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Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated the top auto insurance providers
130
Providers ReviewedOur team looked at over 100 of the top auto insurance providers in the U.S., from national providers like USAA, Travelers and State Farm to regional providers like Erie Insurance.
8,500
Data Points AnalyzedTo properly score each auto insurance provider, we looked at cost data, claims processes, customer review scores, industry standing, available discounts, coverages and add-ons.
800
Research HoursOur team put in the time so you don’t have to, evaluating cost data, reading customer reviews and researching companies to determine the most reliable options for coverage.
8,500
Customers SurveyedWe asked thousands of customers to describe their experience with their auto insurance provider to understand how real customers feel about their insurers.
Learn more about our methodology and editorial guidelines.
Is There a Difference Between New vs. Used Car Insurance?
There is no specific type of insurance for new cars that differs from coverage for used cars. Insurance companies offer the same coverage types for both. That said, you may have different coverage needs depending on the age of your vehicle.
Costs tend to be lower for used cars, but other factors affect costs more. Your age, location and type of coverage can affect the cost of insurance much more than whether you purchased the car new or used.
New vs. Used Car Insurance Costs by Company
According to our rate averages from Quadrant Information Services, good drivers pay about $2,018 per year or $168 per month for full-coverage car insurance for brand-new 2022 vehicles. Drivers also pay an average of $1,797 per year or $150 per month for full coverage on used 2018 model-year vehicles. These averages are based on married 35-year-old male drivers.
This data shows annual car insurance costs decrease by an average of $221 total over the first four years of a vehicle’s life. That means drivers pay about $18 less per month for 2018 model-year vehicles than for 2022 model-year vehicles on average.
Below is a new vs. used car insurance comparison with nine of the largest car insurance companies in the country.
| Company | New 2022 Model Average 12-Month Cost | Used 2018 Model Average 12-Month Cost |
|---|---|---|
| USAA | $1,162 | $1,128 |
| Nationwide | $1,393 | $1,444 |
| Geico | $1,619 | $1,451 |
| Progressive | $1,743 | $1,641 |
| State Farm | $1,750 | $1,582 |
| Travelers | $1,789 | $1,664 |
| American Family Insurance | $1,829 | $1,689 |
| Farmers | $2,349 | $2,104 |
| Allstate | $2,836 | $2,246 |
New and Used Car Insurance Comparison by Vehicle
Car insurance prices vary depending on not only the age of your car, but also its make and model. In this section, we’ll examine average insurance costs for seven popular vehicles, including two luxury models.
The average costs in the tables below are for 2022 new-model cars along with the previous four model years. These rates are for full-coverage insurance for 35-year-old male drivers with good driving records. Full coverage includes liability insurance plus collision coverage and comprehensive coverage.
You’ll see that in almost all cases, car insurance premiums decrease slightly year over year. This is because a new car depreciates in the first few years. Over time, an insurance company would have to pay out less and less in the case of a total loss.
Our rate data shows the average married 35-year-old driver with good credit and a good driving record pays an average of $2,008 per year for full-coverage car insurance. Keep that in mind when looking at the models and model years below.
BMW X3: 12-Month Insurance Cost for New and Used Vehicles
On average, one year of full-coverage insurance for a BMW X3 costs $2,337 for a new 2022 model and $2,021 for a used 2018 model. Below are nine popular car insurance companies and their average 12-month rates for different BMW X3 model years. USAA, Nationwide and Geico are some of the more affordable providers for insuring a BMW X3.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| BMW X3 | USAA | $1,344 | $1,757 | $1,421 | $1,411 | $1,303 |
| BMW X3 | Nationwide | $1,407 | $1,589 | $1,520 | $1,531 | $1,589 |
| BMW X3 | Geico | $1,850 | $1,746 | $1,663 | $1,610 | $1,660 |
| BMW X3 | Travelers | $1,900 | $1,803 | $1,795 | $1,777 | $1,731 |
| BMW X3 | State Farm | $2,054 | $1,981 | $1,925 | $1,829 | $1,787 |
| BMW X3 | Progressive | $2,228 | $2,175 | $2,124 | $2,069 | $1,971 |
| BMW X3 | American Family Insurance | $2,236 | $2,090 | $2,000 | $1,873 | $1,818 |
| BMW X3 | Farmers | $2,443 | $2,404 | $2,227 | $2,187 | $2,123 |
| BMW X3 | Allstate | $3,230 | $3,029 | $2,879 | $2,741 | $2,622 |
Ford F-Series: 12-Month Insurance Cost for New and Used Vehicles
On average, the Ford F-Series costs more to insure than the national average. This is partly because the vehicles have high values when purchased new. Our average rates show full-coverage insurance for a new Ford F-Series pickup costs about $1,966 for 12 months, while it costs $1,706 for a 2018 model.
