Springtime is a popular season for new car purchases, and no wonder; after all, who wouldn’t want to spend time breaking in a shiny new set of wheels in the balmy weather and sunshine? As many of us take the opportunity this season to make good on the old saying “out with the old and in with the new”, however, it is important to remember that purchasing a brand new car can often come at a hefty price where insurance is concerned. As insurance premiums are dictated in large part by the estimated value of whatever is being insured, an expensive new car inevitably entails expensive insurance rates.
Given the financial burden that these rates can impose, one has to wonder: are there any effective ways to minimize insurance premiums while still getting the new dream car you’ve always wanted? The answer, as many people will likely be relieved to discover, is yes. By following the pointers and suggestions below, you will find that insuring your new car doesn’t always need to be as expensive as you might think.
1. Shop around. Get quotes from as many insurance providers as possible to see who can offer the best rates for a given make and model. As these rates can vary significantly between providers, your patience will often be rewarded as long as you take the time to see what’s out there. It’s usually best not to rush into anything too impulsively, and this is no exception!
2. Do your research. Think you know which cars will yield the highest premiums? While many of the more obvious examples seem to paint a clear and unwavering picture of which vehicles are likely to entail the highest or lowest premiums, these decisions are not always as clear-cut as we might think. Among the factors that must be taken into consideration when establishing insurance rates for new cars are things like the likelihood of the vehicle to do significant damage to another car in the event of an accident, the damage that the vehicle itself is likely to incur, the frequency with which a particular model is stolen or broken into, and so on. Given that all of these factors in combination can affect premiums in somewhat unpredictable ways, it will always be to your benefit to research individual makes and models of cars that interest you to see which, on average, yield the most reasonable premiums when all is said and done.