Can one's insurance payments go down if they get a new vehicle?

Question

If I were to sell my current vehicle and get a used car, might my insurance payments change?

Answer 1

Ask your insurance agent what cars are the least expensive to insure. They normally have a list available. The cost is dependent on (among other things) the profile of the typical driver of that model, cost to repair, the insurer's history.

You could land up paying more if you bought a car that the insurance company sees as a bigger risk, which is what all your costs are based on for your policy.

Also, your age is a factor, younger drivers are more expensive to insure than over 30 drivers.

Answer 2

There's a possibility that it might go down. It depends on what type of car you get. Some cars cost more to insure than others even if they are older models than the car you have now. For example a 02 mustang GT would most likely cost more to insure than a 07 nissan sentra. It has to do with what kind of car and how old you are and your driving record. Hopefully you get a good deal. Good luck!

Answer 3

It could, but it really depends what the vehicles are.
The biggest factor in insurance however, is the driver.

Talk to your insurance agent while your shopping. They should be able to tell you what your new premium would be with the car your thinking of buying.

Answer 4

Yes, most of the time the down payment will not be reimbursed. The insurance will only cover the remaining balance only and therefore, the down payment is like payments you already did towards the car so you just lost 4000.00 and your car. That is sad to say but that's the truth. Take it from someone with former experience.

Answer 5

Yes they will. Especially if you pay for the car all at once.

I have a '97 Ford Escort that I bought with my tax refund money a couple of years ago. It's a great car and my car insurance is $27 per month. Can't beat that! It will be $50 per month when I get a new car.

Answer 6

yes, depending on what you are trading into. Mostly, the more mundane the vehicle, the cheaper the insurance. Like if you are going from a vette to a camry, your rates will go down. Look for crash test ratings, side/curtain airbags, auto seatbelts, things like that will drop insurance.

Answer 7

It might, depending on the vehicle, insurance rates are affected by many factors, age of the vehicle, type of vehicle, where you reside, your age, etc

Answer 8

Actually, I saw a slight decrease in my premiums when I traded my 2002 foreign car for a 2006 domestic one. They told me that the parts were cheaper to replace.

Answer 9

I read that you could get a break on car insurance if you own a new hybrid.

Answer 10

Yeah they could go down depending on the type and value of your current car versus the type and value of the car you purchase.