USAA, Nationwide, Geico, American Family Insurance and Travelers are all affordable options for insuring a Ford F-Series truck.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Ford F-Series | USAA | $1,070 | $1,071 | $1,098 | $1,195 | $1,149 |
| Ford F-Series | Nationwide | $1,166 | $1,188 | $1,361 | $1,307 | $1,392 |
| Ford F-Series | Geico | $1,489 | $1,349 | $1,399 | $1,333 | $1,308 |
| Ford F-Series | Travelers | $1,644 | $1,629 | $1,518 | $1,517 | $1,472 |
| Ford F-Series | Progressive | $1,690 | $1,664 | $1,636 | $1,733 | $1,678 |
| Ford F-Series | American Family Insurance | $1,741 | $1,715 | $1,618 | $1,515 | $1,495 |
| Ford F-Series | State Farm | $1,771 | $1,726 | $1,632 | $1,579 | $1,534 |
| Ford F-Series | Farmers | $2,272 | $2,194 | $2,126 | $2,069 | $2,015 |
| Ford F-Series | Allstate | $2,998 | $2,834 | $2,708 | $2,518 | $1,866 |
Honda CR-V: 12-Month Insurance Cost for New and Used Vehicles
The Honda CR-V is another popular vehicle on our list. Full coverage for 12 months averages about $1,808 for a new 2022 model and $1,527 for a used 2018 model. This is around the national average for full-coverage insurance. USAA, Nationwide and Geico tend to be the cheapest providers of full-coverage insurance on new Honda CR-Vs.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Honda CR-V | USAA | $980 | $979 | $976 | $981 | $950 |
| Honda CR-V | Nationwide | $1,311 | $1,341 | $1,405 | $1,211 | $1,144 |
| Honda CR-V | Geico | $1,349 | $1,317 | $1,279 | $1,211 | $1,189 |
| Honda CR-V | Progressive | $1,407 | $1,477 | $1,454 | $1,308 | $1,284 |
| Honda CR-V | Travelers | $1,547 | $1,535 | $1,369 | $1,400 | $1,371 |
| Honda CR-V | State Farm | $1,549 | $1,514 | $1,440 | $1,391 | $1,426 |
| Honda CR-V | American Family Insurance | $1,733 | $1,692 | $1,668 | $1,528 | $1,508 |
| Honda CR-V | Farmers | $2,210 | $2,134 | $1,994 | $1,919 | $1,865 |
| Honda CR-V | Allstate | $2,435 | $2,321 | $2,225 | $2,021 | $1,955 |
Ram Pickup: 12-Month Insurance Cost for New and Used Vehicles
Like the Ford F-Series lineup, Ram pickups typically come with relatively high car insurance costs. Our rate averages show drivers pay $2,101 for 12 months of full-coverage insurance on a new vehicle compared to $1,911 for 12 months of coverage on a 2018 model. USAA is generally the cheapest provider for Ram pickups by a long shot.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Ram pickup | USAA | $1,153 | $1,151 | $1,233 | $1,283 | $1,160 |
| Ram pickup | Nationwide | $1,341 | $1,444 | $1,595 | $1,447 | $1,647 |
| Ram pickup | Geico | $1,604 | $1,615 | $1,490 | $1,411 | $1,443 |
| Ram pickup | Travelers | $1,771 | $1,632 | $1,662 | $1,791 | $1,807 |
| Ram pickup | Progressive | $1,777 | $1,850 | $1,709 | $1,679 | $1,744 |
| Ram pickup | State Farm | $1,852 | $1,816 | $1,790 | $1,686 | $1,747 |
| Ram pickup | American Family Insurance | $1,955 | $1,902 | $1,850 | $1,738 | $1,739 |
| Ram pickup | Farmers | $2,466 | $2,381 | $2,314 | $2,182 | $2,282 |
| Ram pickup | Allstate | $2,984 | $2,841 | $2,797 | $2,394 | $2,569 |
Tesla Model 3: 12-Month Insurance Cost for New and Used Vehicles
Owning a Tesla helps you avoid maintenance costs associated with combustion engines, but you won’t save much on insurance. Our rate averages show a Tesla Model 3 is likely to cost more to insure than a BMW X3. Drivers pay $3,209 for 12 months of full coverage on a new 2022 model or $2,611 for a used 2018 model on average.
