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It's generally cheaper to insure a used vehicle. Read on to find out how to lower your insurance costs, no matter what you drive.
Pros. Cons. Multi-car policy. The more cars you add, the more you may save through multi-car discounts Easier to manage all in one place Pay one bill covering all vehicles on the policy
Average annual cost of full-coverage car insurance: $2,423. California. Average annual cost of full-coverage car insurance: $2,536. Colorado. Average annual cost of full-coverage car insurance: $2,801
Takeaway. Coverage selections impact your premium. If your new vehicle is financed or leased, many of which are, you will probably have to carry full coverage, which is more expensive.
This coverage, however, cannot apply to rental cars because the insurance company does not want to assume responsibility for a claim greater than the value of the insured's vehicle, assuming that a rental car may be worth more than the insured's vehicle. Most rental car companies offer insurance to cover damage to the rental vehicle.
As with most financial matters, lowering your monthly car insurance cost means taking many different factors into consideration -- including the car you drive. Some cars are more cost-effective to...
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