Cheap Car Insurance Companies

Reviewed by: John McCormick John McCormick John is the Managing Editor of CarInsurance.com, Insurance.com, and. Prior to joining QuinStreet, John served as deputy editor at The Wall Street Journal and has worked as an editor and reporter at several other media organizations, covering insurance, personal finance, and technology.

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When people think of used cars, they think of an old car with a few scratches and a few miles. But despite this, many new luxury cars are entering the used car market. No matter the age, make or model, your used car needs insurance.

A recent analysis of used car insurance costs was conducted. The average policy amount for a used car is $1,867 per year, or $156 per month. But prices vary. The cheapest used model we found is the Honda Odyssey LX at $922 per year, while the most used model is the Maserati Quattroporte GT at $6,234 per year.

Used car insurance is not an insurance policy. How do some people apply for car insurance on a car that is not new? Typical coverage is similar to new car insurance.

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Whether you insure a new or used car, your insurance company provides financial protection against specific risks as long as you pay the premium.

The national average annual auto insurance policy cost for a fully insured used car is $1,867 per year, or $156 per month.

Used car insurance rates depend on several factors, such as model, where you live, and your credit score. Car insurance companies also base their rates on risk, as they will look at your driving record before calculating your rate.

When we examined comprehensive coverage data for popular used cars between 2006 and 2021, we found that a 2006 Honda Odyssey LX was the cheapest used car covered at $922 per year.

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On the other hand, the 2015 Porsche 918 Spyder is the most expensive used car, with an annual premium of $5,239 for the years 2006-2021.

When deciding how to get used car insurance, take the time to do your research. Don’t forget to factor the cost of car insurance into your overall budget so you can make sure you can afford it once you buy it. Insurance companies offer different discounts and set prices in different ways, so you’ll need to get at least three quotes to get the best deal.

Founder and CEO of BLUE Insurance, Samuel Green, offers advice based on 15 years of experience. “Provide some rough estimates based on your age, driving history and specific details about the used car,” he said. “This helps set realistic budget expectations and speed up the application process by avoiding short-term driving. Used cars can actually provide discount opportunities that you might miss on new models,” he adds. “Ask the dealer about multi-car policies, safety features like airbags, and low-mileage savings, which are all common on older cars.”

Before driving a “new” used car, you need to purchase insurance. So, before you pick up your keys, shop around for coverage or call your existing insurance company to see what rates they can offer.

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Collision coverage can provide you with financial protection if your car is damaged as a result of a collision with another vehicle or object.

Comprehensive insurance covers damage to your car as well as accidents such as theft, fire, vandalism, animal abuse and natural disasters.

Liability insurance to cover damages you cause to others. State law generally requires you to purchase two types of liability insurance: bodily injury liability insurance, which pays the medical bills of anyone injured in an accident that is your fault; and property damage liability insurance, which covers damage to another person’s property.

Unless your car is worth a lot or you finance it, full coverage is usually not required. This is because repairing and replacing used cars is cheaper than new cars. However, if you finance your car purchase, you should consider gap insurance, which covers the difference between the value of your car and the amount owed to the lien holder.

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Comprehensive car insurance is a policy that covers different types of insurance. This typically includes liability and any other coverage your state requires, as well as comprehensive property damage and collision coverage for your vehicle.

Before finalizing your car insurance policy, talk to your agent about the best car insurance for your vehicle.

To give you an idea of how much full coverage will cost, our rates are based on $100/300/100 coverage at $100,000 per person, $300,000 of coverage for each casualty, and $100,000 of coverage for property damage. Unless otherwise noted, the tables below are based on 100/300/100 coverage.

*Comprehensive coverage is recommended for vehicles model year 2020 or newer, so only comprehensive (collision and additional liability) rates are shown.

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Our hypothetical driver is a 40-year-old man who commutes 12 miles a day, with policy limits of 100/300/50 ($100,000 individual liability, $300,000 all injuries, $50,000 property damage), a $500 collision deductible, and insurance comprehensive. This price also includes motorist coverage (as required by some states, we cover everyone) and PIP or medical payments coverage as required by state law. This hypothetical driver has a good record and good credit.

The 100/300 liability is the same as the assumed driver rates, but the liability limits are 100/300/50 and/or a reduced driver match amount, and PIP or MedPay if required by the state. Even if you only have liability coverage, we recommend choosing a limit this high. State minimum policies include only the basic state liability limits and any other coverage the state requires, such as auto insurance or PIP.

The average is calculated based on data from the six largest carriers: Allstate, Farmers, GEICO, Nationwide, Progressive, and State Farm, with 10 zip codes for each state.

Some cars are much more expensive than others. These plans are the most expensive, based on 100/300/50 full liability coverage, plus comprehensive and collision coverage, with a $500 deductible.

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If you don’t have a lot of money to spend on car insurance, you can save a lot by choosing a cheaper model. These are the cheapest used cars available, based on 100/300/50 liability coverage with a $500 comprehensive deductible and collision coverage.

Where you live can greatly affect how much you pay for car insurance. Larger states with more driving on the road tend to have higher rates than states with less driving.

Depending on the state you live in, prices can vary by hundreds of dollars. Below are average used car insurance rates by state.

When deciding on a new trip, don’t forget to take into account the cost of car insurance. Insurance costs typically add 15% or more to your monthly car payment.

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For example, if your budget is a $300 monthly car payment — say for one of the cheapest monthly premiums on our list, like the Odyssey LX — your coverage would be $77 a month, about $25 of your car payment.

Research the cost of insurance for any car you’re really interested in to make sure you can actually afford the car.

Our used car insurance calculator gives you the average cost of insurance for a specific car, so you don’t have to call or go online to get a quote for every car you’re considering. Getting a quote online can not only help you decide which car to buy, but it can also ensure that the car and its insurance are within your budget.

You’ll need to purchase car insurance before you leave a parking lot or drive off a private owner’s dock, so it’s best to check with your insurance company before purchasing a car.

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“In most places, you’ll need proof of insurance before driving, whether it’s from a dealer or a used car.

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