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Is it Easier to Get Cheap Car Insurance for New Cars or Old?

If you are looking for cheap car insurance rates for your old car, it may be easier than you think. Conversely, insuring your new vehicle may be more difficult than you think. Ultimately, the age of your car is of less importance to insurers than the make, model, the number of safety features, how much you drive, your driving record, your location, your credit score and car value.

Is your older car prized by thieves? You may not think that your 1994 Honda Accord is considered by any means a classic, but did you know it is the number one most stolen car in the United States? Insurance companies take the annual list of most stolen cars in the nation very seriously, since it is a good indicator which model vehicles are likely to have theft claims filed about them. Interestingly, 8 out of the 10 cars on the list are economy model cars older than 10 years!

How often do you drive your car? The owners of older collectible cars tend to use them as display vehicles, and only take them out for parades and car shows. Because they want their value to appreciate, they do not want to risk damaging them or risk having them stolen. If your collectible car is well maintained, locked up securely and rarely driven, smaller specialty insurers will often give you a pretty deep discount. However, if you drive your older car every day in a high-traffic region, insurance companies might view you as being a big risk.

Does your new car have sufficient safety and security features? Most new cars are outfitted with air bags, alarm systems and anti-lock brakes at the factory, and insurance companies make deductions based upon these security features. Additionally, new car owners can have aftermarket devices installed in order to lower their rates even further. Older cars that did not have factory installed safety and security features are a tougher sell to insurance companies, so if you want your insurance premiums for your older vehicle to go down, consider having an ignition cut off switch, tracking device or alarm installed.

Is your new car small and fast? It is nearly impossible to find cheap car insurance for new, higher-end, flashy 6-cylinder cars. Why? Because these vehicles, statistically, get into the most accidents and incur the most damage. Insurance providers believe that owners of fast and sporty cars are more likely to drive recklessly than owners of economy cars.

Additionally, new luxury sports cars cost far more to repair than their down-market counterparts. These expensive cars require expensive materials, which are sometimes hard to find and difficult to install, necessitating higher labor charges.

There are so many factors that determine a customer's ability to get cheap car insurance that it is difficult to say definitively if new cars are cheaper to insure than old cars or vice versa. Your 2012 Toyota Sienna might be cheaper to insure than your 1998 Honda Civic, but your '69 Mustang might be cheaper to insure than either model.

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