- Posted 22 Aug
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You’ve found the car you want to buy and you’re getting ready to sign on the dotted line. Before you made that decision, you carefully planned out the process and took into account every little detail that was a part of buying a car. Your financial situation is obviously the most important influencing factor to deliberate over.
After you figured all this out, it’s likely that you went ahead and put a deposit on the car. But what about car insurance?
If you haven’t figured out the technicalities of your car insurance yet, it might ruin all your plans to live a smooth financial life while you own your new car.
Sourcing Car Insurance
Some car insurance policies might require you to pay a premium of thousands of dollars every year. If you go into this without looking around first, you will undoubtedly regret your decision later.
This is the age of the Internet. These days, almost all insurers in Australia offer online quotes. Most of these are easy to complete. It’s essential that you look these up to get a basic idea of what your car insurance premiums will look like and how they fit your financial position in life BEFORE you complete the purchase of your car.
But why should I insure my car so early on, you ask?
If your car is involved in an accident at the time of delivery (or pickup) and is not insured at the time, you will not be covered for any damages on any of the vehicles involved in the accident (not even your own).
This could definitely make a big dent to your savings. This is why it’s important that you have your car insured before you make the purchase final.
To help you with this, we at Australian Credit and Finance are providing you with the following important points to keep in mind while getting your car insured:
Selecting the ‘right’ car
While you’re in the process of trying to pick a car that is perfect for you, it’s a good idea to get it evaluated for insurance online during your due diligence.
This way, you can weed out the cars that will cost you too much, as the cost of premiums is different for every make and model. Once you’ve decided on the car you want to buy, you will be able to get a more accurate idea of how much the car insurance will cost you.
If you have opted to take out a car loan for buying the car, take loan repayments, insurance premiums, and all other possible maintenance costs into account and do the math.
If your car finance exceeds your budget, it might be best to reevaluate some of the steps before the car purchase is final.
Selecting the right insurer
The car insurance market is extremely competitive, with every insurer looking to provide you with a reason to pick them over the others.
If you’ve been with an insurer for a long time, don’t hesitate to make the change if you get a better offer. Look around, and only after you feel like you’ve seen enough comparisons; make a decision that is right for your budget.
For more help selecting the right insurance, visit our website today and find out about all the benefits you can get from letting us help you procure the car of your dreams.