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How Does a Used Car Affect My Auto Insurance

September 22nd, 2011  |  Insurance

Buying a used car affects your auto insurance rates in a different manner when you compare it to buying a new car. So, it is always a good idea to consult your insurance broker when you are in the market for a used car. Too many people approach auto insurance as an afterthought when buying a car. But, the truth is that if you factored in the cost to insure a vehicle into your purchase decision, there will definitely be a few cars that you will think twice about.

Purchasing a used car affects your insurance in a number of ways. Used cars require different coverage than new cars, so you will need to adjust your coverage to reflect the change. Depending on the age and condition of the car, you may want to adjust the deductible and also consider removing collision coverage.

Just like with a new car, the amount you pay will be based on the type of vehicle and how it is viewed by insurance companies.  Things like the make, model, age, number of kilometers, and other factors will all play a role in determining your rates.

The best thing you can do is to talk to your Insurance Broker about how a used car will affect your rates before you make a purchase. They will be able to answer your questions and provide you with a quote for any car you are considering.

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