Are cheaper or older cars less expensive to insure?
I need a new car and I am weighing my options between going for a newer car or going for an older car. Obviously an older car would cost less to buy, but what costs more for insurance?
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Answered on Mar 12, 2021
Typically, the type of coverage requested for cheaper or older vehicles is liability only, which is more affordable. This is because it may not make sense to buy collision or comprehensive coverage if your car is older, and this is especially true if your car’s market value is below or close to your deductible. If you’re not including full coverage in your policy, your premium will be lower.
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