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Considering The Insurance Implications Of A New Car Purchase

9 February 2015 - 13:00, by , in Auto Insurance, No comments

auto insurance coppell tx

What You Need To Know Before You Buy A Car

Those in the market for a new car have a wide range of planning measures on their hands. As you determine which ride you want, what color, and how much you will be able to comfortably afford for a down payment, it is important that you think about the insurance implications of this purchase. Rather than finding out you are lacking sufficient coverage when you and your beautiful new ride need it most, keep these informational points in mind:

  • When purchasing a car, you will be required to show proof of insurance. This is because your existing coverage will automatically rollover to cover your new ride until you have the chance to update your policy. The standard grace period ranges from 4 days to 30 days.  The broadest coverage that you have on any vehicle of your policy will apply to the newly acquired car.  During this time, you must contact your insurance agent to update your policy.
  • While you may be inclined to just switch the car model on your policy, it is important that you insure your newer, more valuable car to the fullest. If you previously drove a car without collision and comprehensive coverage, it is time to add it to your policy. It is highly recommended that you sit down with your insurance agent and go through all the available coverage options to determine adequate coverage.
  • If you have been planning this purchase for a while, it is recommended that you plan ahead and discuss the insurance implications of your new purchase with your insurance agent. You can even receive an estimate of premium increases by telling them which models you are interested in. They may even be able to give you suggestions for the safest cars that are least expensive to insure.

Please do not hesitate to give us a call to confirm coverage before heading over to the dealership. Serving Carrollton, Coppell, and all of North Texas, contact Mike Leonard Insurance Agency for all of your auto insurance needs. We will go above and beyond to secure you the absolute best coverage possible, and for the right price.

 

At Mike Leonard Insurance Agency, our goal is to serve our clients with comprehensive personal insurance solutions at affordable prices. Because we are an independent agency, we are able to prioritize our clients' needs without having to worry about confounding factors such as commissions or overhead costs.