Insuring A New Car Vs An Old Car

Insuring Used Cars

Let’s get one thing straight, All states in the US have financial responsibility laws.

At the least you need to have proof of sufficient assets to pay damages, medical bills and more if you are involved in an accident (especially if you are the cause of it).

So it's sufficient to say, you NEED auto insurance, and it's a smart idea to get quotes before you make a policy purchase. If you haven’t done it already, no worries, you should do it as soon as possible and aim to get the best price in the market.

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Believe it or not, used cars aren’t cheaper to insure vs. new cars. Depending on the factors you provide (car model, age, credit score, driving history, level of coverage, etc), you may see a huge difference in insurance rates for an older/used vehicle. The only way to guarantee the best price is to take advantage of the free market and let the process of competition for your business provide you the best offer.

Research Is KEY

Fact of the matter is, it doesn't matter if you buy a used or a new car. You simply must have car insurance before you can drive your new ride home. So the right advice would be to be proactive and get yourself started by taking the first step. Fortunately, Insuraroo curates and does it all for you. It compares the best brands and coverage options to guarantee the best price you can get for a policy. It’s simple, quick and only takes 5 mins of your life. You can literally save thousands of dollars... so not doing it would make little to no sense.

Sometimes insuring an older vehicle could be cheaper than insuring a new car (again, not saying this can always happen but…). Most of the time, used cars

Do not have the same monetary value as newer models,
Might not require financing
And or could possibly have a lower likelihood of theft.

Just like everything else in the world, there are always ‘if’s’. These factors could affect your chances of reducing your policy premiums and might push it higher.

If the car you are buying has had a high rate of claims
If it lacks or has under standard essential safety features,
If the car has been in an accident before.

If you are really keen on researching and getting the most competitive quote the “old fashioned way”, which would be, picking up the phone and giving everyone a call.

Which by the way, according to the National Association of Insurance Commissioners, in 2019 there were 5,965 insurance companies in the U.S. (including territories). *This should be in an element box*

You will most likely have to provide this list of information several times (5,965 to be exact!), create notes and do a cost benefit analysis for the 5965 comparisons.

(which if you do, please reach out to us because we would love to hire you as well)

So, if you haven’t gotten the idea already about what we are trying to imply. Let us make it super simple! Insuraroo will compare top car insurance companies for free and provide you with the most competitive policy quotes so that you can literally save thousands of dollars.

Shared Micromobility is Disrupting U.S. Travel...Sometimes

Here’s how the shared micromobility model could make a difference:

Still, bikeshare programs and other non-motorized alternatives are certainly green, even accounting for other costs, and all micromobility technologies are quieter and arguably less disruptive than traditional vehicles.

Convenience

Users can typically ride micromobility vehicles in bike lanes, alleys, and through other areas that aren’t navigable by car (ordinances vary from city to city, however — riders should review their local laws before taking off). Some devices can reach speeds of up to 25 MPH, significantly faster than the average vehicle speeds during rush hour in many major cities

Micromobility Safety Concerns (And How Cities Are Adapting)

While micromobility is changing the way that people get around, they can be dangerous.

From 2017-2019, more than 132,800 people were treated in emergency rooms due to micromobility injuries, according to the U.S. Consumer Product Safety Commission (CPSC).

E-scooters were responsible for 50,000 of those injuries. For e-scooters, the most commonly cited cause of accidents was brake failure.

Over that same period, the CPSC reports 41 micromobility-related fatalities.

Some cities have responded to these concerns by building new bike lanes to accommodate micromobility travelers.

Does Insurance Cover Micromobility Accidents?

In most cases, health insurance will cover injuries sustained during micromobility accidents. However, in some states, people may need additional coverage for certain types of vehicles. Scooters, for instance, may require licensure and insurance depending on where you live and the size of the vehicle’s engine.

Some important keys to keep in mind:

Americans took 84 million shared microbility trips in 2018. According to the National Association of City Transportation Officials (NACTO)3, that’s double the number of trips in 2017.
In 2019, that number jumped to 136 million shared trips4. That’s an increase of 60 percent, and while the micromobility market dipped in 2020, it’s expected to make a strong post-pandemic recovery.
Americans spend about 26.9 minutes per day commuting5. While shared micromobility can help some people reduce the time they spend waiting in traffic, most micromobile vehicles have limited range — and they’re not equipped for highway travel, which reduces their usefulness for the average driver.
Electronic scooters and bikes are the most popular micromobility option. In 2019, e-scooters accounted for 86 million trips, while e-bikes accounted for 10 million.

Thanks to new technologies, electronic micromobile vehicles have significant environmental benefits. In addition to lower emissions6, e-scooters and e-bikes are quieter than automotives — and in many cities, these vehicles allow for faster urban travel, since riders can avoid traffic jams by using dedicated bike lanes.

Why Drivers Are Looking for Alternatives

So, why are consumers embracing new micromobility technologies? The exact reasons vary from city to city, but here are a few of the advantages.

The High Cost of Car Ownership

According to one estimate, car ownership costs about $5,264.58 per year on average7. That includes gas, payments, repairs, and — of course — insurance. By pairing micromobility services with ridesharing apps, many city-dwelling consumers are avoiding those bills entirely.

That’s not to say that micromobile vehicles are free. Most charge a base fare and per-mile fee, along with additional per-minute fees of about 15-21 cents per minute.

Environmental Sustainability

Micromobility is often considered eco-friendly, though that’s not necessarily the case. Electric scooters, for instance, require a great deal of rare metals and electricity to produce9, and some experts question whether they’re more sustainable than gas-powered vehicles.

Most auto insurance policies won’t cover damages that occur when operating micromobility vehicles.

However, auto insurance still plays a key role. If you’re driving a car and you’re involved in an accident with a micromobility vehicle, your policy may cover damages to your vehicle, medical bills sustained by the micromobility driver, and other key expenses.

Some cities are considering mandated insurance coverage for micromobility vehicles. This may increase the costs of shared services, but would provide important protection for pedestrians, drivers, and private property

Comparing auto insurance rates can help you stay protected on the road. It’s also a great way to reduce the overall costs of car ownership, so if you’re not ready to join the micromobility revolution — or you’d simply like to keep your vehicle while taking the occasional ride on an e-bike — Insuraroo can help. Enter your information here, and we’ll help you find coverage that fits your budget.