Spring is a great time to purchase a new car, just in time for summer enjoyment! A new car may cost more to insure; however, there are many ways you can save on your car insurance rates. Before purchasing your new ride, follow these easy steps:
Shop around for insurance
Insurance companies charge different rates to insure the same driver, with the same driving profile for the same car. You should definitely shop around for car insurance to find the lowest available rate.
Look for discounts
Ask the insurance company for a list of discounts. For example, many insurance companies offer a discount if you insure your home and car with the same company. Other discounts could include purchasing winter tires and installing an anti-theft device.
Other things to consider
You may want to add a waiver of depreciation endorsement. If your new car is written off within a certain period after purchase, usually 1-2 years, you will get back from the insurance company the full purchase price of the car new, and not a depreciated amount. The cost is minimal on your auto insurance and in the long run it could save you a lot of money.
You may also want to consider adding accident forgiveness coverage. For your first at-fault car accident, you will be forgiven by the insurance company and you will not see an increase in your car insurance rates.
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