Used car insurance costs: Most and least expensive models to insure

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When people think about a used car, they think of an older vehicle that might have a few dents and more than a few miles. But while that may be the case, many newer high-end luxury vehicles in mint condition also come onto the second-hand vehicle market. And no matter the age, make or model, your used car will need insurance.

Insure.com recently did an analysis of the insurance cost for used cars. The average policy for a used car is $1,867 annually, or $156 a month, but prices for each individual will vary. We found the cheapest used car model to insure is the Honda Odyssey LX at $922 per year, whereas the most expensive used model to insure is the Maserati Quattroporte GT at $6,234 per year.

What is used car insurance?

Used car insurance isn’t a type of insurance. It’s just how some people refer to car insurance for vehicles that aren’t purchased new. Typical coverage is similar to new car insurance. 

But whether you’re insuring a new or older car, as long as you pay your premiums, your insurance company will provide financial protection against specific hazards.

How much is insurance on a used car?

The nationwide average annual car insurance policy for full coverage on a used car costs $1,867 yearly or $156 a month. 

Used car insurance rates depend on several factors, such as the make and model, where you live and your credit score. Car insurance companies also base rates according to risk – they’ll look at your driving record before calculating your rate. 

But certainly one of the big factors in pricing insurance is the car. 

When we ran the numbers for full coverage for popular used vehicles between 2006 and 2021, we found the 2006 Honda Odyssey LX is the cheapest used car to insure, costing $922 a year for coverage.

On the other side of the equation, the 2015 Porsche 918 Spyder is by far the most expensive used vehicle to insure with an annual premium of $5,239 for model years between 2006 and 2021.

Our advice: Best tips for getting insurance on a used car

When deciding how to get insurance on a used car, take the time to do your research. Don’t forget to factor the cost of car insurance into your overall budget so you can be sure you can afford to insure it after you purchase it. Insurance companies offer different discounts and devise rates in different ways, so you’ll 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 some ballpark estimates based on your age, driving history, and details of the specific used vehicle,” he says. “This helps set realistic budget expectations and expedites the application process, avoiding short-term uninsured driving. Used cars can actually open up discount opportunities you might miss on newer models,” he adds. “Ask agents about savings for multi-car policies, safety features like airbags, and low mileage — items more likely on pre-owned vehicles.”

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What type of coverage is available for used cars

You’ll need auto insurance before you drive your “new” used car. So, before picking up the keys, shop for insurance or check in with your current insurance company to see what rates they can offer.

There are different coverage levels you can get for your car, including:

Collision coverage, which financially protects you if your vehicle is damaged in a collision with another car or object. 

Comprehensive coverage, which covers damage to your car other than from accidents, such as theft, fire, vandalism, animal strikes and natural disasters.

When you have comprehensive and collision coverage, it’s often called full coverage.

Liability coverage, which pays for the damage you cause to others. You are usually required by state law to buy two types of liability coverage: bodily injury liability, which pays for the medical bills of anyone you hurt in an accident that’s your fault, and property damage liability, which covers damage to someone else’s property. 

Full coverage is generally unnecessary unless your vehicle has a high value or you financed it. This is because used cars are generally cheaper to repair and replace than new ones. But, if you financed your vehicle purchase, you should consider gap insurance, which covers the difference between what your vehicle is worth and what you owe your lienholder.

How much is full coverage insurance on a used car?

Full coverage on a used car costs $1,867 per year or $156 a month. 

Full coverage car insurance is a policy that has different types of insurance. It usually includes liability, 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 car insurance coverage for your vehicle.  

To look at the price of full coverage, we base rates on coverage of 100/300/100 $100,000 per person, $300,000 per incident for injuries and $100,000 for property damage. The tables below, unless otherwise noted, are all based on 100/300/100 coverage.

Average used car insurance rates by model for 2006 to 2022

Year Select Year20222021202020192018201720162015201420132012201120102009200820072006

State Select State Nationwide Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Washington D.C. Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Vehicle Make Select MakeAcuraAlfa-RomeoAudiBMWBuickCadillacChevroletChryslerDodgeFordGenesisGMCHondaHyundaiInfinitiJaguarJeepKiaLand RoverLexusLincolnMaseratiMazdaMercedesMiniMitsubishiNissanPorscheSubaruTeslaToyotaVolkswagenVolvo

Vehicle Model Select ModelILX 2.4LILX 2.4L PremiumILX 2.4L Premium A-SpecILX 2.4L Tech A-SpecMDXMDX A-SpecMDX SHMDX SH AdvanceMDX SH Advance ResMDX SH TechMDX TechMDX Tech ResNSX Type SRDXRDX A-SpecRDX A-Spec AdvanceRDX Adv PackageRDX PMC EditionRDX SH A-SpecRDX SH Adv PackageRDX TechTLX 2.0LTLX A-SpecTLX SH A-SpecTLX SH AdvanceTLX SH TechTLX SH-AWDTLX Type S

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Make & Model Acura - ILX 2.4L State Nationwide

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*Full coverage is recommended for vehicles 2020 or newer, so only full coverage (comp and collision plus liability) rates are shown.

