NEW CAR – IS CAR INSURANCE EXPENSIVE

New Cars Over $35,000 – Is Car Insurance More Expensive?

April 8th, 2011

If you are planning to purchase a new car over $35,000 in value, or if you already have made the purchase, you may be wondering if your insurance rates are going to go up. Unfortunately, the answer to that question is yes. Generally, the more valuable a vehicle is, the more it will cost to insure. The good news, however, is that there are many things that you can do to lower your insurance rates. While you won’t be paying the lowest rates around, you can enjoy significantly reduced rates as you drive your new and very valuable automobile.

Before we share a few money-saving tips, however, you need to know that the cost of the coverage isn’t the only thing that matters when choosing an insurance policy. You must also be sure to pick a policy that provides you with adequate coverage in the event of an accident. If you, like most people, took out a loan for your new car, be aware that you are required by law to have full coverage insurance until the loan is paid in full. Even if you paid out of pocket for the car, you will still want to have coverage that protects your vehicle well and that keeps you from being out all of the money you spent on your new automobile.

In addition to getting adequate coverage, you will also, of course, want to be sure and find a provider that offers good customer service, accessibility, efficiency at claims handling, and generally has the customer’s best interest at heart. The best way to find out whether a particular insurance provider possesses these qualities is to talk to friends or family members who have used or who are currently using the company or to read online reviews written by past or present clients.

With that said, let’s talk about how you can save money on your auto insurance. First things first, if you haven’t already bought the car, take a minute to reconsider your decision. By choosing to purchase the automobile in a slightly older make, even just last year or the year before that’s model, you can significantly cut back on insurance costs. If you’re dead set on purchasing a specific new car, however, or if you’ve already made your purchase, there are still things that you can do to reduce automobile insurance costs, so don’t panic just yet!

Your car should not be a “dangerous” car, such as a roadster or a car with very high speeds. If it is, your insurance rates will be higher than average, on top of the already high cost of insuring a newer car. However, you can improve these rates by choosing to install safety features on your automobile. This is a good decision and can offer lower rates to owners of any type of automobile, in fact. Features such as air bags, rearview cameras, antilock brakes, and more all cut back on insurance costs and make the driving experience safer.

In addition to adding on safety features, you should also look for other discounts for which you qualify. If you added anti-theft features to your car, you should get a discount. Other things that can enable a driver to be eligible for hefty discounts include having low mileage ( a given on new cars), being a good driver – meaning not having had any accidents or speeding violations in the past six months or longer, being a good student in the case of minors, taking a defensive driving course or a driver education course, and parking in a “safe” area overnight or during working hours. Of course, in many cases, it is the driver’s responsibility to bring these discounts up to the provider, so don’t be afraid to take that first step toward getting the discounts you need and deserve.

So, when driving a brand new car with a high value, you know your insurance rates will likely be higher than you would like. If you’re proactive, however, about becoming eligible for discounts and then following through to make sure you receive them, you can end up saving a lot on automobile insurance, enabling you to better enjoy your brand new car.

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