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Considering Insurance Costs before You Buy a New Car

If you are in the market for a new or used car, you need to get free online auto insurance quotes before you buy because while you can haggle with the salesperson to get a great price on the vehicle itself, you could still find yourself trapped with expensive auto insurance premiums after you’ve signed on the dotted line. Online auto insurance quotes can help you determine whether you are on the right financial path before you buy.

Consider the Discounts

Auto insurance quotes are not static figures. They are created based on a number of different criteria and there are potential auto insurance discounts hiding everywhere. If your car has all the latest safety features then your premium could be reduced significantly. Your new car may also give you access to discounts if it has daytime running lights, antilock braking systems, air bags and antitheft devices. If it’s an expensive car you may be able to get additional discounts if you get an anti-theft tracking system installed. While you are at the car lot, be sure to discuss all the potential discounts of each model you are considering with your salesperson and include them into the online quoting systems.

Consider the Repair and Replacement Costs

One of the potential insurance premium pitfalls of your new car could be its expensive repair costs. Replacement parts may have to be imported which adds time and expense as your insurance company pays for both the expensive parts and your car rental. Computerized parts may be labor-intensive and expensive to replace which can also wreak havoc with the auto insurance quotes you receive. Ask your salesperson about the potential repair expenses and how they might affect the auto insurance quotes you would receive.

Unfortunately, some car models have a higher theft rate than others. Be sure to research the likelihood of your dream car’s make and model being attractive to thieves because this is something that insurance companies will consider when developing your auto insurance quotes.

Consider Deductibles and Bundling

If you try an online quoting system and can’t get the auto insurance quotes cheap enough through discounts but you still really want a particular car then you just may need to raise your deductibles. Deductibles are the amounts that you must pay out-of-pocket before your insurance company steps in. The greater the amount you agree to pay out-of-pocket the less financial burden you obligate your insurer to and the cheaper your premiums. But watch out–if you have a bad run of accidents, you have to pay this amount every time there is a claim. So don’t just ask yourself whether you can afford to pay this as a one-time hit. Could you take two or three hits in a year?

You can also find out if bundling is an option. Every company will give you an additional discount if you place both auto and household policies with them. If you add in second cars and health coverage as well the savings can be significant and might just make the difference between buying the car of your dreams and compromising to keep your wallet happy.

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