USAA and Nationwide may keep your insurance costs below $2,000 per year if you drive a Model 3.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Tesla Model 3 | USAA | $1,543 | $1,355 | $1,345 | $1,202 | $1,333 |
| Tesla Model 3 | Nationwide | $1,835 | $1,881 | $1,902 | $1,516 | $1,737 |
| Tesla Model 3 | State Farm | $2,107 | $2,039 | $2,029 | $1,705 | $1,776 |
| Tesla Model 3 | Travelers | $2,208 | $2,205 | $2,149 | $1,880 | $1,793 |
| Tesla Model 3 | Progressive | $2,806 | $2,731 | $2,665 | $2,531 | $2,486 |
| Tesla Model 3 | American Family Insurance | $3,152 | $2,753 | $2,703 | $1,946 | $2,594 |
| Tesla Model 3 | Farmers | $3,663 | $3,044 | $3,417 | $2,873 | $3,246 |
| Tesla Model 3 | Allstate | $4,392 | $4,162 | $3,907 | $3,232 | $3,894 |
| Tesla Model 3 | Geico | $4,499 | $2,657 | $2,558 | $2,500 | $2,745 |
Toyota Camry: 12-Month Insurance Cost for New and Used Vehicles
The Toyota Camry has been a mainstay of the auto market for decades. Our rate averages show Camry drivers pay about $2,058 for 12 months of full coverage on a new model or $1,800 for a 2018 model. USAA, Nationwide, Geico and State Farm are often affordable companies for Camry drivers.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Toyota Camry | USAA | $1,228 | $1,224 | $1,171 | $1,110 | $1,078 |
| Toyota Camry | Nationwide | $1,540 | $1,589 | $1,607 | $1,436 | $1,431 |
| Toyota Camry | Geico | $1,556 | $1,472 | $1,422 | $1,351 | $1,304 |
| Toyota Camry | State Farm | $1,617 | $1,580 | $1,659 | $1,544 | $1,509 |
| Toyota Camry | Travelers | $1,775 | $1,717 | $1,709 | $1,878 | $1,638 |
| Toyota Camry | Progressive | $1,911 | $1,879 | $1,846 | $1,713 | $1,677 |
| Toyota Camry | American Family Insurance | $1,940 | $1,887 | $1,864 | $1,867 | $1,839 |
| Toyota Camry | Farmers | $2,401 | $2,306 | $2,235 | $2,201 | $2,140 |
| Toyota Camry | Allstate | $2,784 | $2,569 | $2,478 | $2,241 | $2,135 |
Toyota RAV4: 12-Month Insurance Cost for New and Used Vehicles
Last on our list is the dependable Toyota RAV4. Our rate averages show RAV4 owners pay about $1,859 for a year of full coverage on a new model and $1,661 for a 2018 model. Seven of the companies below offer coverage below the national average, including USAA, Nationwide, Geico, Progressive and Travelers.
| Model | Company | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Toyota RAV4 | USAA | $1,066 | $1,065 | $1,066 | $1,108 | $1,071 |
| Toyota RAV4 | Nationwide | $1,168 | $1,194 | $1,252 | $1,263 | $1,463 |
| Toyota RAV4 | Geico | $1,393 | $1,369 | $1,318 | $1,246 | $1,209 |
| Toyota RAV4 | Progressive | $1,539 | $1,493 | $1,484 | $1,460 | $1,423 |
| Toyota RAV4 | Travelers | $1,583 | $1,603 | $1,573 | $1,609 | $1,586 |
| Toyota RAV4 | American Family Insurance | $1,687 | $1,668 | $1,670 | $1,629 | $1,599 |
| Toyota RAV4 | State Farm | $1,704 | $1,664 | $1,624 | $1,595 | $1,565 |
| Toyota RAV4 | Farmers | $2,210 | $2,134 | $2,067 | $2,030 | $1,971 |
| Toyota RAV4 | Allstate | $2,559 | $2,432 | $2,320 | $2,248 | $1,986 |
New vs. Used Car Coverage Levels
Another important aspect of how much you pay for car insurance is whether you need full-coverage insurance. Full coverage typically costs hundreds more per year than state-minimum coverage. According to our rate data, the average married 35-year-old driver with a good driving record and good credit pays $2,008 per year for full-coverage insurance or $627 per year for minimum-coverage insurance.
