Cheap Vehicle Insurance Quotes, Car insurance rates?
Question: So I’m about due for a new car, as mine is falling apart. I found this beautiful Cadillac CTS Sedan for a very reasonable price. So my only question is this, I’ve never had an accident before, and I’m 20 years old. My insurance rate right now is $65 a month. If I were to buy this car, would my rates sky rocket?
Answer: Not knowing what coverages you current have, it sounds like you may only have liability coverage by the price you stated you are paying. If you still keep your coverages to liability only on the new car your insurance cost may not even go up or if it does it should not be too much. Cost of liability coverages tend to increase when you change your car to a sports model.
However often times when buying a newer car you may want to have additional coverages such as comp/collision for your vehicle. Also if you are taking out a loan to get the new vehicle then comp/collision may be required by your lender. Adding coverage will a course increase your auto insurance cost.
I suggest before buying a new car call your auto insurance agent and tell them want you are thinking about getting and have them provide a quote on how it will effect your cost. There by making sure you can afford the insurance on the vehicle you are thinking about getting.