Is the price of insurance for used cars different? Check out!

A practically essential investment for anyone who wants to have more peace of mind when purchasing their car is taking out insurance. This service makes it possible to make better use of the functions of your car — whether new or used — and avoid major headaches if an accident occurs. In addition, a policy also covers occurrences such as theft and vehicle theft, reducing the damage that this type of situation brings.

It turns out that not all services of this type have the same value. The price of insurance for used cars can vary depending on some factors related to the car. Therefore, owners of second-hand vehicles need to pay attention to these details to ensure the best benefits when purchasing protection.

Are you interested in the subject? Keep following and understand how this price difference occurs!

What is the difference between insurance for new and used cars?

When we refer to car insurance, we can say that the coverage of the plans — such as against theft, theft, accidents, third parties, among others — is exactly the same for new and used vehicles. Still, there are some factors that differentiate this service when hiring it.

The main difference that we can notice is, precisely, the value of the service. The price of insurance for used cars ends up being more expensive when compared to new vehicles. Furthermore, if the vehicle purchased is more than 10 years old, the insurer may not offer the option of traditional insurance during the contract. Therefore, when closing a deal with a broker, it is possible to count on some market options offered by the company in this type of situation.

Another big difference between insurance for new and used cars is replacement coverage. A vehicle fresh from the factory has an advantage over those that have been on the streets for some time.

Thus, in cases of full compensation for the car, policy holders are guaranteed a replacement for the 0km value of the parts within 3 to 12 months on the market. This coverage can be purchased for an additional premium and your compensation is based on the value of brand new cars according to the FIPE table.

Why is new car insurance cheaper?

If we compare the price of insurance for used and new cars, there is a clear difference in what is available in both situations. One of the main factors that make this service cheaper for brand new vehicles is the cost of purchasing new parts. Insurance brokers consider the probability that the car has defects.

Therefore, unlike used vehicles, if the insured suffers an accident and needs to file a claim, maintenance costs will be considered lower than for older cars . The scarcity of parts for cars that are more than 10 years old ends up making this type of merchandise more expensive, making a simple repair more expensive than normal.

What other aspects can influence the price of insurance?

As we mentioned previously, the price of car insurance can vary depending on different factors, such as the age of the car. Brokers also take other aspects into consideration, such as the insured’s profile, vehicle model, use of third parties , among others. For example, did you know that where you park can directly influence the price of this service?

The care that the insured takes with their property can greatly influence the price of the insurance. Another point that insurance brokers evaluate when contracting the service is the probability of theft and theft. The tendency is for cars that have just arrived on the market to suffer less from this type of accident, as there are not many examples circulating on the street and end up attracting less attention.

Are there restrictions for used cars?

The only restrictions on used car insurance are related to the year the car was manufactured. Older vehicles tend to present more technical problems and require more frequent maintenance. Therefore, hiring this service will be appropriate to the potential expenses that the insurance company will incur in full coverage and the difficulty of finding parts to maintain the car.

The price of insurance for used cars may differ compared to new cars, but having this service is essential for your daily life. Therefore, having a trustworthy broker is the safest way to purchase a policy suited to your needs and at a fair value.

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