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Your First Car, Your First Insurance Policy

It has taken you a long time, but you have finally saved up enough money to buy your first car. This is an exciting time for any young person because it is a sign that you are growing up and getting more independent. What many young people don’t realize is that in addition to the cost of buying a car, there are many other expenses that they need to consider. If you are getting your first car, you also need to think about what you are going to need for insurance coverage.

Getting Your First Insurance Policy

Now that you are in the market for your first car, you will need to start shopping around for the best insurance rates. You actually have a couple of options when it comes to your insurance. If you are still living at home with your parents, you may be able to include your vehicle on their insurance policy. This way, you will have full coverage, but you will only have to pay a fraction of what it would cost to have your own individual policy.

This is something that you will have to ask your parents about. If you are living on your own or your parents do not want to add you to their policy, there are ways that you can save money on your own auto insurance: Your First Car, Your First Insurance Policy

  • Just get the basic coverage – You will have to check to see what the minimum coverage for your state is, because this can vary from state to state. Having basic liability insurance will cover you if you are at fault in an accident and there are damages to the other vehicle. It will not cover the cost of repairing damages on your own vehicle.
  • Take driver’s ed –  Learning how to drive is not the only reason to take a driver’s education course. Many states will offer discounts to drivers who have had driver training because they have proven that they have the skills needed for defensive driving.
  • Get a newer model vehicle – Most of the time, a first car is not going to be an expensive one. But, if you have the funds available, it is best to get a newer model vehicle. This is going to help you cut back on the cost of your auto insurance.
  • Wait a while – If you are a first time driver, and you do still live with your parents, you can always wait a while on buying your own vehicle and just use their car. It may be a bit of a pain because you won’t always be able to have the car when you want it, but being on their coverage will help you later on to get better deals on your own insurance policy.

What You Need to Know about Auto Insurance

It is a sad thing to say, but there are many unscrupulous people out there who want to take advantage of young people, including people who sell insurance. In fact, you will probably find that some insurance agents will quote you very high rates, because you are young and they think they can get away with it because you don’t know any better. What you need to do is more homework. Yes, you probably get enough of that in school, but if you do not do a bit of research, chances are that you are not going to get the best auto insurance rates. Before you start seeking quotes, here are a few things you should know in advance:

  • If you do not already have your new vehicle, make sure that you get quotes for various types of vehicles. This way, you will have a good idea of what it costs to insure for sedans, sports cars, trucks, and other vehicles.
  • Find out which insurance agencies have offices in your neighborhood. Yes, you can do everything you need online or on the telephone, but if you ever need to speak with someone in person, it is better to have an agent who is close by.
  • Figure out what type of insurance coverage you are going to need. For instance, if you planning on driving a car and a motorcycle you will need to have insurance coverage for both vehicles.
  • Find out the costs of different types of insurance, so you know exactly what you will need to pay for the coverage you want.

Here are a few questions you should ask insurance agents when you are getting your auto insurance quotes:

  • Am I eligible for any discounts?
  • Do I need to have a parents’ signature or anything from them to get my own auto insurance?
  • How old do I have to be to have my own auto insurance?
  • How often will I have to make insurance payments?
  • What will my auto insurance payments be?
  • How can I make my payments?
  • Can I add or take away coverage from my policy at a later date?
  • How often will I have to renew my policy?
  • Is there someone I can talk to at any time of the day or night if I need to ask questions about my policy?
  • Do you offer other services I may be interested in at a later date?

Having a car is a huge responsibility, and you need to make sure that you are ready to take on such a responsibility. One way that you can show that you are mature enough to own a car is to make sure that you get the right insurance coverage.

You do not have to do this on your own, and you may even want to get your parents to help you out, especially if they are able to help you to get a better rate. Make sure that you shop around and get a few quotes to make sure that you are getting the best deals on the auto insurance coverage you need.