How much is used car insurance?

Buying a used car can be a great way to get a good deal on a vehicle, but it’s essential to factor in the car insurance cost before you make a purchase to stay within your budget.

You’ll need car insurance to buy a car. All states except New Hampshire require you to purchase car insurance — and even in New Hampshire, you’re financially liable for an accident. Keep reading to learn how much you’ll pay for car insurance on a used car.

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Contents

Table of Contents

Table of Contents

• Used car insurance calculator
• How much does used car insurance cost?
• Cheapest car insurance companies for used car insurance
• Used car insurance rates by state
• How to get car insurance when buying a used car
• Is it cheaper to insure a new car or a used car?
• How do you find the cheapest insurance for used cars?
• FAQs: Insurance when buying a used car
• Methodology

Used car insurance calculator

Use our used car insurance calculator below to find average rates for more than 3,500 used car models from 2006 to 2020. Input your car year, make/model and state of residence to determine how much you can expect to pay for used car insurance.

Average insurance rates for your used car

Calculate your used car insurance coverage needs in a few simple steps

Confidential All the information you provide for this calculator will be kept confidential. We will not ask you for any information that can be used to contact you unless you request a quote.

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Confidential All the information you provide for this calculator will be kept confidential. We will not ask you for any information that can be used to contact you unless you request a quote.

How much does used car insurance cost?

Car insurance rates are personalized to each driver based on location, credit score and driving history. In addition, the year, make and model of your vehicle will determine how much you pay for used car insurance.

How much does full coverage car insurance cost for a used car?

The make, model and year of your vehicle greatly impact the cost of auto insurance for a used car. Typically, used cars with high-end finishes are more expensive to insure because they cost more to repair or replace.

To give you an idea of what you might pay for coverage, we’ve included a variety of used car insurance rates by car make and model in the table below. These rates reflect a full coverage policy with 100/300/50 in personal liability coverage and a $500 deductible for collision and comprehensive insurance.

Even if the specific car you’re considering isn’t listed, this data should give you a ballpark range for your rate based on the vehicle year, make and model.

Cheapest car insurance companies for used car insurance

Insurance companies rate risk differently, which can result in dramatic differences in premium quotes, including for used vehicles. We looked at our data from vehicle model years 2014 to 2023 to find the cheapest insurance company for used vehicle coverage.

For most model years, Geico was the cheapest insurance company for used car coverage, and only dropped to second place for the model years when it was not ranked No. 1. 

In fact, Geico, State Farm and Progressive were the three cheapest insurance companies for insuring vehicles from the model years 2014 to 2020. Nationwide moved into the top three for the 2021 to 2023 model years. 

On the other end of the spectrum, Allstate and Farmers traded back and forth for the honor of being the most expensive insurance company for model years 2014 to 2023. 

When it comes to premium differences between the 2014 and 2023 model years, Nationwide had the smallest price difference, charging 13% more for a 2023 model when compared to the 2014 version of the same vehicle. 

Allstate posted the biggest price difference between the two model years we looked at, with the 2023 model costing 40% more than the 2014 version. See more rates in the table below.

Used car insurance rates by state

The state you call home will also impact your car insurance rates; insurers look at weather, crime statistics, population density and claim rates in your local area. Even local laws can push rates higher or lower. 

We analyzed the data for model years 2014 to 2023 to see which state has the lowest rates for used car insurance. 

While Vermont was the cheapest state for coverage on a 2014 model-year vehicle, with a premium of $1,136, Idaho and Maine also topped the list of the cheapest states, along with Hawaii, Ohio, Maine and New Hampshire.

Vermont, Idaho and Maine are mainly rural, with low crime rates, which almost always leads to low rates. Hawaii is a no-fault state that does not allow insurers to consider your credit score, which helps keep rates affordable. 

Louisiana was the most expensive state for used car coverage regardless of which model year, with an average premium of $3,511 for a 2017 model-year vehicle and $4,164 for a 2023 model year vehicle.

Louisiana often tops the list as the most expensive state for car insurance due to a high theft rate and a large number of lawsuits. Louisiana also experiences severe weather, which can cause massive damage, leading to claims. 

Georgia was the second-most expensive state, with Texas, Michigan and South Dakota rotating in and out of third. 

How to get car insurance when buying a used car

Most major insurance companies make it easy to purchase a policy online, the most common way to buy coverage for your used car. Here’s what to do if you don’t already have car insurance:

1. Choose your desired vehicle: Look at the options for the car you want to buy. To price insurance, you should know the details about the car you want to buy.
2. Get vehicle information: Once you have decided upon the vehicle, you should confirm your intent to buy the car with the dealer and get details like the make, model, vehicle identification number (VIN) and vehicle history report, which will affect your overall insurance rate.
3. Determine which kind of insurance you want: The cost of used car insurance could be less expensive than that of a new car, but it depends on the vehicle you want to buy. If you’re financing the car, you’ll have to purchase collision and comprehensive coverage in addition to the minimum liability required by your state. Remember to get at least three quotes from various car insurance companies.
4. Decide on a deductible. The deductible is the amount you’d pay out-of-pocket if you were in a car accident before the insurer started to pay. A typical car insurance deductible is $500 or $1,000. The higher the deductible, the cheaper your used car’s insurance will be. If you bump up your deductible to save on your monthly premium, make sure you can afford to pay the deductible if you’re in an accident.
5. Purchase the policy. Once you complete the application and see your final rate, you can purchase a policy through the online checkout. After you submit the insurance binder and proof of coverage to the dealership, you can safely drive away with your car.

