Know Car Insurance Fees When Buying a Car
So you just got approved to purchase a vehicle, which means you’re one step closer to driving your coveted new or used car off the lot. But before you make that big car purchase, pump your brakes (see what we did there?). Have you thought about what your car insurance costs might look like? If not, you should look into getting some estimates.
There are several factors that can go into determining your car insurance costs, including the type of car you drive, the retail price, the potential cost of car parts and safety features. This is why it’s wise for you to shop around for insurance estimates before you make a final decision on your car purchase.
To help you determine the best approach to evaluating the potential cost of car insurance, here are some simple steps you can follow to get car insurance estimates:
- Narrow down your top vehicle choices.
The number of vehicle choices out there can make the car-buying process a bit overwhelming. Narrowing down your choices can help you compare apples to apples when looking at different car insurance estimates. - Determine the types and dollar amounts of coverage you need.
For example, if you’re getting a used car loan or using auto financing or an auto loan, there may be certain types of vehicle coverage required by the financing company or auto lender (i.e. collision and comprehensive), which is why it’s important to do your research. - Get estimates.
Once you’ve narrowed down your options, get quotes from a few insurance companies for the vehicles you’re thinking about buying. There are car insurance comparison tools online that can help. - Make the final call.
The choice is yours! Once you’ve made your well-researched decision, it’s smooth sailing — well, driving.
If you’re in the beginning of the car-buying process and need credit approval, a dealer enrolled in the Credit Acceptance auto finance program can help you get started today!
