Buying A Used Car? Your Insurance Options

diceIf you’re about to buy a used car, be sure to know what you’re doing when you insure it. The mileage that it has on it will affect what kind of insurance you want to get, and so will the value of the car. If it’s financed, no matter what the price of the vehicle, you’ll have to get full coverage. The finance company or bank that you’re using will require it.

However, if you don’t owe anyone for the car and it’s free and clear on the title, you can only get the minimum coverage required by state law if you want to. For a very inexpensive, older car, that’s usually a great idea. Otherwise, it’s a better idea to get more insurance so that your car will be covered in an accident.

Insurance can also cover fire, theft, and glass breakage, so you’ll have to consider the value of the used car that you purchased and whether it’s a better idea to have that kind of coverage. If the car is at all expensive or it would be a serious hardship to get it fixed or replaced if something should happen to it, more coverage is a good idea. You’ll be much safer that way, and you won’t have to worry so much about what you’d do if there was a problem or how much it would cost.

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