Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Sep 30, 2021

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Key Takeaways

  • Some of the best car insurance companies for a used car include GEICO, State Farm, USAA, Nationwide, and Progressive
  • The cost of insurance is likely to decrease as a vehicle gets older
  • The biggest reason why used car insurance is cheaper is that used cars may require less coverage

Car insurance companies use a lot of factors to determine car insurance rates. Some of these include your driving record, your age, and your vehicle’s characteristics.

Buying a used vehicle is common since they are often cheaper overall than newer vehicles. Finding the most affordable car insurance is an important part of budgeting for a used vehicle. Below, we’ve listed some of the best car insurance companies for a used car.

Get used car insurance quotes by entering your ZIP code into our free quote comparison tool above.

What are the best car insurance companies for a used car?

Comparing car insurance companies is the best way to understand which one offers the best used car insurance. Below is a list of some of the best car insurance companies for used cars.

GEICO

GEICO is known for offering some of the lowest rates in the car insurance industry, and this holds true for used cars. GEICO also offers excellent customer service and an easy claims process.

State Farm

State Farm offers rates that may be similar to GEICO’s (when compared to a driver and vehicle with the same characteristics), so you may be able to find affordable used car insurance with State Farm as well.

USAA

USAA offers affordable car insurance for members of the military, veterans, and their family members. USAA’s products are specifically tailored to military members’ needs, and the company offers plenty of savings opportunities.

Nationwide

Nationwide is a major car insurance company that provides affordable used car insurance for a variety of makes and models. Its discounts also give drivers the ability to lower their rates.

Progressive

Progressive has generally good reviews from existing customers, and it offers a wide variety of used car insurance coverage options. You may also be able to bundle with other types of insurance to save money.

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How much does used car insurance cost?

With such a wide variety of vehicle options, your used car insurance rates can vary significantly. Let’s take a look at how rates can change as a car gets older:

Average 6-Month Rates by Vehicle Age
Vehicle AgeAverage 6-Month Rates
New$913
1 year old$826
2 years old$830
3 years old$802
4 years old$776
5 years old$748
6 years old$776
7 years old$710
8 years old$689

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In general, car insurance rates decrease as a vehicle gets older. This is because the value of the car decreases. Some drivers also don’t purchase as much coverage for a used vehicle, which can decrease the monthly rates.

A used car insurance calculator online may be able to help you estimate your insurance costs.

What is the difference in insurance for used vs. new vehicles?

Typically, newer vehicles cost more to insure than used, older vehicles. However, there may only be a small difference in rates depending on vehicle type and the exact age of the used vehicle.

One of the biggest differences between insurance for a new and used vehicle that can affect the rates is what level of coverage is necessary.

New vehicles may have a loan or lease that requires collision, comprehensive, or full coverage. This will cost more than if a driver with a used car chooses to have less coverage or a cheaper type of coverage, such as a liability-only car insurance policy.

What are the most and least expensive used cars to insure?

Your car insurance rates depend on many factors, but your vehicle’s characteristics play one of the biggest roles.

Some of the most expensive used cars to insure are:

  • 2015 Porsche 918 Spyder: $5,239 annual rate
  • 2019 Maserati Quattroporte GTS GranSpor: $5,102 annual rate
  • 2018 Maserati Quattroporte GTS GranSpor: $4,778 annual rate
  • 2017 Maserati Quattroporte S: $4,723 annual rate
  • 2018 Maserati Gran Turismo MC Centennia: $4,623 annual rate

Some of the least expensive used cars to insure are:

  • 2006 Honda Odyssey LX: $922 annual rate
  • 2006 Chrysler Town & Country: $923 annual rate
  • 2006 Dodge Caravan SE: $925 annual rate
  • 2007 Honda Odyssey LX: $936 annual rate
  • 2007 Dodge Caravan SE: $937 annual rate

As you can tell from these lists, some used cars will still have expensive insurance rates, and may even be more expensive than a different newer vehicle.

Depending on the vehicle, you may also be able to qualify for discounts based on safety features and other characteristics.

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How do I insure a used car?

Buying car insurance for a used car is very similar to buying insurance for a new car. The biggest decision to make will be what kind of coverage and how much coverage you should buy.

At the very least, you must buy the coverage that is required by your state:

Minimum Liability Car Insurance Requirements by State
StatesMinimum Liability Limit Requirements
Alabama25/50/25
Alaska50/100/25
Arizona15/30/10
Arkansas25/50/25
California15/30/5
Colorado25/50/15
Connecticut25/50/20
Delaware25/50/10
District of Columbia25/50/10
Florida10/20/10
Georgia25/50/25
Hawaii20/40/10
Idaho25/50/15
Illinois25/50/20
Indiana25/50/25
Iowa20/40/15
Kansas25/50/25
Kentucky25/50/25
Louisiana15/30/25
Maine50/100/25
Maryland30/60/15
Massachusetts20/40/5
Michigan20/40/10
Minnesota30/60/10
Mississippi25/50/25
Missouri25/50/25
Montana25/50/20
Nebraska25/50/25
Nevada25/50/20
New Hampshire25/50/25
New Jersey15/30/5
New Mexico25/50/10
New York25/50/10
North Carolina30/60/25
North Dakota25/50/25
Ohio25/50/25
Oklahoma25/50/25
Oregon25/50/20
Pennsylvania15/30/5
Rhode Island25/50/25
South Carolina25/50/25
South Dakota25/50/25
Tennessee25/50/15
Texas30/60/25
Utah25/65/15
Vermont25/50/10
Virginia25/50/20
Washington25/50/10
West Virginia25/50/25
Wisconsin25/50/10
Wyoming25/50/20

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Keeping in mind your state’s minimum amount of liability, some experts recommend that you buy at least $100,000 of bodily injury liability per person, $300,000 of bodily injury liability per accident, and $100,000 of property damage liability.

If your car is worth more than $3,000 or is less than 10 years old, you may want to consider purchasing collision or comprehensive insurance. If your car’s actual cash value is less than the annual rate and deductible for your insurance, you may want to purchase only liability.

If you’re looking to buy used car insurance, enter your ZIP code in our free quote comparison tool below to find a used car insurance company near you.