Buzz
When buying a new or pre-owned car, there are various factors to take into account. While insurance often isn't the first priority, it's an essential consideration. The next time you're shopping for a vehicle, make sure to keep these insurance-related inquiries in mind.
In an article for Forbes, writer Amy Danise highlights some important insurance factors to think about when purchasing a new car. Here are a few key takeaways:
Could a comparable model be significantly cheaper to insure?
Sometimes, similar models can have vastly different insurance costs. For instance, in Chicago, insuring a 2015 Ford F-150 pickup truck could cost an average of $483 more annually compared to insuring a 2015 Dodge Ram pickup...
Is it necessary to purchase both collision and comprehensive coverage?
If you're financing the vehicle, you'll be required to maintain 'full coverage' auto insurance for the duration of the loan. This includes both collision and comprehensive coverage, as well as liability insurance...
Should I consider purchasing coverage for theft of my vehicle?
If you'd like to receive a payout in the event your car is stolen, comprehensive insurance is the way to go. It will cover the value of your vehicle, minus your deductible.
It might also be beneficial to investigate how likely it is that your car will be stolen. Some vehicles are more frequently targeted by thieves than others.
Danise shares additional insights, so be sure to check out her complete article at the link provided below.
Image courtesy of Axion23.
