Car Insurance Savings When Buying a New Car
While new cars do tend to carry higher car insurance rates because of their value, that doesn’t mean you can’t find great ways to save. Make your purchase a little easier on your budget with some smart car insurance tips.
Make Insurance Part of the Process
If you’re comparing several models in your car shopping process, you should make sure to get insurance quotes on each of them before you make a decision. By making shopping for insurance a part of shopping for a car, you will have a better idea of what the actual cost of that car will be. There’s nothing worse than working out your budget for a new car and then finding out the insurance is going to be much higher than you thought. Plus, each insurance company has car ratings for each vehicle, so it’s a good idea to see the cost of insurance before signing the dotted line.
Even if you are shopping cars in the same class and price range, you can still expect to see different insurance rates on them. Your Insurance Broker at Acumen Insurance will shop around for you to ensure you are getting the best coverage for the best price on your new vehicle.
Watch for Discounts
When choosing a car, remember that things like safety features on the vehicle can influence your rates. And even after you have made your purchase, be sure that you are getting all of the discounts available to you in order to reduce your rate. For example, where you park your car at night, such is in a secure garage versus on the street, can make a difference in your rates.
You should also consider the discounts you could get for having more than one policy at the same company when you buy. Putting your car insurance with the same company that has your other cars, as well as with the insurance company providing your home or life insurance, can earn you discounts as well.
Ask for a list of the discounts that the insurance company offers so that you can go over them and see which you might qualify for.
Things to Watch For
When you purchase a new car, it often comes with roadside assistance as part of the package. If you aren’t sure, ask about it before you finalize the purchase. Most insurance companies also offer a roadside assistance option on your policy, but if you are getting it included with your new car, you don’t need to pay for it twice. Check with your insurance company to make sure it is on your policy if you don’t receive it with your purchase.
If you are taking out a loan for the purchase of your new car, be sure you know what stipulations the lender has in terms of your insurance. Some require that your deductibles be below a certain limit, and remember that you will be required to carry full coverage. Choosing a deductible that is higher will save you money on your insurance in most cases, but be sure it meets the lender’s requirements.
Along with the usual coverage on your new car, consider adding a waiver of depreciation endorsement. This means that if your new car is written off within a certain period after purchase, usually 1-2 years, you will get back from the insurance company the full purchase price of the car new, and not a depreciated amount. This means you will be able to go back and buy another new car instead of settling for a used one at a lower value. The cost is minimal on your auto insurance and in the long run it could save you a lot of money.
Fall is a great time to shop for a new car, and with some forethought and smart shopping you can get a great deal on the car and a great deal on the insurance as well. Take your time shopping and you will be sure not to regret your decision!