Most people know that they need insurance for their new vehicle, but the excitement of buying a new car means that it often falls by the wayside. Skipping over this important detail may cause financial problems almost as soon as you drive off the dealership’s lot. Before you start negotiating with the dealer about a certain vehicle, you need to shop for car insurance. Certain vehicles carry higher insurance rates, such as high-tech and sports cars, which means you will need to ensure you can afford coverage before buying the vehicle. Protect yourself, your car, and your finances by considering these key points.
Understand the different types of car insurance
Your car insurance includes a variety of different coverages. The most common types of car coverage include:
- Collision insurance covers damage to your car up to its current estimated value, also known as its Blue Book Value.
- Liability insurance is the portion of your policy that pays for damages you’ve caused to others if you’re found to be at fault in an accident. This covers a wide range of damages, including bodily injury and property damage.
- Uninsured or underinsured insurance covers your losses if you’re hit by someone with no insurance, or not enough insurance to cover the cost of damages.
- Comprehensive insurance pays for damages that occur to your car that aren’t collision-related. According to the Insurance Information Institute, this includes theft, vandalism, fire, and natural disasters.
- Personal Injury Protection (PIP for short) covers your medical expenses if you’re injured and can sometimes even pay out for lost wages if your injuries prevent you from working.
Ask about discounts
Many insurers offer a wide range of discounts. However, you should ask about your eligibility to see if you can save some money. Common discounts include:
- A clean driving record
- Safety and security features in the vehicle
- If you bundle your home insurance and auto insurance with one insurer
Consider riders for better protection
Be sure you know what is and is not covered by your auto insurance policy. If you find that you are missing valuable coverage, you may be able to add it on in the form of a rider. Common riders include:
- Rental car reimbursement – reimburses you for rental car costs when your vehicle is being repaired after an accident or collision
- Roadside assistance – provides roadside assistance when you are in an accident or break down on the side of the road. This can cover everything from towing, emergency fuel delivery, to flat tire replacement, and more.
Talk to your insurance agent to understand your coverage and ensure you have the right policy for your needs. For the car insurance policy to fit your needs, contact Bell Black Insurance today! We serve all insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.