Will My Insurance Increase If I Buy A New Car?

1. 

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   Mark Bartlett CLCS

   Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers

   The type of auto you own is a rating factor and of course the coverage's you carry on that particular vehicle. If you own a 1990 corvette and buy a 2013 Toyota corolla you may not see much difference. If you own a 1990 corolla and buy a 2013 corvette then yes the premium would very likely adjust upward.

   Answered on July 19, 2013

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   For the most part, replacing an older car with a new one will more than likely result in some higher premiums.  This is especially true if for example you are not carrying Comprehensive and Collision on the older car but choose to, or are required to carry such coverage on the new one.  I have also seen situations where clients have replaced an older model car with a newer one, same make, model etc., and the rate for the new car was slightly less than they were paying for the older one.

   Answered on July 8, 2014

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