If you’re in the process of buying a new car, it’s important to remember to update your insurance policy. Your old policy may not cover a new car, or it may not provide enough coverage. At America’s Choice Insurance Partners serving Wixom, MI, we can help you find the right policy for your new car. Here are a few things to remember when updating your insurance when buying a new car.
1. Your Old Policy May Not Cover a New Car
Your old policy is not likely to cover a new car. This is because insurance companies typically only insure vehicles for their market value. If you purchase a new vehicle, your old policy will not cover the full value of your new car.
2. You May Need More Coverage
When you buy a new car, you may need more coverage than you had on your old car. This is because new cars are usually more expensive than older cars. If you have a loan on your new car, your lender will require that you have full coverage insurance.
3. Your Rates May Go Up
New cars are usually more expensive to repair or replace than older ones. If you have a loan on your new car, your lender will require that you have full coverage insurance, which is usually more expensive than liability insurance. If you don’t have a loan, you may still want to consider full coverage insurance.
4. You May Need Special Coverage
Classic, high-end luxury, and antique cars often require special coverage. If you have a new car that falls into one of these categories, be sure to speak with your insurance agent about the right coverage for your vehicle.
Get Your New Car Insured Today
Remember to update your insurance policy if you’re buying a new car. At America’s Choice Insurance Partners serving Wixom, MI, we can help you find the right coverage for your new vehicle. Contact us today to get started.