My insurance for my base model Elantra is now over $250/month with State Farm (bundled with homeowners), which seems more suited for a Mustang GT, not an “appliance” car. I’m considering selling it and getting an older Toyota or Honda to potentially lower my rates. It really sucks because I like the car, but the costs are getting out of hand.
I’m in Florida, where insurance rates are high due to hurricanes and other factors. If I switch insurance companies, I’d have to move my homeowners policy too, which could end up being even more expensive without the car. So my other option might be to switch car brands.
Would switching to an older, more affordable car like a Toyota or Honda help lower my insurance costs? Any advice would be appreciated!
$250/month for an Elantra? That’s way to expensive. Florida’s insurance market is tough, but that’s insane.
Switching to an older Toyota or Honda might help, but it’s not guaranteed. Insurance companies consider many factors beyond the car’s age, like your driving record, location, and coverage levels.
Before making a drastic move, try shopping around for insurance quotes. Compare rates from different companies, including those specializing in lower-cost options. You might find a better deal without changing cars.
If that doesn’t work, consider lowering your coverage. Do you really need full coverage on an older car? You could potentially save money by dropping collision or comprehensive coverage.
Ultimately, the decision is yours. Weigh the pros and cons of switching cars versus finding a better insurance deal.
Yes, purchasing an older vehicle can often cut your insurance premiums.
This is because older cars often have a lower market value, so the insurance company would have to pay less to replace them in the event of a total loss.
It didn’t go up when I bought a new car instead of an old one that was seven years old. A newer car was safer and less likely to be stolen.
When I priced a Honda, it always cost more than other cars I was looking at. My son really wanted a Civic, but the insurance for it was twice as much as his Toyota 86. It makes sense.