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Which is more expensive?

Posted by Anonymous   + Show Post

 Is it more expensive to insure a new car or an old car? When I was sold my car, the car dealer told me that the rate would go down because it's a newer car. However, these quotes are telling me differently. I had two cars on my policy (which I ended up losing both of them on the same exact day) and then got a quote for my new car. This car is more expensive than both of those cars combined! Does this seem right? I just don't know if I'm doing something wrong or if the car dealer was lying to me.

Posted by Anonymous on Feb. 26, 2014 at 8:11 PM
Replies (31-36):
Anonymous
by Anonymous 8 on Feb. 27, 2014 at 11:54 AM
A newer car is presumably more expensive and therefore more expensive for the insurance company to replace/repair if wrecked. So the premiums would be more expensive.
coala
by on Feb. 27, 2014 at 12:04 PM

Your rates on a newer car are going to cost more.  The oler the car the less coverage you need in certain areas.  Although, having a new car with anti-lock brakes, air-bags, and an anti theft device get you discounts.

coala
by on Feb. 27, 2014 at 12:06 PM

You wan to carry comprehensive and collision on any car especially if financed.  If your car is more than 10 years old you don't need to carry comprehensive anymore, but I would.

Quoting Anonymous:


Quoting Anonymous: It goes up, because you have to carry collision on a new car.

I thought you only had to carry collision on a financed car?


Anonymous
by Anonymous 9 on Feb. 27, 2014 at 12:11 PM
Well in general yes it's more expensive to insure a new car. More than likely you will be making payments on it. If so, then you'll have to have full insurance on it. Plus if it's new, it's worth more. The more it's worth, the higher your insurance. However, it also depends on where you live, how long you have been a driver, and if you have any tickets and accidents on your record as well.
coleysmama
by Gold Member on Feb. 27, 2014 at 12:15 PM
Our insurance went down when we bought brand new cars. I thought that was a mistake. When I asked our broker, she said it was because of all the safety features that come with new cars.
codfish
by Gold Member on Feb. 27, 2014 at 12:17 PM
It depends entirely on the type of car. For instance it is almost as much for full coverage on my older van as it is on my new compact. The cost of repairs to the van and the likely damage to other cars plays into the insurance cost. Also you likely were getting a multi car discount.
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