Just because your car isn’t brand new doesn’t mean that it’s not worth insuring. It’s still carrying the precious cargo that is your life, and invested in it is a hefty chunk of your hard earned money. And we can’t underscore this enough driving without insurance is illegal in most states.
So, it’s worth getting a used car insurance policy. While you don’t have to have the policy the moment you purchase your used vehicle, you should have some used car insurance quotes so you can get a plan in place, fast and the price ranges of the quotes may surprise you.
Some insurance providers have lower rates for older cars, while others are higher. Insurance companies make these decisions internally, so the only way you can really know which provider will offer you the best rates is to get a few quotes and compare prices.
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Unless you live in Virginia or New Hampshire, you need car insurance to drive any kind of car – used or brand new. Even in these two states, you will be financially liable in the event of an accident. If you think car insurance premiums are a lot, you should see how expensive it can be to replace a bumper or fix a broken leg.
All this said, you don’t necessarily need insurance to buy a used car. You simply won’t be able to get behind the wheel and drive until you’re covered with at least the minimum insurance, whatever that might be in your state. Usually, it’s liability insurance.
Some dealers or sellers will even ask that you show proof of insurance before they hand the car over. So, unless you’re planning on buying the car and having someone else drive it home, you should have your used car insurance policy in place.
Don’t shop for your car before you shop for your insurance. Certain vehicles are more expensive to insure, so it’s a good idea to shop for your car and insurance in tandem, using the functionality of comparison quotes to see if you can afford the car insurance before you buy the car.
Thankfully, comparing quotes to find the best used car insurance doesn’t have to be a herculean task. We can help. We’ve curated a list of the top insurance providers for used cars so when you request a quote from us, you can rest assured you’re getting the best prices.
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Each state has different minimum requirements for liability insurance. You will often see this minimum coverage expressed like this: 15/40/25. What this means is that your coverage must include $15,000 per person for bodily injury coverage, $40,000 per accident for bodily injury coverage, and $25,000 in property damage limits.
The good news is that you don’t have to find your state’s minimum requirement. The providers from which we get our used car insurance quotes will know what you require as soon as you enter your ZIP code.
Of course, this doesn’t mean you shouldn’t know anything about your car’s liability insurance and what it covers. Let’s look at that now.
In most states, this is the minimum. However, you may want more coverage to ensure you are fully protected.
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Tip: Save your quote! Quote is valid for a set period of time—the exact length depends on the insurer. However, if you keep your quote, all you have to do is fill in the exacts that you did not have before you purchased your car (like the VIN) and then you can get set up and on the road, quickly.
While $40,000 in bodily injury coverage may seem like a lot, if you injure three people with your car with a total of $15,000 in medical bills, then that’s $45,000—$5,000 more than your insurance covers that’s going to come out of your pocket.
Remember, most of all, that liability covers the bodies and properties of others—not you or your car. Consider comprehensive and collision coverage to protect your ride and yourself.
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If you are financing a used car, then yes, you should have full coverage, which includes comprehensive coverage, collision, and liability. This coverage will cover yourself and others if you have an accident.
If you’re not financing the used vehicle, then it’s up to you. This said, there’s a general, wise guideline that says that you should spring for the full coverage if the cost of this upgrade is 10% or less of your used car’s Blue Book value.
Not necessarily. Here’s the thing: GAP insurance (guaranteed auto protection) is created to bridge the gap between what you owe for the car and what the car is worth.
An example: Your car is worth $5,000 but you have $6,000 left on your car loan. If this is the case, GAP insurance would step in and pay the $1,000. However, the value of used cars doesn’t tend to depreciate as quickly as new cars, so GAP insurance for used vehicles is usually not worth it.
There’s no way to answer this for your needs, specifically. Car insurance costs depend on where you live, your credit score, your sex, your driving record, your vehicle, and other factors, including your car insurance company.
However, if you want a general idea, car insurance in the US is on average $563 per year for minimum coverage and $1,738 for full coverage.
Other than the fact that used cars will usually cost less to insure in comprehensive and collision, not really! Your liability insurance may be just as much, however, since a used car can do as much damage as a brand new one.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