Is it cheaper to insure a new car or a used car?

When comparing the same make and model, it is usually cheaper to insure a used car than a new one.

Even when comparing a newer used vehicle to an older one of the same make and model, the newer one is almost always more expensive to insure. When we ran the numbers, the 2014 Jeep Wrangler Sport was the cheapest vehicle to insure at $1,488 per year. The 2023 version of the same vehicle costs $1,975 to insure, which is a 25% difference. 

The same holds true for more expensive used vehicles. The 2014 Porsche Panamera Turbo S was the most expensive vehicle to insure, costing $3,589 a year to cover. The 2023 version is $5,390, or 67% more expensive.

However, it can depend on the vehicle. In many cases, insuring a used luxury or sports car will cost more than insuring a brand-new, entry-level car. Insurance companies consider a variety of factors when setting a rate and the cost of repairs and the value of the vehicle are major ones. 

The cost to repair a luxury vehicle is typically much higher than fixing a lower-end vehicle. This is due in part to the materials used – a teak-accented dashboard is more expensive than a plastic one, for example – and the fact that luxury cars are typically loaded with the latest technology. The cost to repair a vehicle is a major rating factor and can lead to higher premiums. 

See the rates for new vs. used cars in the table below.

Learn how car insurance rates differ for new and used vehicles

How do you find the cheapest insurance for used cars?

There are a number of ways to lower your used car insurance premium. Here are a few tips to help keep your used car insurance premium affordable:

• Shop your coverage. Insurers rate risk differently which can result in dramatic differences in premium quotes. Shop your coverage on a yearly basis and gather quotes from at least five insurance companies. 
• Discounts. Discounts are a great way to save money on car insurance for used car models: Insurers typically offer discounts for students who live away from home, telematics usage, low-mileage, safe driver and military service.
• Consider the car. Insurers also factor in the vehicle you are driving; high-end models will always cost more to insure than a family sedan or minivan. Luxury and sports cars are more expensive to repair and have a higher starting price, in addition they are loaded with high-end trims and technology. 
• Opt for a higher deductible. Raising your deductible will lower your premium. If you can afford to double your deductible, you should see a significant drop in your premium. Always choose a deductible you can easily afford in case you have to make a claim on your policy. 

FAQs: Insurance when buying a used car

How do you get used car insurance if you already have a policy?

Insuring a new-to-you-used car is pretty simple if you already have car insurance. Contact the company you’re covered with and let them know you want to insure a different vehicle. The representative will ask about the vehicle to tell you if there’s a price difference.

Keep your existing vehicle on the policy unless you’re selling it – in that case, an agent can help you remove the car from the policy once it’s sold.

How long do you have to get insurance when buying a car?

You’ll need car insurance when you purchase a used car. If you have existing coverage, your policy may offer a grace period that will automatically cover the used car until you can officially add it to the policy.

If you don’t already have insurance, however, most car dealerships will require you to get a policy before the transaction occurs. They must verify that your policy is current and meets the state’s minimum coverage requirements.

Do you need gap insurance for a used car?

Gap insurance, or Guaranteed Auto Protection coverage, is designed to bridge the gap between the value of your vehicle and what you owe on the car. Gap insurance on used car models isn’t normally required because used cars don’t immediately depreciate like new cars.

What is a used car insurance grace period?

If you have a car insurance policy with an insurer and are purchasing another vehicle, you typically have a grace period that ranges from a week to a month before you have to add the new vehicle to your policy. 

If you get into an accident during the grace period, the damages will be covered. The grace period varies by insurance company, with some offering a grace period of 7-10 days while others extend it to 30 days. Check with your insurer regarding their grace period.

Is insurance for older used cars cheaper?

A car’s age has less impact on the insurance cost than the make and model. Additionally, newer cars have more safety features that could prevent or minimize accident damage. That’s why it’s essential to research and compare car insurance quotes with a used car insurance calculator before purchasing a used vehicle.

Can I drive off the lot without insurance?

If you’re buying a used car from a dealer, you’ll need to show proof of insurance before you’re allowed to drive away. Private sellers may not have that requirement, but driving an uninsured vehicle is risky.

Most online insurers will provide instant coverage once you pay for the policy, so you log back in to access your quote, enter the missing details such as VIN and price paid for the car, pay your premium, show the dealer insurance proof, and you’re all set.

How much car insurance do you need?

The editors at CarInsurance.com recommend full coverage car insurance with liability limits of 100/300/100 for most drivers.

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New vs. used cars: Check out what our survey found about what car buyers care about.

Methodology

CarInsurance.com commissioned Quadrant to pull rates, which reflect a full coverage policy with 100/300/50 in personal liability coverage and a $500 deductible for collision and comprehensive insurance.

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Mark is a freelance journalist and analyst with over 15 years of experience covering the insurance industry. He has extensive experience creating and editing content on a variety of subjects with deep expertise in insurance and automotive writing. He has written for autos.com, carsdirect.com, DARCARS and Madtown Designs to name just a few. He is also a professional blogger and a skilled web content creator who consistently turns out engaging, error-free writing while juggling multiple projects.

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