Kevin M. Lynch, assistant professor of insurance at The American College, says, "If you are financing your new car, you need to consider a comprehensive auto policy."
Lynch notes that there are certain things a policy for a new car should definitely include. At a minimum, he suggests:
There are many other new-car insurance options new-car buyers should think about including in their coverage, such as:
Lynch adds, "In addition to the proper coverages, [there] are proper limits of liability. Under no circumstances do you want to carry less than $100/$300/$50 in liability coverage. These numbers provide $100,000 per individual in an accident where you are at fault. It also provides a total of $300,000 in coverage if there are multiple persons injured. Finally, it provides $50,000 in property damage, which is sufficient for most cars on the road today."
Insurance expert Billy Van Jura adds, "Will your new car cost more to insure than your old car? In all likelihood it will. Your new car may, because of lease/finance, require comprehensive and collision. But your new car may have some safety features that your old car did not." Sometimes these extra safety features are accompanied by insurance breaks and discounts.
He also suggests, "If you need comprehensive and collision, ask about the deductible options you may have available. Taking a $1,000 [deductible] will save money but may not be right for you. Keep in mind $1,000 [won't cover] a lot of damage."
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