Buying a new car is exciting, but it also means your insurance needs have likely changed significantly. Many drivers simply transfer their old coverage to their new vehicle without considering whether those limits still make sense. Bonvenuto Financial Group, LLC, serving Uniontown, OH, helps new car owners evaluate their coverage options to ensure they’re properly protected without overpaying for unnecessary features.
Reassessing Your Coverage Limits
Your new car’s value probably differs substantially from your previous vehicle, which means your coverage limits should change accordingly. If you upgraded to a more expensive car, increasing your comprehensive and collision deductibles might save money on premiums while still providing adequate protection. Conversely, if your new car is worth significantly more, you’ll want to ensure your liability limits can handle potential lawsuits. Consider your new car’s repair costs, replacement value, and safety features when adjusting coverage amounts.
New Vehicle Features That Affect Rates
Modern cars often include safety features that can earn you insurance discounts. Anti-theft systems, automatic emergency braking, lane departure warnings, and backup cameras all potentially reduce your premiums. However, these same features can make repairs more expensive, so discuss how they impact your deductible choices. Some insurers offer new car replacement coverage for recently purchased vehicles, which pays for a brand new car rather than the depreciated value if your car gets totaled.
Optimizing Your Policy
Review your policy annually, especially after major changes like buying a new car. Compare quotes from multiple insurers since rates vary significantly between companies for different vehicle types.
Get the Right Coverage
Don’t assume your current coverage works perfectly for your new car. Bonvenuto Financial Group, LLC, serving Uniontown, OH, can review your policy and ensure optimal protection.
