When it comes to buying a new car, it’s easy to think about new vs. used, price, features, gas mileage etc. Sure, you may be able to haggle down the price and negotiate a better financing deal. However, a hidden cost to consider is how much your car insurance will cost.
After all, car insurance is legally required. Although it’s something we need to have, it tends to be an afterthought.
I’ve bought four cars in my lifetime and I only factored in car insurance costs on two of them. What about you? Do you ever consider car insurance costs prior to buying your car?
Earlier this week, I read Jerry Edgerton’s article – Auto Insurance: Which Cars Cost Most and Least? It unveiled the 2011 lists of the Top Ten Vehicles that Cost the Most and Least to Insure. I was very surprised to see my dream car (BMW 750) was the second most expensive car to insure. 🙁
So, the next time you’re in the market for a new car, be sure to add car insurance to your list of things to consider before buying.
It’s easy to check how much your car insurance will cost:
- Call your insurance provider and ask them for a quote based on the car’s make/model. They may ask you for the car’s vehicle identification number (VIN) number, because this information helps them give you a more accurate quote using the actual vehicle’s specifications (e.g. ABS brakes, security alarm)
- If you do not have an insurance provider, then call a few reputable auto insurance companies and ask them for quotes
- Use online tools available on your insurance provider’s website to compare auto insurance costs across different makes and models