Geico: Cheapest Used Car Insurance Rates in 33 States

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Aug 29, 2023, 09:47 ET

TAMPA, Fla., Aug. 29, 2023 /PRNewswire/ -- AutoInsurance.org recently released a guide to the best insurance for used cars. In 33 states, Geico offers the lowest average rates. No other insurance provider comes close to those statistics.

Best Car Insurance Company for Used Cars

AutoInsurance.org recognized several national companies as being the best, generally, for used cars. The top providers are as follows:

Geico
Progressive
State Farm
Allstate
AAA
Mercury

Melanie Musson, a nationally recognized auto insurance expert with AutoInsurance.org, explains, "The cheapest car insurance provider isn't always the best. And the company cheapest for one person may not be cheaper for another person."

Some national providers aren't as good as some regional companies. So, consumers should compare the companies offering policies in their state to determine which is best for their unique circumstances.

Types of Insurance for Used Cars

Some drivers may wonder if insurance is necessary for a used car. It is. Almost every state requires liability auto insurance for all vehicles, used or new. Lenders require full coverage, even for used cars. Customers who own their vehicle outright will have to carry liability insurance but may choose to add full coverage or not.

GAP coverage is an optional insurance that's appropriate for new cars most often. But it is sometimes a good option for late-model used cars.

Cost to Insure a Used Car

Many variables go into the price of insurance for used cars. A car worth $5,000 will almost always cost less to insure than one worth $50,000. However, according to AutoInsurance.org, the average cost for minimal liability coverage is $44 monthly.

Individual rates will vary greatly depending on location, driving history, and vehicle value, among other factors.

Insuring a Recently Purchased Used Car

Insurance providers usually provide a grace period in which they will insure a newly purchased used car at the same level of coverage their customer already carries on another vehicle. This grace period can vary but is typically between 10 and 30 days.

Drivers who purchase a used car are responsible for informing their insurers promptly to ensure adequate coverage that protects them legally and financially.

Read AutoInsurance.org's full report here: Best Auto Insurance for Used Cars.

SOURCE AutoInsurance.org