Buying A New Car
There you are, out car shopping on a sunny Saturday afternoon. Whether it’s your first car or your fifth, you can’t help feeling the bubbles of excitement as you stroll across the lot looking at all the different cars.
Of course you know what you want. You’ve done your research! You have an idea what type of vehicle you need, looked into your financing options, made up your mind on whether you’ll buy new or used, and read up on gas mileage, crash test, and safety ratings. You also know what color you’d like.
Did you call your insurance agent to make sure you and your new car are covered as you drive off the lot? There are actually quite a few aspects to consider when you purchase a new or used car. Some of them are to ensure that you have the right protection. A quick phone call to Hample Insurance before you go out to buy, can give you the head start you need to stay in control!
Car Dealer Telling You That You’ve Got 30 Days To Add Your New Car To Your Policy?
So you’ve found the car that you like and you sit down to do the paperwork. Just as you pick up the pen, it occurs to you that you forgot to call your agent to get insurance for your new car. To top it off, it’s Saturday afternoon, you are exhausted and tired; You would just like to drive it home. Along comes your car dealer with some fabulous news, you have 30 days to add it to your insurance. What they didn’t tell you is, you may have only liability coverage, no comprehensive or collision coverage.
There are situations when you do have 30 days to add the new car to your policy. But there are far too many variables to give you an exact rule of thumb. For example, it might work when you trade a vehicle, but it won’t be applicable when you buy an additional vehicle.
Your safest bet: Don’t rely on the 30-day advice. If you are beginning to think about buying a new car, give your Insurance team at Hample Insurance a quick call, and we’ll set you up. When you finally go to buy the new car, you don’t have to worry. It’s as easy as that.
Car Loan “Upside Down”? Get The Insurance, Just Not From The Dealer
Thinking about purchasing a new car? You may be presented with the option to buy auto loan/lease or “gap” coverage. Gap coverage is needed when you are upside-down on your car loan. Cars depreciate incredibly fast. The amount that you owe on the car may quickly be far greater than its fair market value, as soon as you drive off the lot. This can become a problem if your car is totaled after an accident or theft. If your car is a total loss, your insurance company is only obligated to pay for its fair market value. If the amount you owe on the vehicle is more than the market value, you might find that you need to pay additional money, sometimes thousands of dollars, just to pay off the car loan.
That’s what gap coverage is for. Gap coverage pays for the difference between the market value of your car and the amount you have left on your loan. Complicated? No worries. Call your team at Hample Insurance and we will set it all up for you. *Not all vehicles are eligible for this coverage.
Buying a car for your teen?
Your son just turned 16, and of course, passed his driver’s license test on his birthday. Now your son’s a licensed driver, you want nothing more than make his dreams come true. What parent doesn’t? Since both of you are into cars, you agree on a sporty model. It stretches the budget, but it’s affordable. The surprise comes Monday, when you call your agent to add the new car to your insurance plan.
Young drivers in combination with a new, sporty vehicle makes for an expensive mix when it comes to your auto insurance. This is not a personal offense against your teen (who might be a very good driver). Studies have proven again and again that young drivers are the highest risk on the road. Insurance companies will rate young drivers as high-risk drivers because they simply have not yet gained the experience of older drivers. Plus sports cars by nature, encourage speeding, and make for increased insurance rates; brand new models and types like SUVs and trucks may also trigger higher rates.
If you are looking to buy a car for your teen, opt for a midsize, slightly older, and reliable car with safety features such as airbags and anti-lock brakes. Older cars are generally less expensive to insure because they are less expensive to repair. You can always give us a call for more advice or sample rate quotes. You can also read more about a new teen driver.
One-Stop Insurance Shopping
Buying a new car is very exciting. Get yourself cruising right, by giving Hample Insurance a call before you head out to the dealer. We can make sure you get adequate protection at the best rates, plus all the discounts you deserve. One quick phone call, much less hassle. That’s the Hample difference.