Cars are a huge investment. When you buy or lease your first car, it’s a huge accomplishment.
Brand new cars come with all the latest bells and whistles, but they’re also a huge financial responsibility. With everything else you need to get in order, finding the right insurance can feel overwhelming.
Thankfully, setting it up is easier than you think.
Find An Insurance Plan that Fits Your Needs
If the car you’re looking at is brand new, it is required for you to have insurance before you can drive it off the lot. One of the first steps to insuring your car is researching.
Car insurance is different for everyone. There are several key factors that can affect your insurance rate:
- Model
- Value
- Safety features
- Driving history
- Personal demographics (age, experience, etc.)
When picking out an insurance company, make sure to get a quote on what your rate could be. Insurance for a new car is generally higher, but a good driving history might balance it out.
Common Types of Car Insurance Coverage
Another thing to consider is what type of insurance you would like for your vehicle. While researching, check to see what the company you picked offers and decide based on what matches your needs. Most drivers tend to choose:
- Collision Coverage: If you are involved in an accident with another vehicle, this will cover any repairs or part replacements you may need to fix the damages. It is required if you decide to lease or finance your car.
- Comprehensive Coverage: This coverage goes one step further, protecting your car from any damage from all types of accidents, not just collisions (weather, theft, etc).
- Liability Coverage: Most states require liability insurance that covers personal injuries and property damage from an accident with another vehicle where you are at fault.
- Gap Insurance: If your car is a complete loss after an accident, gap insurance will cover the difference between the initial value of the car and its value after to help you pay your loan back.
- Uninsured Motorist Insurance: Despite car insurance being a requirement, there are still drivers that operate without coverage. If a driver without insurance causes your accident, this will handle your medical expenses and property damage.
Put in the Paperwork
Once you’ve picked out an insurance provider and policy to go with it, the rest is just putting it all in place for your new car.
- Set a date for your policy to go into effect. This should be the day you plan on buying the vehicle.
- Transfer your new car’s title. You can do this with the dealership as you fill out the paperwork for buying the car. If you’re leasing or financing the car, you’ll fill out the paperwork now and receive the title after it’s paid off.
- Register your car. Like above, you can register your car when you buy it at the dealership. Make sure to bring your proof of insurance with you and notify your insurance company when it’s registered.
Pick a Professional Insurance Company You Can Trust
Your new car deserves the best insurance available to protect it.
Sanford Insurance is a reliable Richmond insurance company that offers multiple coverage options to fit your situation and needs. When you buy a brand new car, you can count on us to safeguard your investment.
Contact us today and see what our auto insurance services can do for you.