Getting Affordable Insurance for a New Car

After buying a new car, most automobile owners want to protect their new investment with quality car insurance. At the same time, monthly auto loan repayments may mean that you have less cash to pay for automobile cover. To find affordable insurance for your new vehicle, take time to shop around for the best deals. Whilst your dealer may offer to sell you auto insurance when you buy the car, you are more likely to get the lowest rate for the type of car you own by comparing quotes from independent car insurance providers.

Choosing the Right Cover

If you finance your new car, the financial institution that issues the loan will require that you carry fully comprehensive cover to protect this asset. Until you have finished paying off the loan, you must hold comprehensive coverage on your new vehicle. Comprehensive car insurance pays out if your car is damaged in an accident, damaged or destroyed by fire or lightning, damaged in a break in or stolen. A comprehensive policy may cover the windscreen, mirrors and windows as well as the bodywork of your automobile.

If you've purchased an economical new car that's low powered, fuel efficient, safe and reliable, your car insurance premiums are likely to be reasonable, even with fully comprehensive coverage. Getting the most affordable insurance is often a matter of buying a car that's cheap to insure. Cars that are inexpensive to insure are also safer to drive, easier to maneuver, and cheaper to maintain. As an added bonus, an economical car is likely to be more fuel efficient.

Owners of new luxury cars, high performance sports cars, modified cars or imports may find the most affordable insurance through specialist providers. Specialised policies for high value or modified vehicles may be cheaper than standard car insurance, especially if you source cover through a provider that shares your enthusiasm for the type of automobile you own. Some insurance companies specialise in covering expensive automobiles or speedy sports cars. These providers are likely to appreciate the value of your car and be more willing to give you a deal.

Cutting the Cost of Insurance

New car owners can cut the cost of car insurance by customising their vehicle with advanced security or safety devices. When given the option, choose a model that's fitted with Thatcham approved security products, like trackers, immobilisers or high performance locks. Air bags, anti lock brakes and other devices that reduce your risk of injury in a collision or that minimise the likelihood of an accident may cut the cost of car insurance. Parking your new car in a locked garage rather than in the street or drive may also lower your costs.

Increasing your excess will make new car insurance more affordable. By agreeing to pay a higher percentage of the cost of a repair or replacement, you can lower your monthly premiums. Until you qualify for a no claims bonus in your new car, increasing your excess may help you keep the cost down.

Getting affordable insurance for a new car is a matter of choosing only the benefits you truly need. When you insure a new vehicle, you may be pressured to buy gap insurance, which covers the difference between the purchase price of your car and the depreciated value if your car must be replaced after a major accident, fire or theft. However, gap insurance can be costly and may not be worth the extra money, especially when you have monthly auto repayments to consider. Choose a policy that includes only the features you need to cut the cost of insurance.

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