Insurify looked at cars from the 2004 through 2024 model years. It sampled premiums for drivers between 20 and 70 years old with clean driving records and credit scores of 600 or higher, and quoted policies with bodily injury limits between state-minimum rates and $50,000 per person/$100,000 per accident, property damage limits between $10,000 and $50,000, and both comprehensive and collision coverage with a $1,000 deductible each.
While it might be tempting to buy a highly depreciated used luxury vehicle, insuring it may still cost more than a simpler, easier-to-fix mainstream model, says Brannon.
“If your vehicle is relatively cheap and gets totaled, it will cost your insurer less to replace it than a more expensive model,” he tells CR. “And because these models are widely driven, parts are easy to find and repairs cost less, which brings premiums down.”
