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Unread 10-25-2012, 11:12 AM   #1
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Default Are older cars much cheaper to insure?

Hi, I am new here but I have a question;

I will be going to college very soon and I am wanting a car.

I will be needing to pay for this car all on my own (part time job). So I will not have much money to put into the car.

Anyway, the very biggest expense for me is insurance (as usual for a younger driver). I have went to Kanetix to get some online quotes, and my very lowest is 3,100$ a year for an older (1997) Volkswagen 2dr Golf. This is not my preferred car at all (I am not a fan of European cars. Mostly American & Japanese.)

The thing with kanetix is that it does not have any quotes for cars older than 15 years old. Though most of the cars I would like/can afford are older than 15 yrs old.

I am OK with cars that are up to about 27 yrs old (1985), so of course kanetix does not cover quotes for these cars.

So my question is: is insurance for older cars much cheaper than newer?

Thank you! By the way, sorry for my English, it is not my first language and I am new to Canada.

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Unread 10-25-2012, 12:15 PM   #2
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Welcome to the forum.

Insurance premiums are determined by a combination of the driver's age and driving history, the costs of typical repairs to the make & model of car and what the typical risks of that type of vehicle.

Age does play a part but you need to consider the other factors.

An SUV is typically more risk, possible roll overs, although SUVs are much safer now, but the reputation may still be there.

Hot sports cars and muscle cars have higher premiums, more risk of accident. An insurance adjuster friend of mine told me many years ago that the typical Mustang incurred a collision repair in excess of $2,000 in less than 1 year.

Cars like collector & exotic cars where repairs and parts are expensive have higher premiums.

The lowest premiums are on your typical run about disposable car that can be replaced for cheap. A 97 Golf is one of those cars. You might find that a domestic like a Cavalier or Escort or similar to be cheaper.
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Unread 10-26-2012, 01:29 AM   #3
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I pay almost $100 more per year for my 05 cobalt than for the 2008 caravan....
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Unread 10-26-2012, 01:36 AM   #4
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Volvo's get awesome insurance rates.
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