What do I need to consider when deciding which vehicle to buy?
Different vehicles cost more to insure; some of these things that go into insurance cost include vehicle performance, cost of vehicle, cost to repair, and theft potential. The color, although many believe otherwise, does not have an effect on your insurance premiums. To research different vehicles you can visit the Insurance Institute for Highway Safety website.
Do I need to contact my insurance agent before or after I purchase the vehicle?
If you currently do not have a vehicle insurance policy, then you will need to have that arranged before you can leave the lot with the vehicle. If you currently have a policy, you usually need to follow up with your agent within 10 days of the new purchase.
What information do I need to have before contacting my agent?
The vehicle’s year, make, model, VIN number, lienholder information (if there is a loan), the primary driver, and how you will be using the vehicle (an estimate of how many miles each day).
Are rates more important than coverage?
You want to keep the rates as cheap as possible, but you also need to consider the coverage that comes with those rates. You don’t want to have to pay more out of pocket just because your insurance doesn’t cover you if you are in an accident. Here are some trends in state regulation and insurance rates.
Are there any insurance discounts available?
Yes, the most common discount is the multi car discount that many insurance companies will give you for having more than one vehicle on the same policy. There can also be discounts available for being a long term customer, or having multiple policies with the same company.