Taking a huge depreciation hit when driving that new automobile
off the lot is no one's idea of fun. Just the thought of losing
several thousand dollars in the process is enough to make anyone
crazy.
But there is a way to minimize financial loss and keep
devaluation—and insurance premiums—to a minimum: buy used, instead
of new. Not only is used auto insurance cheaper; the money you shell
out for that used car is much easier on your wallet, too.
Regardless what you drive, InsureMe is here to help make finding
and buying the right auto insurance fast and easy. With one simple
application and a little information, we'll shop your insurance to
agents in your area who have what you need and can supply you with
their lowest quotes right away. That way, you'll know what you're up
against when you leave the dealership—no matter what you decide.
Let InsureMe shop your insurance rates, while you have fun at the
car lots. We'd consider it a privilege! Meanwhile, here's some
information on used auto insurance we hope will help you make your
final selection wisely.
New vs. Used Auto Insurance
When buying an automobile, your goal is to protect both yourself
and your vehicle while out on the road. But since a new car's value
is much higher than its used counterpart, you'll have a lot more
value to protect if you decide to buy new. That means comparably
higher insurance rates, too.
If you buy a used automobile, your premiums will be lower. Not
only will you have less value to protect with something used but,
when stolen or damaged, used cars cost less to repair or replace
than brand new ones. That means your insurer faces less risk—and
that translates into lower comprehensive and collision rates for
you.
No matter what you drive, your auto is capable of inflicting
injury on others and damage to their vehicles. Since liability
insurance covers these types of situations and liability rates
aren't affected by a car's age, rates for this portion of your auto
insurance tend to be more or less equal across the board.
Safety Concerns
Since safety is an important factor used to calculate auto
insurance rates, buying a pre-owned automobile requires doing some
research ahead of time to keep your used auto insurance rates low.
Insurance companies track injury statistics by vehicle make and
model, and many times offer discounts to used auto owners who
purchase safer cars or those containing safety equipment. So if
you're torn between two vehicles and one will cost significantly
more to insure than the other, keep this in mind: a safer automobile
may translate into lower premiums—as well as protect you from more
extensive injury.
Deductibles
We all know the basic premise: the lower your deductible, the
more your insurance premiums cost. And while it may make sense to
keep deductibles low on a brand new car that looks like it just came
off the showroom floor, it usually makes more sense to opt for a
higher deductible when buying used auto insurance.
Why? Since used automobiles normally have some wear and tear (or
cosmetic damage) already present, used car owners may choose to skip
repairing minor collision damage completely—or pay those expenses
out of pocket—rather than paying the higher premiums a lower
deductible commands. However, before setting deductibles low on used
car insurance, owners should make sure they have additional funds
available to pay for those minor repairs…or be willing to live with
their automobile just the way it is.
So how can you know where to wisely set your deductibles when
buying a used automobile? Ask yourself how much you can comfortably
afford to pay in case of an accident without upsetting your
finances. The more you're able to contribute, the higher your
deductible should be.
Save Time & Money
As with everything else worthwhile, buying insurance for a used
car can be tricky. But by using InsureMe to obtain multiple
insurance rates, you'll save time and money—and that's welcome
relief in an inflated economy.
Apply for competitive quotes today. Low-cost, used auto insurance
is at your fingertips!
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