Here are which used cars are the cheapest and the most expensive to insure

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The used car market is the fastest growing market these days as prices have skyrocketed as record numbers of buyers are shut out of the new vehicle market due to inventory shortages caused by delays in sales. delivery of microprocessors and other factors. Prices rose on average 45.2 percent last June compared to the same period a year earlier according to the Consumer Price Index.

Some used cars sell for more than some new models which are rare and in high demand. Even high-mileage used cars sell for high prices, with the average price of models with 100,000 miles on the odometer increasing by over 30% over the past year.

One way to deal with high used car prices would be to sell your current ride for a pretty penny and travel the months ahead using rideshare services or public transit until stocks catch up. delay and prices drop to a reasonable level. But if that’s not an option, with prices as high as they are, you’ll want to make sure long-term ownership costs are reasonable for any used vehicle you’re considering, and that includes what you will be charged for auto insurance. A recent survey conducted by Insure.com shows that nearly 53 percent of used car buyers don’t check what they will pay for coverage before closing the deal.

Fares are largely charged based on the personal profile, which includes the policyholder’s age, gender, marital status, address, and driving record, but they also depend on the vehicle you own. . As with new cars, trucks, and SUVs, family models that are driven safely and are inherently the cheapest to repair are the cheapest to cover. The most expensive to insure are luxury cars which cost a small fortune to repair, and high-performance muscle models which are most likely to be driven aggressively.

To help cash-strapped buyers compare costs of ownership, Insure.com has published lists of the cheapest and most expensive used vehicles to insure, as they do every year for new models. Unsurprisingly, the same measures apply to the second-hand market as to ex-works.

So seven of the 10 cheapest used cars to insure are all minivans, with average annual rates in the range of $ 900, while the most expensive models in this regard are posh sports cars. , expensive and performant, with some curbing the barrier of $ 5,000 for annual bonuses. We present the two top 10 lists below, which are based on an average motorist with 100/300/50 third party liability coverage and $ 500 collision deductible and full coverage.

“While used cars may be more affordable than newer models, it’s always important to factor insurance costs into your budget when deciding which car to buy,” advises Penny Gusner, senior analyst for consumers for Insure.

Otherwise, the same advice applies to keeping used car insurance rates low as is the case with new vehicle premiums. Namely, shop every year for the best rates based on your personal profile, and more frequently to coincide with life-changing events (marriage or divorce, moving, adding or removing drivers, etc.). Keep deductibles low to save money and avoid add-on programs like roadside assistance, and make sure you take advantage of every discount you’re entitled to.

10 cheapest used cars to insure

  1. 2006 Honda Odyssey LX: $ 922
  2. 2006 Chrysler Town & Country: $ 923
  3. 2006 Dodge Caravan SE: $ 925
  4. 2007 Honda Odyssey LX: $ 936
  5. 2007 Dodge Caravan SE: $ 937
  6. 2007 Chrysler Town & Country: $ 944
  7. 2008 Honda Odyssey LX: $ 944
  8. 2006 Ford Escape XLS: $ 956
  9. 2006 Jeep Wrangler SE: $ 957
  10. 2006 Ford Escape XLS: $ 958

10 most expensive cars to insure

  1. 2015 Porsche 918 Spyder: $ 5,239
  2. 2019 Maserati Quattroporte GTS GranSport: $ 5,102
  3. 2018 Maserati Quattroporte GTS GranSport: $ 4,778
  4. 2017 Maserati Quattroporte S: $ 4,723
  5. 2018 Maserati Gran Turismo MC Centenia: $ 4,623
  6. 2016 Maserati Quattroporte GTS: $ 4,549
  7. 2019 Maserati Ghibli S Q4 GranSport: $ 4,451
  8. 2015 Maserati Quattroporte GTS: $ 4,388
  9. 2017 Maserati Gran Turismo MC Centenary: $ 4,350
  10. 2016 Maserati Gran Turismo MC Centenary: $ 4,248

You can read the full report here.


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