Due to depreciation and lower replacement costs, used cars are generally cheaper to insure than brand-new cars. The final price is also influenced by the make and model of the vehicle, as well as the driver's profile.

Main differences in insurance cost :

• New cars have higher premiums because they're worth more.
• Used cars cost less to repair or replace, lowering insurer risk.
• Older models often qualify for third-party coverage, which is more affordable.
• Newer cars may require comprehensive policies, especially if under finance.
• The insurance savings can add up significantly with pre-owned vehicles.

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