Buying a second-hand vehicle can be a superb way of reducing your car insurance. However, there are many variables that insurance providers consider before offering you a quote. The value and age of your car are some of the many aspects considered when your yearly premium is calculated.
Here are some tips to help keep your insurance low when you are buying a second-hand vehicle.
It’s not all about age or value
Whether you’re driving a ten-year-old Renault Clio or a brand new Range Rover, insurance premium prices can differ greatly between vehicles. Brand new cars can be subjected to higher premiums because of their greater value, as a crash in an expensive vehicle will mean higher costs when repairing. With this in mind, a newer car is still likely to benefit from a greater level of performance.
Alternatively, if you’re driving an ageing car, an insurance provider will want some more information about your vehicle so that they can settle on an appropriate insurance policy for you.
This provider will take into account the car’s age and value, as well as its mileage, how many owners the vehicle has had and its performance. Although a less expensive vehicle can also be less expensive to repair, the vehicle’s low performance can make it more likely to break down or cause a road collision where a claim needs to be made.
Shop around ahead of your purchase
Many people come to insurance providers with the same question over and over again: Can you get car insurance quotes in advance? While insurance providers may be hesitant to spend their time going through all the variables, there are many online resources which can help you to compare the different insurance quotes available to your vehicle.
Hence, you will have the opportunity to do your research before purchasing a second-hand vehicle and working out which vehicle will be the cheapest. This may lead you to purchase a more expensive second-hand vehicle with better performance rather than a cheaper car that is susceptible to issues down the line.
Ensure you read your vehicle’s log book before purchase
Every vehicle comes with a log book that has been passed down from one owner to another. This log book provides vital information surrounding any previous problems with the vehicle and any repair work completed on the vehicle and can give a good idea of the general health of the car.
Although a car may look like a steal from the outside, the logbook can often tell a different story. Ensure you take a quick read of the log book before purchase – and, if all looks healthy, this could mean a reduction in premium costs when you are looking to purchase some car insurance for your second-hand vehicle.
New vehicles are renowned for their susceptibility to rapid depreciation in terms of their value, and a second-hand vehicle can provide just as much quality as a brand new motor. Always do your research before purchasing a second-hand vehicle, as this can be the difference between smaller and larger premiums when you acquire your yearly policy.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.