Auto Insurance For Used Car in Idaho

Reader’s Question:

Will I get a more affordable auto insurance on a used car? I’m planning to get one here in Idaho.

Vince

Idaho Falls, ID

Yes, it would be more likely for someone who owns pre-owned vehicles to pay for much lower auto insurance rates as compared to someone insuring a top-of-the-line and fairly expensive vehicle. A car’s actual cash value or it’s value in the market plays a significant role in your ability to acquire affordable auto insurance quotes. Used car’s already have a depreciated value so you would no longer feel the need to pay for large amounts of collision and comprehensive insurance coverage there in Idaho.

In fact, depending on how old the vehicle is, and counting in wear and tear as well as pre-existing damages, it would make much more sense to drop collision and comprehensive insurance altogether (especially if the vehicle is less than a thousand dollars) since you won’t get much and you will have to shoulder a deductible which could be half the price of your vehicle already.

You are still, however, required by the financial responsibility laws of your state to carry adequate liability insurance in case you injure someone or destroy property in a car accident. For Idaho you need to get at least $20,000 liability for each injured person, $50,000 for all injured per accident and $15,000 to pay for property damages (the 20/50/15 rule) But the lack of comprehensive and collision coverage would already make for a cheap auto insurance coverage. Don’t forget to shop around, auto insurance websites like this one can help you get the lowest auto insurance rates in your area.

Choosing an Auto Insurance Company For A Used Car

Reader’s Question:

What kind of policy should I look for from an auto insurance company for a used car?

Maureen

Burke, VA

Good question, when looking to get coverage from an auto insurance company it is important to take note of the advantages when insuring a used vehicle. Unlike a brand new car, owners of used vehicles need not buy a policy that has very high comprehensive and collision insurance. In fact, owners of used vehicles may opt to drop collision and comprehensive insurance or keep it to a bare minimum since filing a claim with an auto insurance company with this kind of vehicle would not be cost effective. Your policy may have a $500 deductible for comprehensive or collision but if you have a car that is around $1000only, then you would save more in the long run by having damages on your vehicle fixed out of your own expense. If you would be getting minimal comprehensive and collision you could also increase your deductible to get much lower rates that will make for cheap auto insurance.

You would need to still have adequate liability insurance coverage, as per the Financial Responsibility laws of the state of Virginia. Your policy should have at least 25/50/10 worth of coverage purchased from your auto insurance company. That would mean $25,000 for each individual you injured in an accident, $50,000 for everyone you injure and $10,000 to cover for liability due to property damages. Make sure to shop around for the best rates online.

Prices Of New Car Insurance VS Used Car Insurance

Reader’s Question:

Which is cheaper to insure: new or used cars?

James

Houston TX

Generally a used car is much cheaper to insure because the value of the car is less than that of a new vehicle. Vehicle parts and the cost of repair are being considered that is why used car compared to brand new car, are cheaper when being repaired after an accident.

However, the cost will still depend on the type of vehicle. If for example you have a brand new sedan, it will usually be cheaper to insure it than a used high performance or sports car. Collision damage cost is also being considered when comparing a new and used car insurence.

It is also taken into account if the vehicle is attractive to thieves or the type of car that is often gets stolen. In this case, car insurance will be expensive whether it is a new car or a used car.

If you are looking for a vehicle to purchase, and uncertain which type of car to purchase, the best thing to do is to get car insurence quote to determine the difference in price for each type of vehicle. You can try the comparison website above this page.