As our vehicles are integral parts of our everyday life, it’s only normal that we want to do everything necessary to not be left without them. One way to keep your car safe on the road and in the driveway is to get solid insurance coverage.
However, if you are new to the whole topic of insurance, this might all sound too complicated. For that reason, we compiled a simple guide for first-time vehicle insurance buyers to help them protect their valuable assets. So, read on and find out how to get the right insurance for you and your vehicle.
The cheapest option for new drivers
The cheapest and easiest way to get vehicle insurance for new drivers is to see whether you can add your new vehicle to your parent’s insurance policy. There might be some discounts if the insurance company offers multi-car policies or multi-driver policies. However, you can also purchase separate insurance if you want to.
Getting your own insurance
It might be in your best interest if you do not rush this process and shop around for the best coverage. Of course, you might not be familiar with all the insurance terminology and clauses, so it’s best to seek experts’ help.
For instance, insurance brokers will work to find the best insurance coverage and find you the best quotes. If you’re wondering how long does it take to get car insurance coverage, make sure you consult with a local broker to help you pick the best one for you and your vehicle.
If you choose to work with brokers, you can expect to insure your vehicle faster. On the other hand, if you opt to take matters into your own hands and shop around, you will lose a lot of time on insurance company interviews and consultations.
Types of vehicle insurance
Before opting for a certain insurance policy, it’s important to understand each type of coverage fully.
Liability coverage
Vehicle liability insurance coverage is mandatory in countries such as Canada and almost all of the United States. Since this insurance is required by law, getting caught without it might result in hefty fines.
This type of insurance will help your cover all the costs if your property gets damaged or if you sustain bodily injuries due to an accident.
Comprehensive coverage
If you live in an area where there’s a danger of extreme weather-related property damage, comprehensive vehicle insurance coverage is a must. In addition to weather-caused damage, this insurance will cover all repair costs if you have a collision with an animal and protect your vehicle from theft and vandalism.
Bear in mind that this type of insurance is highly recommended, but if the insurance premium exceeds 10% of the value of your vehicle, it’s not really that worth it. Check with your broker or insurance company to see whether the premium can be lowered so that you can enjoy the coverage without breaking the bank.
Collision coverage
Collison coverage is much more straightforward than the comprehensive one. This type of insurance will help you with the costs if you are at fault in a collision accident. This can include hitting a bollard post or another vehicle.
This type of insurance is not required if you own the vehicle, but if you lease it out for a longer period of time, then it’s a must.
Consider purchasing add-ons
Above we outlined some of the most basic insurance coverages for new drivers and first-time insurance purchasers. However, if you want to feel safer on the road, it’s always a good idea to purchase insurance add-ons.
For instance, if you depend on your vehicle to commute to work each day, going without additional insurance coverage might be a big gamble. In addition to that, you should look into accident forgiveness waivers which will protect you from an increase in premium due to at-fault accident history.
Looking to insure your vehicle beyond the minimum recommended might play out in your favor in the long run as accidents can and do occur.
Bottom line
Finding the right insurance policy for your vehicle as a first-time buyer might be very difficult. However, there are a lot of methods and options out there that will help you secure your vehicle’s future.
One of the best ways to find the right insurance for you is to work closely with brokers to find the perfect insurance quotes.
The information contained on this page is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness, or timeliness. As the information contained on this page is provided by an independent third-party content provider and hence there are no warranties or representations in connection therewith.
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