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Getting auto insurance on your new-to-you used car has never been easier. As the world’s only transactional automotive marketplace, we give you everything you need to get the deal done—and beyond.
What Type of Insurance is Best for a Used Car?
1. Liability Insurance
Legally mandated in most states, liability insurance covers the costs associated with damage or injury to another party when you’re at fault in an accident. While coverage limits vary by state, liability insurance is generally quite affordable. For owners of used cars, this is an essential level of coverage as it protects against major financial liabilities in the event of an accident. Because liability insurance doesn’t cover your own vehicle damages or personal injuries, you’ll need to have a financial fallback plan if you don’t have other coverage.
2. Collision Insurance
If you’re involved in an accident, collision insurance will cover the repair costs of your vehicle. While this coverage can be advantageous, especially for used cars that may have more mechanical vulnerabilities, it can also be expensive, with potentially high deductibles. You may consider the age and value of your used car before opting for this coverage, as older vehicles might not warrant the cost.
3. Comprehensive insurance
This insurance offers protection against non-collision damage such as theft, vandalism, fire, or hail. Like collision insurance, comprehensive coverage includes a deductible. The cost-benefit analysis for comprehensive insurance on a used car often depends on factors such as the vehicle’s value and your geographic location (e.g., high crime areas or regions prone to severe weather).
4. Uninsured/underinsured motorist insurance (UM/UIM)
UM/UIM coverage provides protection if you’re involved in an accident caused by a driver who lacks sufficient insurance. While the possibility of such an incident isn’t necessarily related to your car’s age or condition, this coverage can offer peace of mind. However, it also tends to be more costly and comes with a deductible.
5. Personal injury protection (PIP)
Irrespective of fault, PIP covers your medical expenses, lost wages, and funeral expenses in the event of an accident. Some states require PIP coverage. However, it can be quite expensive, and there may be limitations on the benefits it offers.
6. Medical payments (MedPay) insurance
MedPay, while similar to PIP, solely covers medical expenses and isn’t mandated in any state. It can provide a financial safety net for medical costs stemming from an accident. But, like PIP, it might not be cost-effective.
7. Gap insurance
Targeted to those still financing their cars, gap insurance covers the difference between the balance of your car loan and the vehicle’s current value if it gets totaled. For newer used cars with a higher remaining loan balance, this insurance can save you from substantial financial loss. However, it’s usually unnecessary for older used cars with little or no loan balance remaining.
8. Mechanical breakdown insurance (MBI)
So which used car insurance coverages are best? Liability, at a minimum. Beyond that, every driver and situation is unique, so it’s always a good idea to speak with an insurance professional who can help you understand your risks and needs, and guide you in making the best decision for your specific situation.
Should I Get Car Insurance Before I Buy a Used Car?
In most cases, you should get insurance before you buy a vehicle, as you can’t legally drive an uninsured car. Even if you’re shopping used cars for sale, it’s smart to get an insurance quote as soon as possible. That way, you’ll have an estimate of how much you are expected to pay for car insurance for the particular vehicle model and make.
You can choose a start date a few days before you plan to purchase your vehicle and ask the carrier to confirm that your coverage has started.
How Long Do You Have to Get Insurance After Buying a Used Car?
It’s best to get insurance before you buy a vehicle. However, if you already own an insured vehicle and are buying another car, some companies may offer a short grace period in which your new-to-you car is covered.
Grace periods last between 7 and 30 days and vary by carrier. During the grace period, you will have to notify your insurance company that you have bought a vehicle and get coverage.
Not all insurance companies offer grace periods, so be sure to talk to your insurance agent before buying a car so you’ll be in the clear.
Auto Insurance Glossary
Overwhelmed by insurance jargon? We tell you in plain English what all the terms mean.
Actual cash value (ACV): the value of your car based on the current cost to replace it minus depreciation.
Adjuster: a person who investigates and settles insurance claims.
Beneficiary: the person or entity designated to receive the proceeds from an insurance policy.
Carrier: another term for an insurance company.
