Insurance: Costs and where to buy
Before you drive the car off the lot, make sure you have purchased insurance for the vehicle. The last thing you want is to pay out-of-pocket if you get in an accident before you get the new car home.
The average policy for a well-insured, 40-year-old male driver who commutes 12 miles to work is $1,561, per year according to Insure.com. However, the annual premiums you will pay will depend on the coverage you select, your driving record, your demographics, where you park your vehicle, your commuting habits, and the vehicle you’re insuring. In other words, your costs will vary.
Many online sites provide tools to help buyers shop around for car insurance and obtain the lowest price. Financial advisors suggest evaluating your coverage every year, but you may want to weigh the option of switching insurances each year to obtaining a cheaper insurance policy by building loyalty to one provider.