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New Car Insurance

When purchasing a new car, the first thing you will want to take care of is your new car insurance. If you have an existing policy, you can simply add the new car to the policy or have it replace the old car that was covered. Your policy rates will be adjusted accordingly. However, this may not be the best option—buying a new car gives you the perfect opportunity to shop around and find a better rate than your current insurance policy.

A new car will have the same legal insurance requirements as a used car, but can present some new issues. For instance, if you are purchasing the car with the help of a loan, the terms of the loan may require you to get higher coverage or certain types that you wouldn’t normally purchase. Your loan officer will let you know what types of new car insurance you are required to have.

Save on New Car Insurance

Another important thing to consider when insuring a new car is rapid depreciation. Your car can lose as much as 20% of its fair market value the minute you drive it off the lot. So, if you were to get in an accident that totaled your vehicle within a few days, you would still owe the full amount to the dealership, but your insurance would only pay you fair market value. This could leave you owing several thousand dollars on a car you no longer have. The best way to protect against this is by purchasing gap insurance along with your new car insurance. Gap insurance will make up the difference between what you paid and what your insurance will pay, and can usually be purchased along with the rest of your new car insurance policy. If you are unsure what other specific types of insurance to purchase in your policy, talk to an insurance agent. Since your new car represents a significant investment on your part, you should purchase as much coverage as you can comfortably afford.