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When you are figuring out the cost of that new car, you also need to factor in the cost of auto insurance. Having good car insurance is a must-have in today's world, and is actually a very sound idea, even if it was not required by state law, as it is in most states, at least minimum coverages. But since you need to have auto insurance anyway, there is clearly no sense in paying more than you need to, so here are some things that you should consider when you are shopping for car insurance to protect your investment in your car.
First of all, you need to realize that the value of your car in your mind is probably much greater than the actual value of the car. That is natural, we all think our car is either the Supreme Machine. But you need to face the reality that nobody else has that same emotional attachment to your car, and based on YOUR view of your car, you may tend to over-insure it.
You are no doubt aware that as soon as you leave the dealer's parking lot, your new car has just been transformed into a new car, and driving that few hundred feet has just cost you big time. As you drive the car and accumulate both time and miles on it, the value of the car continues to go down.
You need to find out how much you still owe on the car, or perhaps you even have it paid off. Now compare that to the cost of collision insurance. If the additional cost of collision insurance is more than the real value of the car or how much you owe on it, there is little sense in having collision insurance on it. Removing collision insurance from your car can save you a ton of money, but also note that if you are still making payments on the car, the lender financing your car loan may not allow you to remove collision insurance until it has been paid off.
Next, understand your coverages and the deductibles for each of them. Yes, there are different deductibles (usually) for each type of coverage. For example, you probably want theft insurance if you live in a metro area. But if you live in rural America and keep your car in the garage when you are not using it, you may want to consider dropping your theft insurance coverage.
If you elect to keep any of your coverages, examine the deductible amount that accompanies the coverage. A deductible of $100 is going to produce an insurance premium that is significantly higher than if your deductible was $500 or $1000. True, it will be less financially painful if you need to make a claim, but if you don't make a claim, then it is money out the window.
It may go without saying, but avoid traffic tickets, especially those that are moving violations. Your insurance company will find out about it, guaranteed, and they will raise your rates because you are now classified as a greater risk. This is particularly true of drivers who are under age 25, where a ticket or two can cause your rate to double.
Do your due diligence and comparison shop. An online car insurance quote may provide you with great rates, although you need to make sure you are really comparing apples to apples. If you are comparing the SAME coverage with the SAME deductibles and the SAME limitations and ceilings, then you can see if your online quote is really a better deal. Just because it is an online quote does not automatically mean it will be better, but it is certainly worth checking into.