The words “low-priced” and “insurance” probably shouldn’t be used together, in particular when you are shopping around for the best coverage prices for used cars. To save some money, let’s familiarize you with a few of the factors that have a considerable impact on auto insurance rates, and see how we can help you take the sting out of your next policy.
The vehicle model that needs insurance is a large consideration when looking for affordable car insurance for used cars. Vehicles with lots of speed or power, a lack of advanced safety features, or a track record of large liability claims will cost quite a bit more to insure than more modest models. The next list shows auto insurance premiums for a number of the most affordable vehicles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$1,485|
|Honda Accord LX 4-Dr Sedan||$1,495|
|Ford Escape Limited 2WD||$1,534|
|Honda Odyssey EX||$1,542|
|Chevrolet Equinox LT 2WD||$1,570|
|Chevrolet Malibu Hybrid||$1,580|
|Dodge Grand Caravan Hero||$1,570|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,588|
|Ford F-150 XL Regular Cab 4WD||$1,625|
|Ford Explorer XLT AWD||$1,635|
|Ford Edge Sport AWD||$1,656|
|Hyundai Elantra SE 4-Dr Sedan||$1,663|
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Above prices assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Massachusetts minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Rate quotes do not factor in specific zip code location which can modify rates considerably.
Looking at the data, vehicles like the Toyota Prius, Honda CR-V, and Honda Accord are most likely to be a few of the most affordable vehicles to insure for pre-owned vehicles.
Finding decent, budget car insurance is tough enough, and determining which company offers the best car insurance rates for used cars will require a bit more work. Each auto insurer uses their own formula for filing rates in each state, so let’s take a look at the car insurance companies with the most affordable rates in Massachusetts.
It’s important to understand that Boston, MA car insurance rates are determined by lots of factors that can increase the price you pay for coverage. This price fluctuation is why it is critical to compare lots of rates to find the most economical car insurance rates for used cars. Insurance rates are influenced by many different factors and change substantially, so the best option when you bought your policy may now be priced much higher than other options.
Best Insurance Companies for Used Cars
State Farm generally has some of the lowest car insurance rates in Boston at around $741 annually. This is $494 less than the average price paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group would also make the list of some of the cheaper Boston, MA auto insurance companies.
In the above example, if you are currently insured with OneBeacon and switched to National Grange Mutual, you could realize an annual savings of upwards of $53. Customers with Commerce Group might save as much as $79 a year, and Progressive policyholders might reduce prices by as much as $166 a year.
It’s important to note that these estimates are averages across all insureds and vehicles and do not factor in an exact location for used cars. So the company that fits you best may not even be in the list above. That point stresses why you need to get rate quotes from many companies using your own specific driver information and vehicle.
The chart below highlights how deductible choice can impact premium costs when searching for cheap insurance for used cars. The data is based on a single female driver, full coverage, and no additional discounts are factored in.
The data above shows that a 40-year-old driver could save $358 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $538 by using a $1,000 deductible. Younger drivers, like the age 20 example, could possibly save $920 annually by choosing a higher deductible. If you make the decision to raise deductibles, it will be necessary to have enough spare savings to be able to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Buying coverage from a highly-rated auto insurance provider can be difficult considering how many companies there are to choose from in Massachusetts. The information below can help you pick which auto insurers you want to consider when trying to find the cheapest insurance for used cars. These rankings include the largest auto insurers in America, so companies with more of a regional focus are not included in these rankings.
Top 10 Major Auto Insurers in Boston Ranked by Value
- The Hartford
- Farmers Insurance
- Safeco Insurance
- AAA Insurance
- State Farm
- American Family
- Liberty Mutual
Top 10 Major Auto Insurers in Boston Ranked by Claims Service
- Liberty Mutual
- State Farm
- The Hartford
- Farmers Insurance
- AAA Insurance
Why you should be comparing rates
Boston, MA car insurance rates are influenced by many factors that control the price you have to pay for coverage. Simply having another birthday, getting married, or having an accident can trigger price changes that can now make some companies cheaper than competitors.
Additionally, car insurance companies change rates without warning in order to be able to pay unexpected claims. A period of increased losses may cause additional premium costs, while long-term profits can result in more affordable Boston car insurance rates.
The chart below analyzes the cheapest car insurance in Boston, MA for a 30-year-old female driver with a clear driving record, no claims, and a decent credit rating. If we look at prices based on her current rating profile, State Farm may have the lowest car insurance rates in Boston at $952 a year. This is $283 less than the average rate paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, Commerce Group, and OneBeacon are the remainder of the most affordable Boston, MA auto insurance companies.
Now we will pretend the driver in the first chart an at-fault accident, a lower credit rating, and a stop sign violation. Since every car insurance company has their own guidelines for filing rates in each state, comparing rates may now present a different set of the cheapest Boston car insurance companies as shown below.
Progressive now has the best price on car insurance in Boston with USAA, Norfolk and Dedham, National Grange Mutual, and Amica also having competitive pricing. This example shows why it is important to compare many different companies when trying to get the most budget-friendly auto insurance rates for used cars. Auto insurance prices are influenced by many risk factors and change dramatically, so the most economical company when you bought your policy may now be quite expensive.
How to find budget-friendly insurance for used cars
It is possible to find better rates, and here are a few penny-pinching suggestions that can help Massachusetts drivers quote lower-cost auto insurance.
- Speeding tickets and other violations increase rates
- Drop full coverage on older vehicles
- Pay less by remaining claim-free
- Higher comprehensive and collision coverage deductibles will save money
- Accidents can significantly increase rates
- Comparison shop frequently
That last piece of advice is remarkably necessary, as we discussed in this write-up. Car insurance prices in Boston can change considerably in a year, so you should be ready to buy from a different company if you find a cheaper price.
Loyalty to a specific company is fine, but is isn’t recommended if that inflexibility results in costing you thousands of dollars over the life of your policy. It takes less than five minutes to shop around and find cheaper auto insurance for used cars.
If you wish to get some guidance when comparing insurance rates for pre-owned vehicles, the agencies below are willing to help you decide which policy is best. To find an agent in your neighborhood, click the button after the list.
- Vargas and Vargas Insurance
1133 Washington St – Dorchester Center, MA 02124 – (617) 298-0655
- H. Levenbaum Insurance Agency
1534 Dorchester Ave – Dorchester, MA 02122 – (617) 825-3900
- Richard Soohoo Insurance
1148 Washington St – Boston, MA 02118 – (617) 338-8168
- Marsh and McLennan Agency
500 Boylston St #300 – Boston, MA 02116 – (617) 587-2300
- Ironside Insurance Group, LLC
112 Water St #401 – Boston, MA 02109 – (617) 227-2400