Thinking about buying a new car for you or a loved one in the new year? Buying a new car does not simply mean searching for and purchasing the car that works for you. It also comes with other considerations, such as getting the auto insurance you need to properly protect your new vehicle and anyone driving it. Keep reading to discover some great auto insurance tips for purchasing a new car.
What are the Minimum State Insurance Requirements?
The first thing to look at when considering your insurance needs for your new car is what are your state’s minimum insurance requirements. Many drivers will elect to purchase policies that go beyond the minimum coverage required by the state, but it is important to know what you need to be legally insured.
If you are considering purchasing a new car in Florida, there are some state coverage requirements to keep in mind. In Florida, the law requires drivers to carry two types of car insurance policies, a personal injury protection policy and a property damage liability policy.
The first policy, personal injury protection or PIP, protects you in the event of a car accident resulting in bodily injuries. Your PIP will help cover the costs of medical bills due to an accident regardless of who was at fault. In Florida, the minimum requirement for personal injury protection policies is $10,000 per accident.
You will also need a property damage liability policy or PDL. Property damage liability policies typically help you cover the costs to another person’s vehicle or property when you are at fault in an accident. Again, Florida requires you to have a minimum PDL policy of $10,000 per accident.
It is important to note that many people choose policies higher than the minimum state requirements. Why you ask? In the event of a very serious accident, medical bills and property damage costs could be exorbitantly high. This could lead to you paying a lot of money out of pocket beyond what your insurance covers.
How Much Coverage Do You Need?
The next step when thinking about purchasing car insurance for a new vehicle is determining how much coverage you really need. Deciding how much coverage you need is a personal choice and can depend on the level of risk you are willing to take on with your vehicle.
One thing to consider when thinking about how high of a policy limit you want to purchase is what the total value of your assets are. Be sure to get a policy high enough to protect your assets in the event that you are at fault in an accident.
For example, if you have $40,000 in assets and cause an accident, but only have a $20,000 policy, the other party could go after your $20,000 worth of assets not covered by insurance. However, if you do not have assets to be claimed, you may not need more than the state minimum requirements.
Another important factor to consider is your driving habits and history. If you are often in fender benders or have a tendency to hit inanimate objects, you may want to think about purchasing more complete coverage.
Many people also choose to purchase comprehensive coverage. Comprehensive auto insurance helps protect your vehicle from damage that occurs while you were not behind the wheel. This could be a branch falling on your car while parked or someone vandalizing your vehicle.
Look For Competitive Pricing
Once you know just what kind of policy you are looking for, it is time to shop insurance providers for a quote that best works for you. Be aware that your past driving record can play a very important role in determining the prices of the quotes you receive.
Now this may not be the most exhilarating aspect to buying a new car, but taking the time to thoroughly research your insurance options and get multiple quotes can end up saving you hundreds of dollars in the long run. A reward that is well worth the time and effort.
The easiest ways to get car insurance quotes are to either look up the information online by visiting insurance company websites and entering in your desired coverage needs, or to call companies and speak with an insurance broker. Keep a pen and paper handy so you can take diligent notes during this process.
Once you have a list of quotes that best work for you, it is time to compare. Keep an eye out for discounts offered by certain companies, such as discounts for safe driving or for certain safety and security equipment that comes with your car. Some companies will even offer discounts for bundling your home and auto insurance.
Another consideration when comparing auto insurance policies is to look at the companies themselves. Finding a price that works for you is important, but you also want to be confident that your insurance provider is going to treat you right and take care of you in your time of need.
Ready to Drive!
After you have compared the quotes available to you and found just the right insurance policy for you, you are almost ready to take that new vehicle out for its inaugural drive. Make sure you review your policy thoroughly before committing to it. When you are satisfied that everything is in order you can seal the deal and get behind the wheel!
If you are looking to purchase a policy to insure your vehicle in 2020, but need help getting your search started, Talley Insurance is here for you. Contact the experts at Talley Insurance and learn more about auto insurance options today. Give us a call at (813) 685-9393!