Claim: a formal request to an insurance company asking for a payment based on the terms of the insurance policy.
Collision coverage: insurance that helps pay for repairs to your own vehicle in the event of a collision.
Comprehensive coverage: insurance that pays for damage to your vehicle from events other than a collision, such as theft, fire, or vandalism.
Coverage: the extent of protection provided by an insurance policy.
Declarations: a part of your insurance policy that includes basic information such as the policyholder’s name, address, the policy period, the amount of coverage, and the premium amount.
Deductible: the amount you pay out of pocket before insurance coverage kicks in.
Depreciation: the decrease in a car’s value over time, typically due to age, wear and tear, or market conditions.
Endorsement: an addition to an insurance policy that changes the terms or scope of the original policy.
Exclusion: certain conditions or circumstances where insurance coverage would not be provided, as outlined in the insurance policy.
Full coverage: a term often used to refer to the combination of comprehensive, collision, and liability coverages.
Gap insurance: coverage that pays the difference between the actual value of a vehicle and the amount still owed on the car loan if the vehicle is totaled.
Indemnity: compensation for damage or loss.
Liability coverage: insurance that provides coverage for injuries or damages to others caused by the policyholder.
Medical Payments (MedPay): coverage for medical expenses if you are injured in an accident, regardless of who is at fault.
Negligence: failure to exercise the care that a reasonably prudent person would exercise in like circumstances.
No-fault insurance: a type of auto insurance that allows policyholders to recover financial losses from their own insurance company, regardless of who is at fault for the accident.
Personal injury protection (PIP): coverage for medical expenses and, in some cases, lost wages and other damages, regardless of who is at fault in an accident.
Policy period: the length of time an insurance policy provides coverage.
Policyholder: the person who owns the insurance policy.
Premium: the amount paid for an insurance policy.
Rate: the cost of a specific amount of insurance coverage, determined by factors such as age, gender, driving record, and location.
Salvage title: a form of vehicle title branding that notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it.
Subrogation: when an insurance company seeks reimbursement from the at-fault party’s insurance company for the claim amount they paid to their insured.
Telematics: technology used in vehicles to monitor driving habits and usage. This data can be used by some insurance companies to offer personalized rates.
Third party: a person or persons other than the policyholder who is involved in an accident.
Tort: a wrongful act leading to civil legal liability.
Total loss: When the cost of repairing a vehicle after an accident is greater than the actual cash value of the vehicle. Usually results in a branded or salvage title.
Underwriting: the process an insurance company uses to determine if someone qualifies for insurance, how much coverage they qualify for, and how much they should be charged for it.
Uninsured/underinsured motorist coverage: insurance that protects you if you’re involved in an accident with a driver who doesn’t have insurance or whose insurance isn’t sufficient to cover the costs.
How Much Does Used Car Insurance Cost?
Car insurance can be as low as $250 per year or as high as $10,000 annually. Your annual insurance rate will be based on your car’s model and make, your age, your driving record, and the coverage you choose.
If you’re trying to decide which used car to buy and are considering several vehicles, it’s worthwhile to research the average cost of car insurance for each of them to find out which used car insurance option is going to be the best. Insurance rates from one vehicle to the next may sway your decision of which to buy.
Is it Cheaper to Insure a New or a Used Car?
Used cars cost less than new ones to insure as a general rule, but there are exceptions. The car’s age influences car insurance premiums, but it’s not the only factor.
Cost of Parts
Some car models and makes are more expensive than others. One reason for the rate discrepancy involves parts costing far more for some brands than for others.
For example, a Ford is generally going to have lower premiums than a BMW, all other things being equal. That’s because parts for BMW (and other luxury brands) cost a premium. So, if you choose a luxury car, make sure you’re budgeting for higher car insurance rates.
A Word on Classic Car Insurance
Insuring a high-mileage car is a lot different from insuring a classic or antique car. Classic cars can be worth a lot, and they can’t easily be repaired or replaced. As a result, classic car insurance could be expensive, even though the vehicle is old.
