How much is car insurance for a new car?

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In a nutshell...
  • New car insurance can cost significantly more for insurance on an older vehicle
  • The  type of car you buy significantly impacts your monthly premium
  • Sports cars usually cost more to insure than family-style sedans

Many people make the expensive mistake of looking for car insurance after buying a new car. They are then surprised at how much more car insurance may be for a new car than their old model.

A bad time to consider the cost of car insurance is after you have already purchased a vehicle so you need to factor the cost of insurance into the equation well before making a decision to purchase.

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How expensive is auto insurance for a new car?

New car insurance can cost significantly more for insurance on an older vehicle. The reasons for this are fairly simple: new cars are worth more and cost more to fix than older models.

There are other factors, however, which directly contribute to the cost of car insurance on a new vehicle. For example, onboard safety features, anti-theft devices, airbags, antilock brakes and similar items can influence car insurance discounts your previous vehicle maybe never had.

The type of vehicle is also quite important.

If you are upgrading from a beat-around-town car to the latest muscle car, then expect to pay a lot more.

For example, average national auto insurance rates for a new Corvette are $1,782 per year, while a Chevy Impala is only $1,306. Similarly, luxury cars will cost more than family-type sedans.

You can also reduce your car insurance rates by taking advantage of discounts. Many car insurance companies offer discounts for good drivers, those who take driver’s training, good students, low mileage drivers and for a variety of other factors.

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Understand the Total Cost of Ownership

When you are shopping for a new car, it is easy to forget about insurance. However, this is a costly mistake. As you shop around, take note of the make, model and safety features of the vehicles you are interested in.

Call your agent or visit an online quote site to get a quote on the price of insurance for the new vehicle before committing to purchasing anything.

Drivers who stretch the budget just to afford a new car payment may very well become upside down if car insurance comparison was not done beforehand.

Should you consider GAP insurance for any new vehicle?

Another thing to consider as you shop for a new vehicle and compare insurance rates is GAP coverage. When you buy a new car the vehicle will automatically have a certain amount of depreciation.

Many insurance policies pay only “book value” on a damaged car, and book value can be significantly less than what you owe on the vehicle during the first few years.

Gap coverage “bridges the gap” between what you owe and what the car is worth, paying off the total amount financed instead of just the book value.

Many drivers also find this an ideal time to compare car insurance companies. You may be surprised how much you can save simply by switching providers but comparing new insurance is a little tricky.

You must be sure to find equivalent coverage and not just compare policies by premiums. Some companies advertise low rates but they really are just cutting your coverage such as raising your deductibles, lowering your limits or leaving off some features included in other policies.

The ultimate cost of car insurance for a new car will most likely be higher than your old vehicle but by comparing auto insurance companies and requesting quotes before buying a car will certainly prevent you from any surprises down the road.

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