In the complex world of car insurance, blanket statements like “new cars are more expensive to insure” are practically bound to be untrue.
The fact is new cars don’t necessarily cost more to insure than older ones.
Is insurance higher on newer cars?
The other reason that new vehicles cost more to insure than used cars is that most new cars are financed. Full car insurance coverage includes several different types of coverage and is more expensive than a basic liability policy, sometimes substantially so.
Why is car insurance more expensive for newer cars?
New auto insurance is more expensive for a new car for a variety of reasons. One is because the repairs are more costly. When a car insurance company prepares a quote, they consider the make and model of the vehicle.
Is it cheaper to insure a new car or old car?
Older vehicles are typically cheaper to insure because they’re less valuable than newer vehicles. When your car is less valuable, it means your insurance company has a lower liability. The cost of repairing your vehicle might roughly be the same amount of money.
What cars are expensive to insure?
10 Most Expensive Cars To Insure For 2019
- Mercedes-Benz Maybach S650. $3,917/Year.
- Porsche Panamera. $3,887/Year.
- Mercedes-AMG GT R. $3,751/Year.
- BMW M760i xDrive. $3,705/Year.
- BMW i8. $3,603/Year.
- Mercedes-AMG S65. $3,585/Year.
- Mercedes-AMG SL 63. $3,549/Year.
- Mercedes-Benz S560 4MATIC. $3,514/Year.