Auto lenders require full-coverage insurance for financed vehicles, so you need it if you purchased a new or used car with a loan. But if you don’t have a loan, you can decide between full or minimum coverage. You might still want full-coverage insurance if your vehicle is worth more than $5,000 or you wouldn’t be able to cover the cost of repairs after an accident.
Source: The Ramsey Show
Gap Insurance
Some lenders may also require you to have gap insurance on an auto loan. If you owe more than the car is worth, this insurance covers that gap if your car is totaled. Gap insurance isn’t an option if you don’t have an auto loan.
New Car Replacement
Many insurance companies offer a type of coverage called new car replacement. This coverage is usually only available on new and recent-model-year vehicles. In the case of a total loss, the company would pay to replace the car with a brand-new car without taking depreciation into account. This coverage adds to the overall cost of an auto insurance policy.
How To Save on Car Insurance
Comparing new vs. used car insurance isn’t the only thing to think about. You can save on car insurance in other ways besides opting for a used vehicle. Here are a few ideas:
- Switch providers: You can shop around at any time, not just when you get a new (or new-to-you) vehicle. There’s no penalty for switching companies often.
- Change coverage amounts: Lowering your coverage limits or eliminating things you don’t need can save you money.
- Raise your deductible: Increasing your deductible will lower your car insurance premium. Be sure you can still pay your deductible if you need to.
- Try usage-based insurance: Programs like Progressive’s Snapshot® award car insurance discounts for safe driving. These programs track your driving in real time through mobile apps or devices that are plugged into your vehicle.
- Consider other models: Car insurance costs vary greatly depending on the model you have. Consider shopping around for different models and comparing car insurance prices for them.
Many factors influence the cost of car insurance. Even if you and your neighbor have the exact same vehicle and insurer, you’ll likely pay different car insurance rates.
New vs. Used Car Insurance: The Bottom Line
On average, full-coverage car insurance costs a bit less each year as cars age. But is that enough reason to opt for an older vehicle instead of a new one? Our data on average costs shows you can save more money by switching providers than you can by choosing a used car and sticking with the same provider. Compare car insurance quotes online to find the best option for you.
Top Auto Insurance Recommendations
You can use the make and model of a car you’re considering to compare quotes from insurance companies. Our top recommendations for used or new car insurance include State Farm and USAA.
State Farm: Best Customer Experience
State Farm offers affordable rates for many drivers, including young ones. The company’s Steer Clear® app offers discounts to drivers under 25 who complete the educational program. And it offers a generous good student discount of up to 25%. Older drivers can also save money through Drive Safe and Save™, the company’s usage-based program.
USAA: Best for Military Members
According to our rate averages, USAA offers some of the cheapest car insurance on the market. USAA also offers a wide variety of car insurance coverage options, including classic car insurance. However, the company’s car insurance is only available to military members, veterans and children and spouses of military members and veterans. If you qualify, consider getting a quote from the company.
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New vs. Used Car Insurance Comparison: FAQ
Generally, it’s slightly cheaper to insure a used car than a new car if you’re looking at the same model. This is because new cars start off with high values and new models often have more advanced tech and safety features that cost more to repair.
Yes, new cars of the same model usually cost more to insure because they have higher repair costs and values than used cars. Our insurance rate data shows a 12-month full-coverage policy for a new 2022 model costs $221 more on average than a 12-month policy for a 2018 model.
Drivers gain experience with age, so car insurance gets cheaper over time on average. Car insurance is very expensive for teens, but the cost declines quickly as drivers age into their 20s. Car insurance is typically the least expensive for middle-aged drivers.
If your goal is to save money and minimize debt, it’s best to consider buying a used but reliable vehicle. You may save thousands compared to buying a new car, and you’ll pay less for car insurance.
Our Methodology
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Here are the factors our ratings take into account:
- Cost: Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
- Coverage: Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
- Reputation and experience: Our research team considered market share, ratings from industry experts and years in business when giving this score.
- Availability: Auto insurance companies with greater state availability and few eligibility requirements scored highest in this category.
- Customer experience: This score is based on volume of complaints reported by the NAIC and customer satisfaction ratings reported by J.D. Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.
Our credentials:
- 800 hours researched
- 45 companies reviewed
- 8,500+ consumers surveyed
*Data accurate at time of publication.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
