Auto dealers take advantage of increased inventory of new year models and available manufacturer incentives to make President’s Day weekend the kickoff to their sales year. When shopping for a new car, the cost of insurance is often a forgotten factor. If you’re in the market for a new car, here are some auto insurance considerations to keep in mind.
Comp & Collision
If you’re moving from a fully-paid used car to a financed new car, your bank or lien holder will require you to carry full coverage while you’re paying off your loan. Owners who’ve carried only the required liability insurance on their fully-paid car may encounter sticker shock when comprehensive and collision is required for a newly financed car. Once you’ve identified the vehicle you are interested in purchasing, consult your insurance agent to get a quote on the new car so you have an idea of your additional costs.
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