Car insurance is a complex topic, but we’re going to scratch the surface and discuss the costs. Drivers may have heard that used cars are cheaper to insure than new cars, but unfortunately that’s not always true. There are multiple reasons why this statement is inaccurate, but in general, car insurance costs come down to the specific make and model – not the calendar year.
Let us break that down for you with a little bit more detail. Since we’re primarily a used car dealership here at Carville’s Auto Mart, we think it’s important for our drivers to have all the information they need right at their fingertips. To elaborate on our previous statement, car insurance is mostly dependent on the make and model rather than how new or old the vehicle is.
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To put it simply, insurance rates are determined by the type of driver. Someone who chooses a top-of-the-line pre-owned sports car that tops out at speeds you can only imagine will most likely be paying more for car insurance than a driver that opts for a brand new minivan. Let’s explore some of the reasons below.
Which factors determine car insurance rates?
- Thieves – Believe it or not, car thieves have a lot to do with car insurance rates. It would seem obvious that the most commonly stolen cars are those top-of-the-line sports cars we mentioned before, but that’s not actually the case. The most commonly stolen cars are those with parts that have essentially stayed the same over the years. Most of the time, someone steals a car to in turn sell the parts. For this reason, car insurance may be higher for some of those staple vehicles that haven’t received much changed throughout the years.
- Safety – This one is rather obviously, but car insurance companies are definitely using safety as a factor when determining costs. Over the years, safety technology features have gone above and beyond to help increase overall safety behind the wheel. Some car insurance companies even offer discounts for vehicles that are filled with safety features. Older vehicles are not equipment with these new technologies and are therefore more at risk for crashes and collisions.
- Maintenance – There are two parts to maintenance, repairs and replacements, and they directly affect the cost of your car insurance. It’s always easier to find parts for newer, more popular vehicles. It can become increasingly difficult to find parts for an older, less popular model, which will in turn up the cost of repairs and insurance. The same goes for replacements. If your vehicle is totaled, it will cost the insurance company more to replace a discontinued vehicle than it will to replace a readily available, new mainstream vehicle.
These are just a few of the reasons that car insurance is not necessarily cheaper just because you purchase a used vehicle instead of a new vehicle. As we mentioned above, a used vehicle often times comes with a higher insurance cost than a new one.
Those interested in learning more about car insurance costs are encouraged to contact our team here at Carville’s Auto Mart for more information. Drivers are welcome to browse our inventory of pre-owned vehicles right here on our site.