Methodology

Insure.com commissioned Quadrant Information Services to calculate average auto insurance rates.

Our hypothetical driver is a 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The rate also includes uninsured motorist coverage (since some states require it, we do it for all) and PIP or Medical Payments, if it is required by state law. This hypothetical driver has a clean record and good credit.

For liability 100/300 is rates the same hypothetical driver but with liability limits of 100/300/50, uninsured/underinsured motorist in matching amounts and PIP or MedPay, if required by state. We recommend limits this high, even if you have only liability coverage. A state-minimum policy includes only the basic state liability limits and any other state-required coverages, such as uninsured motorist or PIP.

Averages were calculated using data from six large carriers, such as Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm, in 10 ZIP codes per state.

Most expensive used cars to insure (2006-21)

• Porsche 918 Spyder (2015): $5,239
• Maserati Quattroporte GTS GranSport (2019): $5,102
• Maserati Quattroporte GTS GranSport (2018): $4,778

Some cars are far more expensive than others to insure. These are the most expensive, based on full coverage of 100/300/50 liability coverage plus comprehensive and collision with a $500 deductible

Cheapest used cars to insure (2006-21)

• Honda Odyssey LX (2006): $922
• Chrysler Town and Country (2006): $923
• Dodge Caravan SE (2006): $925

If you do not have a lot of money to spend on car insurance, you could save a ton by opting for a cheaper model. These are the cheapest used cars to insure based on 100/300/50 liability coverage with a $500 deductible on comprehensive and collision coverage.

Average used car insurance cost by state

Where you live can significantly impact 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. 

Rates can vary by several hundred dollars, depending on the state in which you live. Below are the average used car insurance rates by state. 

Factor the cost of car insurance into your buying budget

Don’t forget to consider the cost of car insurance when deciding on a new ride. Insurance costs often add 15% or more to your monthly car amount.

For example, if you budget a monthly car payment is $300 – say, for one of the cheapest monthly premiums on our list, such as the Odyssey LX – your insurance would be $77 a month, or about 25% of your car payment.

Research insurance costs on any vehicles you are serious about to ensure you can truly afford the vehicle.

Our used car insurance calculator gives you an average insurance cost for specific vehicles, so you don’t have to call or go online to get a quote for every car you are considering. Receiving an online quote will not only help you decide what vehicle to buy, but it will also help ensure that both the car and its insurance are within your budget.

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

You’ll need auto insurance before you drive off the lot or away from the curb of a private owner, so it’s a good idea to contact your insurance company before making a vehicle purchase. 

“In most places, you need proof of insurance before driving away with a used car, whether from a dealership or a private seller,” says Eliezer Zupnick, insurance advisor and founder of East Insurance Group, a leading commercial insurance firm. 

“However, depending on your existing insurance policy and your state’s regulations, you may have a grace period – typically seven to 30 days – to add the used car to your existing policy. It’s always best to check with your insurance company and your state’s Department of Motor Vehicles, DMV,  for the exact timeframe and requirements.”

Also, be sure to make it clear if you are replacing a vehicle on your policy or adding an additional car to it – that can make a difference if there is immediate coverage with your current policy.

If you don’t have an auto insurance policy already, shop around and be ready to finalize and buy it when you purchase the car.

Most expensive used cars to insure in 2024

In the above sections, we look at the price of insurance for cars made from 2006 to 2021.

But what about newer models?

A used car can be a recent model that someone has owned before you, even just a year old.  And, just like any brand-new vehicle, some will cost more than others to insure – and the difference may surprise you. 

These are the most expensive 2023 models to insure. Several Maserati models cost more than $6,000 a year to protect.

Least expensive used cars to insure in 2024

If you are looking for a less expensive car to insure, you could go with a 2023 Honda HR-V or a 2023 Mazda CX-30, both of which cost less than $2,000 a year to insure.

How to get insurance before buying a used car 

After you find the car you want, check insurance rates to ensure you can afford the policy. Our used car insurance calculator can give you rates specific to you and your vehicle. 

Contact an insurance agent or company to buy your new policy. You must provide details regarding the type of car and when you plan to buy it. You will receive your policy information after you confirm your details and make your payment.

How much auto insurance do I need for a used car?

One question to consider is how much insurance you need on a used car. 

