at least your state’s minimum levels of car insurance to be able to drive legally – whether you own a new car or a used one. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. <h2>Compare auto insurance rates</h2> Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT <h3>Rates increased up to 12% this year </h3> Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. <h2>Compare auto insurance rates</h2> Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More Not only can driving uninsured result in fines and license suspension, but it also can result in out-of-pocket expenses for repairs and liability in the event of an at-fault loss. A used vehicle requires insurance just as much as a new car, and it is important to learn about the coverage you need and its cost. <h2>Insurance when buying a used car</h2> If you’ve been previously uninsured, buying a car before purchasing insurance might seem a reasonable choice, but to be on the safe side your insurance shopping should start the moment you consider buying a vehicle. Knowing the cost of insurance for the car you may purchase will factor into your decision-making process. Failing to get quotes for insurance before you buy a used car could result in an unpleasant surprise; it would be a shame to save money on your car purchase only to find out that you cannot afford the insurance. If you already have car insurance, you can likely add a different vehicle to your policy as soon as you have the (VIN). Most insurance companies offer automatic coverage for newly acquired vehicles, so you do not necessarily have to add a newly purchased car to your policy before driving it off the lot, but you should add it as soon as possible. However, be sure to let your agent know you are purchasing a car, just in case your particular insurance carrier does not provide automatic coverage for newly acquired vehicles. If you know your car’s year, make and model, you may be able to get a quote online or through your provider’s app for adding the vehicle to your policy. Insuring an older vehicle can often be cheaper than insuring a new car. This is because used cars do not have the same value as new models, have a lower likelihood of theft and don’t always require financing. However, if the model you are buying has had a high rate of claims in the recent past or lacks essential safety features, the premiums might be on the higher side. <h2>Types of coverage for used cars</h2> Every vehicle must carry at least the legally required . This amount varies from state to state. The coverages include: Bodily injury Property damage Medical payments These coverages do not apply to you or your vehicle, but instead are designed to cover damages you cause to other people and vehicles with your car. Some states also require motorists to carry uninsured and underinsured motorists coverage, to protect them in the event of an accident with an uninsured or underinsured motorist. Depending on where you live, you may also be required to have , particularly if you live in a . There are 12 no-fault states in the US, and if you live in one of them, you must have PIP insurance along with the minimum coverage, which can increase the cost of insurance. Additional car insurance options include comprehensive and collision coverage. pays for damage to your car caused by weather, theft, vandalism or hitting an animal, while pays for damages caused by colliding with something, such as another car or a tree. Whether or not you purchase these coverages will depend on what you think is necessary for protecting your vehicle. Talk to an agent to determine your individual insurance needs. <h2>Cost of insurance for used cars</h2> Auto insurance cost is determined by a number of factors for both used and new cars. Aside from the itself, the state and city you reside in have an impact on your insurance premiums, as well as the kind of car you drive and your driving record. A clean driving record can make you eligible for certain discounts from some providers, even for used cars. Age is also an important factor in car insurance premiums. Regardless of the type of car you have, your location or your insurance provider, if you are under the age of 25 your premiums will be higher than they would be for older drivers. If you are a parent purchasing a used car for your teenage or young-adult child, be prepared for an increase in your auto insurance premiums. Adding a young driver to an insurance policy is considered a risk by insurance providers because young drivers have a higher rate of accidents than adults. Different insurance providers have different prices, so comparing quotes from multiple companies is the best way to ensure you get the coverage you need without breaking the bank. The of car insurance in the United States is $563 for minimum and $1,738 for full coverage. Prices will vary by location, insurance company and your specific vehicle and driver considerations. <h2>Frequently asked questions</h2> <h3>Do I need insurance for a used car </h3> Whether your car is used or brand new, you will need at least the minimum coverage to be able to drive it legally. Drivers who are financially able to purchase higher liability limits should do so, as minimum coverage does not guarantee that all expenses from a loss will be covered by the insurance. <h3>How much is used car insurance </h3> In the United States, the of car insurance is $563 per year for minimum coverage and $1,738 per year for full coverage. Prices will differ from one insurer to another and will change depending on your specific needs, but there are ways to help . As always, if you are unsure of what coverage you need, talk to an agent for guidance. <h2>Methodology</h2> Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually. These are sample rates and should be used for comparative purposes only. Your quotes may be different. <h4>About the author</h4> Cynthia Widmayer is an insurance contributor for Bankrate and has over two years of experience as a personal finance writer. She covers home, car and life insurance products for Bankrate, The Simple Dollar and Coverage.com among others. <h2> Related Articles</h2> </h2> </h2> </h2> </h2>