It’s February and Presidents Day Car Sales Are Here!

Important insurance information to consider should you buy a car in February – or any other month.

This article is not about giving you advice or opinions for what type, make, model, or budget you should consider. 

Whatever vehicle you choose, here are some practical facts you need to consider about your insurance coverage when buying a car:

• Most people finance their “chariots.” Lenders insist you have adequate coverage to protect their investment in case of an accident, fire, theft and glass claims. Buy enough coverage to satisfy the lender, but make sure it is in your budget!

• If you own a home or business, it is financially dangerous to drive a car with low liability limits. If someone sues you, not only can you lose your home, but also part of your future income. Think of it this way- you’re in essence hiring the insurance company’s legal counsel to defend you in the event of a huge claim when you carry substantial liability limits.

• Review your driving record for the past 6 years. Motor vehicle violations will impact the cost of your premiums or even affect your ability to obtain affordable insurance.

• Do you need supplemental benefits for an insured rental car and towing? You may not think you do, but often it does make sense to have this benefit. We can review these options with you.

Ironically, a more expensive car doesn’t necessarily cost much more than a basic model to insure. We are happy to quote any realistic comparisons so you can take the cost of insurance into the calculations of what you can afford. 

There are also premium discounts, differing from company to company, so ask us what is available and would make sense for you. What works for your new purchase may not be the same as your previous coverage.

We look forward to hearing from you soon! Together, we will make sure you enjoy your new–or new to you–vehicle without worrying about your insurance coverage.