New vs. Used: Unveiling the Cost of Car Insurance
The thrill of acquiring a new car can often overshadow the continuous financial consideration that’s behind the veil. Understanding whether it’s cheaper to insure a new car or a used car will empower you to make a smarter decision. Crossroads Nissan of Wake Forest provides you with the information you need to find the best insurance for your needs.
Is It Cheaper To Insure A New Car Or A Used Car?
Choosing the right car involves more than just the initial purchase price. Understanding how insurance costs differ between new and used Nissan vehicles enables you to make a decision that works for your wallet. Here’s a breakdown of the key factors influencing your premium.
Value of the Vehicle: New cars are typically priced higher than used ones. When it comes to the replacement value of your ride, you’ll see that these will often incur higher premiums.
Your Driving Record: Your history plays a big role in deciding whether it’s cheaper to insure a new car or a used car. Good drivers with clean driving histories are rewarded with lower insurance rates than someone who’s had an accident, regardless of the vehicle’s age.
Your Coverage Selection: Naturally, whichever insurance you decide to go with to cover your Nissan is the determining factor on whether it’s cheaper to insure a new car or a used car. If you decide to add additional coverages and warranties, you’re going to end up paying more.
Your Location: Where you live also has a significant impact on your car insurance costs. This is due to the area’s susceptibility to accidents or thefts. It makes you wonder, “Is it cheaper to insure a new car or a used car in North Carolina?” We’ll be informing you of this information in the following section.
Is Insurance Cheaper For New Cars?
In the state of North Carolina, there are three values about the average Nissan driver: good driver, recent accident, and those with low credit. Age is also a defining factor, for example, a driver who’s 17 years old will have a significantly higher insurance cost than an older age group. The cheaper insurance for new cars or used cars, on average, can be found as you age These stats are subject to change at any time, but they serve as a good indicator for your reference.
The Insurance Trade-Off Between New vs. Used
New cars generally require higher insurance premiums due to their higher replacement value. However, they often come equipped with advanced safety features like automatic emergency braking, lane departure warning, and a lane-keeping system, which can potentially lower your insurance premium by demonstrating a lower risk of accidents. Some insurance companies may even offer new car discounts for the first few years of ownership. This is good to know for those considering new cars for cheaper insurance instead of used cars. On the flip side, used cars often cost less to insure since they have lower replacement value. Plus, they may lack the advanced safety features that could qualify you for premium discounts. And so the question remains, “Is insurance cheaper for new cars?” There’s no simple answer, as the best approach you can take is to compare quotes from multiple insurance companies for both new and used car options. Whichever insurance you decide to go for, it’ll give you insight into whether it’s cheaper to insure new cars or used cars. You’ll want them to align with your needs and budget, allowing you to consider all factors by the time of purchase.
Nissan Insurance Powered By Liberty Mutual®
Want to stick to what you know? Liberty Mutual provides insurance just for Nissan owners This program caters specifically to Nissan vehicles and offers various coverages, potentially saving you up to $700.* Like any insurance, there are still factors to consider when you want to find out if it’s cheaper to insure new cars or used cars. Nissan Insurance powered by Liberty Mutual has custom options you can choose from to pay for what you need. Further information on this can be found by filling out the online form or contacting a representative at 855-300-2221. Otherwise, coverage is as follows:
- New Car Replacement™**
- Accident Forgiveness***
- Genuine Nissan Replacement Parts****
- 24-Hour Roadside Assistance*****
- Multi-Car Discount******
With a specialized program like this, insuring a new or used Nissan can be affordable regardless of the car’s age.
The Choice Is Yours
By understanding the factors affecting insurance costs for new and used vehicles, you can make an informed decision for your next ride. Find out for yourself if it’s cheaper to insure a new Nissan car or a used car by doing your research and visit Crossroads Nissan of Wake Forest for a test drive today.
*Average savings based on a countrywide survey of new customers who reported savings when they switched to Liberty Mutual between 10/2021 and 09/2022. Savings may vary. Comparison does not apply in MA.
**Optional coverage in some states; availability varies by state. Eligibility rules apply.
***ACCIDENT FORGIVENESS NOT AVAILABLE IN CA. Terms and conditions apply.
****Genuine Nissan Replacement Parts available except where prohibited by state law.
*****Coverage is provided on the optional Towing & Labor Coverage endorsement. May vary by state. Applies to mechanical breakdowns and disablements only and may be subject to limits.
******Discounts and savings are available where state laws and regulations allow and may vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify.
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