If you’re in the market to buy a new Toyota car, truck or SUV in Frederick, MD, you’ll likely choose based on cost, style, performance, and features. An often-overlooked factor is the car insurance you’ll need for whichever vehicle you purchase. You won’t have to be an expert in the industry to choose the right policy for your newly purchased car, but this blog will help you be as informed as you need! Here are four things to understand before selecting an insurance policy that’s right for you.
Laws and Limits
If you plan on registering a vehicle in Maryland, you must have liability insurance from an auto insurance company licensed in the state. State law requires your insurance policy to have bodily injury limits of $30,000 ($60,000 for two or more people) and $15,000 for property damage.
Additional Coverages
While liability insurance covers the damage you do to others, other important coverages take care of you and your vehicle should you get in an accident. Collision coverage will cover the damage to your vehicle, and uninsured motorist coverage will step in to cover your medical bills, regardless of fault.
Other optional coverages to consider when insuring your vehicle include comprehensive (which covers things like theft, fire, and vandalism), rental reimbursement, roadside assistance, and underinsured coverage. The more protection you choose, the more expensive your policy will become.
Insurance Rates Vary
How much you pay for that policy depends on several factors, most of which are based on the insurance company’s determination of your risk as a driver. If you’ve had a history of being involved in accidents or accumulating speeding tickets, you’ll have to pay a higher premium. Many insurance companies may also consider your credit history, so if you’ve been financially responsible, you might end up spending less on your coverage.
Determining your risk is not an exact science, so insurance rates often vary wildly from one insurance company to another. So, no two insurance companies will offer the same price for the same policy. It’s a good idea to shop around and compare quotes, so you can choose a policy from a company that will provide a reasonable price along with reputable service.
Deductibles
Ultimately, the insurance companies set their rates based on what they think they will have to pay out over the life of the policy, based on their assessed risk of you as a driver. You have the option on some of the coverages to share the cost of the payouts in the form of a deductible. The more you agree to pay, the lower the price of your premium for that coverage.
Choosing the best insurance policy for you is an essential factor in purchasing a new vehicle. If you’re thinking about buying a new car, trust us at DARCARS Toyota of Frederick, where we offer helpful automotive tips and carry a wide selection of dependable Toyota models. Be sure to browse our new car deals and discounts today!
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