Does it cost less to insure older cars?

I bought a used car that's 15 years old. Will it cost less to insure? I previously had a 2014 Dodge Durango and it was expensive.

Answer
“When car insurance companies determine rates, part of what they look at is the type of vehicle you drive. As insurance is based on risk and the value of the vehicle, newer cars tend to be more expensive to insure.
If your vehicle is marked a total loss and your insurance company pays out, they’ll have to pay more for a newer car than an older one. Also, most people choose to carry liability car insurance on older vehicles instead of full coverage, which can further reduce rates.
However, your rate is still dependent on other factors beyond the type of vehicle you drive. Even if you insure a used car, you may still have a high rate if you don’t have a good driving record or credit score.
The best way to see what your rates will be is to hop on Jerry and compare rates with over 50 different companies. This will allow you to see what the cost of insuring your car would be.”
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Emily Maracle
Answered on Sep 10, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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