Differences in Insuring New and Used Cars

Buying a car is an exciting time in anyone’s life. It can also be confusing and stressful with all the car options and deciding if you should buy a new or used car. While your budget will usually determine if you buy a new or used car, it is important to remember other factors, including insurance. There are large differences in the amount of insurance you will be paying depending on the age of the car you are buying.

While most people think that insuring a new car is more expensive, that is not always the case. While most of the time insuring a new car is more expensive since they have a higher market value and can be more expensive to repair in the event of an accident. However, in some cases, insuring a new car can be less expensive due to all the safety features.

Used cars can be slightly more expensive to insure because they are more likely to be stolen. Although new cars are more desirable, they often have anti-theft devices or GPS tracking. Older cars are also often a target for thieves because they are easier to take apart and sell the pieces.

When you are looking for the most comprehensive auto insurance for you new or used car, contact The Insurance Shop in White Bear Lake, Minnesota.