Should I Get Car Insurance Before I Buy a Used Car?
In most cases, you should get insurance before you buy a vehicle, as you can’t legally drive an uninsured car. When shopping for a used car, it’s smart to get an insurance quote as soon as possible. That way, you’ll have an estimate of how much you are expected to pay for car insurance for the particular vehicle model and make.
You can choose a start date a few days before you plan to purchase your vehicle and ask the insurance provider to confirm that your coverage has started via email, text message, or a phone call.
How Long Do You Have to Get Insurance After Buying a Used Car?
It’s best to get insurance before you buy a vehicle. However, if you already own an insured vehicle and are buying another car, some companies may offer a short grace period in which your new-to-you car is covered.
Different insurance companies have different grace periods when it comes to how long you have to get insurance after buying a used car. This period typically lasts between 7 and 30 days.
During that time, you will have to notify your insurance company that you have bought a vehicle and discuss your insurance options.
Not all insurance companies offer grace periods, so be sure to talk to your insurance agent before buying a car so you’ll be in the clear.
Which States Don’t Require Car Insurance?
New Hampshire let’s most drivers opt out of having car insurance. South Carolina and Virginia allow drivers to opt out of coverage by paying a fee.
- New Hampshire doesn’t mandate auto insurance if you can demonstrate that you meet minimum financial responsibility requirements. If you’re at fault in an uninsured accident, New Hampshire will probably require you to get insurance coverage.
- In South Carolina, eligible vehicle owners can pay a $600 fee to register as uninsured motorists. Choosing this path means you will personally bear the cost of any damages or injuries you cause in an accident.
- Virginia allows its residents to forgo liability insurance by paying a $500 uninsured motorist fee. However, this means you will lack coverage in the event of an accident. You will be financially responsible for others’ injuries and property damage if you are at fault.
About Our Partnership: PrivateAuto and Insurify
PrivateAuto is bringing you in-app car insurance via Insurify, an insurance comparison site. Insurify partners with top insurance companies to provide users with a variety of plans and quotes to choose from. Insurify also uses AI technology to help users find the best discounts available.
Auto Insurance FAQ
Is PrivateAuto being compensated by Insurify?
PrivateAuto receives compensation for referring traffic to Insurify. When you request a comparison quote, we receive a small fee, whether you opt to purchase a policy through Insurify or not. This arrangement allows us to continue providing valuable services to our users while also supporting the growth and sustainability of our platform.
How long does it take to get a quote from Insurify?
You should get a quote from Insurify within minutes. The entire process of getting insurance coverage may take up to two business days, depending on your availability.
Can you drive a second car without insurance?
No, you can’t drive a second vehicle without insurance, even if your first vehicle is insured. Vehicle insurance follows the car, not the driver. You’ll need to buy used car insurance for every vehicle.
Can I drive a car if I’m not the registered owner?
You can drive a car you’re not the registered owner of, as long as you have the owner’s permission. The vehicle needs to have a valid insurance policy on it in the owner’s name. Ideally, the car insurance policy should cover any driver operating the vehicle with the owner’s permission.
Can I get vehicle insurance on a salvage title?
No, you can’t get vehicle insurance on a salvage title. A vehicle with a salvage title is considered a total loss and can’t be driven on public roads, and thus can’t be insured. Once you repair the vehicle and upgrade the car title to “rebuilt” status, you will be able to insure your car. You’ll then be able to show proof of insurance to your state’s DMV or equivalent organization to get the car registered and licensed.
How do insurers calculate insurance rates?
Insurers calculate rates based on coverage but also based on the year, make, and model of the car: some cars are more expensive to insure. Rates also vary based on personal factors such as your driving record, age, credit score, and marital status.
What’s the ideal level of coverage for used vehicles?
The ideal level of insurance coverage depends on the value of the vehicle and its replacement cost. There’s little need to purchase the maximum level of comprehensive coverage insurance for a 15-year-old clunker, but you probably don’t want to go without collision and comprehensive insurance on a car that’s only a couple of years old because of its high replacement value.