First, consider liability insurance, which most states require. When you are legally liable for an auto accident, liability insurance covers injuries to people in another vehicle or their property. It is broken into two types: bodily injury and property damage. Though state minimums are much less, Insure.com editors recommend at least $100,000 coverage for bodily injury per person, $300,000 coverage for bodily injury per accident and $100,000 property damage for your vehicle.

As mentioned earlier, there’s also comprehensive and collision insurance. Collision covers your car when damaged after an accident with another vehicle or object. Comprehensive coverage covers thefts and damage caused by flooding, fire, vandalism and other causes beyond your control.

You’ll want to run the numbers to see whether collision and comprehensive make sense for your situation. A good rule of thumb is to purchase full coverage if your car is less than 10 years old or worth more than $3,000. 

However, if your car is older and you wouldn’t spend any of your own money to repair it, it may be time to skip comprehensive and collision, and start saving for a replacement vehicle instead.

Some auto insurance companies offer you the option of carrying comprehensive insurance without collision insurance; others require you to buy both. Remember to compare rates for the exact same coverage levels by using an apples-to-apples comparison as you shop around.

Factors affecting the used car insurance rates

There are four rating factors: value, repair, claims and type.

• Value: Whether new or used, the vehicle’s value is critical to insurers when calculating your collision and comprehensive costs since they may need to cover the cost if there is a total loss.
• Repairs: A newer car with newer, expensive tech will cost you more to insure than an older car with little or no tech. However, an old car with hard-to-find parts that require a repair specialist will be expensive to insure — maybe even more than a new car with parts and repair specialists readily available. The more an insurer may have to pay for repairs, the more you’ll pay in premiums.
• Claims history for vehicle: If your insurance company has historically paid out a lot of claims for your model vehicle, it will cost more to insure. For instance, if your model vehicle is stolen more frequently, you’ll normally pay more than a vehicle that is not as popular with thieves.
• Type of vehicle: Similar to new vehicles, a sports car normally costs more to insure than a minivan. If insurance companies find certain cars notorious for driving fast, they will consider the claims and accident data available. Those vehicles will cost more to insure.

Other rating factors: Non-vehicle

When looking for a used vehicle, remember it’s not just the vehicle insurance companies care about and rate you on. You will likely get better rates with:

• A good driving record
• A good credit score
• More driving experience (the more years licensed, the better)
• Driving 10,000 or fewer miles per year
• Having previous insurance coverage (a gap in coverage is not desirable, so if without a car for a few months, get a non-owner auto insurance policy)

Other factors of consideration include age, marital status, gender and location.

Though price is important, there is more to auto insurance than getting the cheapest rates. Ensure you get quotes with the same level of coverage so you can get accurate, comparable quotes from each insurance company. You’ll also want to read consumer reviews of the best car insurance companies to choose one with stellar customer and claims service.

How to lower your insurance costs 

There are a few things you can do to get cheaper car insurance. 

• Increase your deductible: You could save money if you raise your deductible. This means that you assume a higher portion of the responsibility should you have to file a claim.
• Utilize discounts: Ask about car insurance discounts for your used car. Many car insurance companies offer discounts for things like paperless statements, paid-in-full policies and loyalty rewards. Student and homeowner discounts are also common.
• Take a training course: Many insurers will give you a discount if you successfully complete a driver improvement course. Sign up for an upcoming class and watch the savings roll in.
• Compare quotes: Be sure to shop around and compare quotes from multiple car insurance companies, as rates can vary significantly from one insurer to another.

What our expert says

Q: Do you need insurance before you drive a used car?

Eliezer ZupnickInsurance advisor and founder of East Insurance Group.

"In most places, you need proof of insurance before driving away with a used car, whether from a dealership or a private seller. However, depending on your existing insurance policy and your state's regulations, you may have a grace period – typically seven to 30 days – to add the used car to your existing policy. It's always best to check with your insurance company and your state's Department of Motor Vehicles, DMV, for the exact timeframe and requirements."

Methodology

Insure.com commissioned Quadrant Information Services to provide a report of average auto insurance rates in 2023 for over 2,500 models. Sample driver is a 40-year-old male who drives 12 miles to work and is buying full coverage. Rates are an average of prices offered by seven insurance companies: Allstate, AmTrust, Farmers, Geico, Nationwide, Progressive and State Farm. Rates are for 10 zip codes per state.

Lena Borrelli

Contributing Researcher

 

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Lena Borrelli is a freelance writer from sunny Tampa Bay who has worked with such leading industry titans as Gronk Fitness, Morgan Stanley, Wells Fargo and Simon Corporation. Her work has most recently been published on sites like TIME, Microsoft News, Bankrate, Investopedia, Fiscal Tiger, The Simple Dollar, ADT and Home Advisor.