When most people prepare to buy a new vehicle, they rarely think about what changes they can expect to see in their auto insurance. Instead, they worry about what exact make and model they want, what color car they want, and what extra features they want to spring for. However, these really aren’t the things that should be given first priority when you’re shopping for a vehicle. A car is one of the biggest investments you’ll ever make and, likewise, car insurance is something most people will pay for for at least fifty years of their lives. As such, it’s extremely important to understand how the car you own affects your car insurance rates.
One thing that can make your insurance premium skyrocket is choosing a “specialty” model car, like a sports car or a luxury car. Vehicles such as these tend to be more likely to be stolen, to require specialty parts, and to have larger, more complex, and more likely to fall apart engines. All of these factors can contribute to a much higher insurance rate for you. This isn’t to say that you shouldn’t be able to have the car of your dreams, but you should know how purchasing a particular car will affect your insurance rates so that you can make a decision about whether or not it’s worth it to you. If you are still considering purchasing a specialty vehicle, ask prospective insurance companies to give you rate quotes based on the model of your vehicle in addition to other factors, so that there will be no surprises when it comes time to actually insure your new vehicle.
If you are unable to resist buying that specialty car, you should know that there are things that you can do to reduce your car insurance premium. If you own a car that is more likely to be stolen, for example, you can reduce your premium significantly by adding approved anti-theft devices, such as car alarms and engine kill switches, to your vehicle. Parking in safer areas overnight and throughout the day can also help, as can installing safety features, such as air bags and anti lock brake systems. Just make sure that you talk to your insurer about which discounts are available and about what exact instructions you have to follow to receive these discounts. Not all providers will offer the discounts that you need, and if you’re losing out on some big savings because of this, it might be a good idea to think about switching providers.
If you plan on purchasing a used car, then something that you’ll want to pay attention to is the vehicle’s mileage. You might not think a car’s mileage has anything at all to do with your insurance premium, but it actually does. Cars that have a lot of miles on them are much more likely to break down and/or cause an accident, and thus, usually cost more to insure. Therefore, when looking for a used car, you’ll want to avoid those with lots of miles, no matter how good of condition they may be in. If you can do this, you can qualify for low mileage discounts, which can help you to save even more money on your car insurance premium. Plus, if you don’t plan to drive your car a lot within a given policy year, you can also receive a discount for this from many insurance providers.
Obviously, purchasing a new or used car is a huge decision, and you’ll have a lot on your mind as you shop and plan to make this big purchase. Even though you already have a ton to consider, make sure you pause to think about how your decision will affect your automobile insurance rates. Even if you pay a car off all at once, you’ll still be responsible for paying on it for as long as you drive it via auto insurance. These payments can really add up over the years, so you won’t want to buy a car that you can’t realistically afford to insure. Make sure that you request very specific auto insurance rate quotes before you ever make a buying decision, so that you’ll always know what to expect.
