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Can you afford car insurance?.. doesn't matter - it's the law!

American Government Special Collections Reference Desk

Can you afford car insurance?.. doesn't matter - it's the law!

Doc Phillips
March 15, 2006

Okay… so you’re looking into trading in that old bucket of bolts and upgrading to a later or even a brand new model! You’ve done your homework. You have your Kelly Blue Book right there at your side. You’re prepared to fend off the dealer’s ups. You know what you can afford and, more importantly, what you should pay for your next car.

Oops! Forgot all about insurance. Didn’t even factor that in. Now what?

Hmmm… do I obtain minimum coverage?.. full coverage??... uninsured motorist’s… underinsured motorist’s???... and what’s it all going to cost me?

Well, let’s see! You know your personal driving record will affect your premium. Have you had an accident? How long ago was it? Was it your fault? Were you cited? Do you have speeding tickets? How about any other moving violations?

How will your vehicle pre-choice fare in the insurance premium wars? Yes, the car you purchase will definitely influence the premium you pay.

If you haven’t purchased a car OR insurance in a while, here’s something I’ll bet you didn’t’ know.

HOW’S YOUR CREDIT RATING? Uh-huh! If your credit rating sucks, so will your insurance premium.

With that being considered, it should motivate you to obtain a copy of your credit report. You get one free per year for each of the major credit reporting agencies. While you’re at it, it may be a good idea to also obtain your credit score.

These days buying anything that requires obtaining credit must meet the qualification criteria litany. That litany is forever changing.

There are two major purchases one makes in life – two “big ticket” items. One is actually considered more than an asset – it’s considered an investment. That is your home. The other will never be worth more tomorrow than it is today (with few exceptions). And that’s the family car. Is the total expense you’re about to incur commensurate with the value of that which you’re considering buying? Think first! So many make the mistake of neglecting the total cost of car shopping and buying. Don’t be one of them.

This way you can sleep at night!

There are a myriad of insurance choices ( http://tinyurl.com/z2hwj )out there, many of which actually offer competitive rates, speedy claim processing and terrific customer service. My advice: shop before you shop. In other words, before you hit the dealer or private car seller, line your ducks up. This way you’ll experience no quack-ups! (Did I really just write that?)

About the author:

Doc Phillips is an internet entrepreneur who currently has 4 websites online which he designed, built and maintains. His latest site is called “Buying a car? Read this first!” and can be found at http://carbuyingtips.docphillips.com . You may also want to see http://www.docphillips.com and http://www.agiftrack.com two more of Doc’s sites.

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