Reader’s Question:

I bought a used car. Will it be easy for me to find the cheapest vehicle insurance for it?

Rick

Las Vegas, NV

Getting a used car insured is pretty much the same as insuring one that’s brand-new except that your chances of getting the cheapest vehicle insurance is possibly bigger. Whenever an insured car gets stolen or damaged to the point where the cost of repairing it becomes more expensive than the car itself, that car is said to be written off. Since a used car has far lesser value compared to a brand-new one, the insurer’s losses will also be relatively less. Should you buy comprehensive and collision coverage for it, the car insurance company should therefore also charge you less. Actually, some used car owners forego getting comprehensive coverage altogether as this isn’t part of the state’s minimum requirements for car insurance. So used car owners are likely part of the lucky few who get to pay the cheapest vehicle insurance. One more thing about used cars that increases your chances of getting the cheapest vehicle insurance is that you can raise your deductibles. Higher deductibles mean lower premiums. It doesn’t make much financial sense to spend too much on ensuring thorough repairs for a car that already has some wear and tear on it. A used car however can cause just as much damage or bodily injury as one that’s brand new so your rates for liability coverage won’t really be affected.