car insurance for old and new cars

Are Newer Or Older Cars Cheaper To Insure?

If you are planning to purchase a car, insurance costs are likely something you’ve been thinking about. Many people aren’t aware that the age of a car isn’t the only factor that goes into insurance pricing when, in reality, there are many factors being calculated into your rates. If you’re wondering whether newer cars are cheaper to insure than older cars, keep reading. 

How Much Does Car Insurance Cost?

Car insurance rates vary based on a variety of factors. It is impossible to pinpoint one specific factor that drives these rates up or down. The age of the vehicle plays a part in your rates, but it isn’t the only factor used to determine your price. 

Instead, factors like the driver’s driving history and claim history will be looked at. If you have an older car and a bad driving record, insurance may cost more than if you purchased a newer car with a good record. Your age also matters; as younger drivers typically have more expensive insurance rates because they are statistically more likely to file claims. 

Who Has The Lowest Car Insurance Rates?

The lowest car insurance rates go to safe drivers with minimal incidents and claims. Selecting a higher deductible will also lower the overall cost of coverage. Though, higher deductibles place more risk on the insured because they’ll be required to pay more to use their benefits. Remember, it isn’t always ideal to choose the cheapest coverage possible. Cheaper plans may exclude key coverage that you could need later. 

Finding Affordable Car Insurance For Old and New Cars

Regardless of which type of car you are trying to insure, you’ll need guidance during the decision-making process. An insurance agent can help you make an informed insurance decision. To get started with finding affordable car insurance, contact All Things Insurance at (763) 645-5450!