Sports Car Insurance Calculator – Average used car insurance is $1,867 per year or $156 per month. But prices vary. A Honda Odyssey LX can run as low as $922 a year, while a Maserati Quattroporte GT will set you back $6,234 a year.
Written by Lena Borrelli Lena Borrelli Lena Borrelli is a freelance writer from sunny Tampa Bay who has worked with major corporations such as Gronk Fitness, Morgan Stanley, Wells Fargo and the Simon Corporation. His work has recently been featured on sites such as TIME, Microsoft News, Bankrate, Investopedia, Fiscal Tiger, Easy Dollar, ADT and Home Advisor.
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Reviewed by John McCormick John McCormick John is a senior editor for CarInsurance.com, Insurance.com and . Prior to joining QuinStreet, John was an Associate Editor at The Wall Street Journal and was an editor and reporter at several other media outlets covering insurance, personal finance and technology.
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When people think of a used car, they think of an older car that might have a few dents and more than a few miles on it. But even so, many luxury cars in top condition also end up on the used car market. And regardless of the year, make or model, your used car needs insurance.
Recently conducted a survey of used car insurance premiums. The average used car insurance is $1,867 per year or $156 per month, but the price for each person will vary. We found the cheapest used car to be the Honda Odyssey LX at $922 per year, while the most expensive used model is the Maserati Quattroporte GT at $6234 per year.
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Used car insurance is not a type of insurance. This is how some people refer to car insurance for cars that are not bought new. A typical cover is similar to a new car cover.
But whether you’re looking at a new or used car, as long as you pay your premiums, your insurance company will provide you with financial protection against certain risks.
The national average annual car insurance policy for comprehensive coverage for a used car costs $1,867 per year or $156 per month.
Used car insurance rates depend on many factors, such as the make and model, where you live, and your credit score. Car insurance companies also base prices on risk – they will look at your driving record before calculating your rates.
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When we looked at the comprehensive insurance figures for popular cars between 2006 and 2021, we found that the 2006 Honda Odyssey LX was the cheapest car, costing $922 a year to insure.
On the other side of the equation, the 2015 Porsche 918 Spyder is the most expensive car, with an annual premium of $5,239 for model years between 2006 and 2021.
When deciding how to get used car insurance, take the time to do your research. Don’t forget to factor car insurance into your overall budget so you can be sure you can afford it when you buy it. Insurance companies offer different amounts and calculate rates in different ways, so you want to get at least three quotes to get the best deal.
Samuel Green, founder and CEO of BLUE Insurance, offers his advice based on his 15 years of experience. “Get estimates based on your age, driving history and used car information,” he says. “This helps set realistic budget expectations and speed up the process by avoiding short-term management.” Used cars can open up opportunities for discounts you might otherwise miss out on and new models,” he added. “Ask agents about safety premiums for multi-car policies, safety features like airbags and minor injuries — things that might be in used cars.”
Classic Car Insurance
You need car insurance before you drive your ‘new’ used car. So before you pick up the keys, look for insurance or check with your current insurance company to see what rates they can offer you.
Collision coverage, which protects you financially if your car is damaged in a collision with a car or other object.
Comprehensive coverage that covers non-accidental damage to your vehicle such as theft, fire, vandalism, animal killing and natural disasters.
Liability coverage, which pays for damages you seek from others. State law generally requires you to purchase two types of liability insurance: liability coverage, which pays the medical expenses of anyone injured in an accident you cause, and property damage coverage, which covers damage to other people’s property.
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Comprehensive insurance coverage is not necessary unless your car is valuable or you qualify for it. This is because used cars are often cheaper to repair and replace than new ones. But if you’re ready to buy your car, you should consider shortfall insurance that covers the difference between the value of your car and what you owe.
Comprehensive car insurance coverage is insurance with different types of coverage. It usually includes warranty, any other coverage required by your state, and physical damage protection for your car with comprehensive and collision coverage.
Before you finalize your auto insurance policy, talk to your agent about the best auto insurance coverage for your vehicle.
To check the price of full coverage, we use the 100/300/100 coverage price of $100,000 per person, $300,000 for bodily injury, and $100,000 for property damage. The tables below, unless otherwise noted, are based on 100/300/100 coverage.
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*Comprehensive coverage is recommended for a 2020 or newer vehicle, so only comprehensive coverage rates (compensation and collision plus liability) are shown.
Our hypothetical driver is a 40-year-old man who commutes 12 miles each day with a policy of 100/300/50 ($100,000 for bodily injury liability, $300,000 for all injuries, and $50,000 for property damage and accident). ) and a $500 deductible for full coverage. The fee also includes driver insurance (where some states require it, we do it for everyone) and PIP or medical payments if required by state law. This attentive driver has a clean deposit and good credit.
For a 100/300 account, the hypothetical rate is for one driver, but with an account limit of 100/300/50, an und/underd driver in equity and PIP or MedPay if required by the state. We recommend that you limit this level even if you only have liability insurance. State minimum policies only include the state’s liability limits and any state mandates such as motorist’s compensation or PIP.
The average was calculated using data from six major carriers, such as Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm, and 10 ZIP codes in each state.
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Some cars are more expensive than others. These are the most expensive depending on the comprehensive 100/300/50 plus collision and $500 deductible.
If you don’t have a lot of money to spend on car insurance, you can save a ton by choosing a cheaper model. These are the cheapest used cars based on 100/300/50 liability coverage with a $500 deductible for full coverage and a contract.
Where you live can affect how much you pay for car insurance. Larger states with more drivers on the road tend to have higher rates than states with fewer drivers.
The cost can vary by hundreds of dollars depending on which state you live in. Below are the average prices for used car insurance by state.
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Don’t forget to consider car insurance premiums when deciding on a new ride. Insurance premiums add 15% or more to your monthly car premium.
For example, if you plan to pay $300 a month for a car — say one of the cheaper monthly models on our list, like the Odyssey LX — your insurance would be $77 a month, or about 25% of your car payment.
Research insurance rates for any car you’re considering to make sure you can really 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. Shopping online won’t help you decide which car to buy, but it will help you make sure that both the car and its insurance will fit within your budget.
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You need car insurance before you leave the property or block of flats, so it’s a good idea to check with your insurance company before you drive.