Myth: New Cars Are More Expensive To Insure

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Myth: New Cars are More Expensive to Insure

Published by AccurateWP

After purchasing a vehicle, one of the first steps you take is obtaining insurance. No matter if your car is old or new, it should be insured. Accidents are unexpected and you wouldn’t want to be without auto insurance when they occur. Visit Accurate Auto Insurance for auto insurance coverage in Illinois.

Value of the Vehicle

The value of the vehicle has a large impact on your auto insurance price. Since the value of cars range, you cannot assume that a new car is going to be more expensive to insure. Older vehicles (not antiques) may be less expensive to insure than newer vehicles because they are less valuable. When your car is less valuable, your insurance has a lower liability, leading to a less expensive insurance policy.

Make and Model

When it comes to buying auto insurance, the make and model of a car is more important than the year it was produced. For instance, the owner of an older Jaguar will pay more to insure it than someone who just purchased a new Toyota Camry. Your insurance rate will also adjust depending on the features that you have added to your vehicle.

How Often the Model is Stolen

Surprisingly enough, the frequency at which your car model is stolen will also affect your insurance rate. New, high-end cars are stolen less than a mid-90s Camry because their parts are constantly changing. Some of the most-stolen cars include Accords, Civics and Camrys because their components haven’t changed much over the years. Since these cars are often stolen, their insurance rates will be slightly higher.

The myth has been busted, newer cars aren’t always more expensive to insure. Your insurance rate depends more on the value, make and model of the car, as well as if it’s a favorite among thieves. Visit Accurate Auto Insurance for auto insurance coverage in Illinois. Plus, we’ll give you a free instant quote for your vehicle!

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