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Is it cheaper to insure two older vehicles, versus one new car?

I'm a single guy still living at home, but I want to move out and need a car. I've heard new cars are expensive to insure, so I'm wondering if it's cheaper to insure two older vehicles instead of one new car. Thanks!

Jul 19, 2023 Central Point, OR

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Beth Swanson

SEO Content Strategist

Credentials
  • Licensed Insurance Agent — Property and Casualty

Beth joined The Zebra in 2022 as an Associate Content Strategist. She is a licensed insurance agent whose goal is to make insurance content easy to r…

Thank you for reaching out to The Zebra! The best answer to your question is: it depends. The price can vary quite drastically if you were to rate one newer vehicle versus two older vehicles. The cost of car insurance isn't as cut-and-dry as simply comparing a new car with an old car, but many different rating factors go into an auto insurance premium.

Insurance companies will take into account your age, driving history, location, vehicle type, credit/insurance score, as well as many other items. The older cars might be cheaper but some insurance companies might offer lower rates with the newer vehicle. Your best bet is to do your research on specific vehicles, get multiple quotes, and compare your options.

One way to keep costs down on any vehicle is to consider your coverage level carefully. If you have older vehicles that aren't worth more than about $4,000, you might consider only carrying liability coverage (check your state's minimum requirements). You'll typically want more coverage on a more valuable vehicle, but there are still ways you can adjust your premium to be slightly less. You can get a higher deductible on your policy, which means you pay less every month but in the event of an accident, you'd also have to pay more before your insurance would kick in. Deductibles work inversely to your premium — the higher the deductible, the less your premium is.

You can call our agency to get a personalized quote for you at 888-444-8949 or you can get a quote online through www.TheZebra.com. They can look at all the different price options depending on your vehicle selections to help you make the best choice for insuring your vehicle(s).

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