When most people think about getting Fall River auto insurance, they think about protecting a brand new car. However, studies show that Americans are buying used vehicles right now at such a rapid pace that there is a nationwide shortage of used cars and trucks. It is essential to protect a new used car just as you would a brand new car, especially if you have it financed. Most lenders require an MA auto insurance policy that offers full coverage for the complete term of the purchase. So, if you have a 36-month, 48-month, or 60-month financing loan, you will need to get car insurance in Fall River that meets the lender’s demands for that entire period. Not sure how much insurance you need? Contact Paul Sullivan Insurance Company in Fall River to get a custom quote based on your unique requirements.
Is Used Car Insurance Cheaper Than New Car Insurance?
The short answer is no. Depending on the type of vehicle, age of the car, and other essential factors, it may cost the same to insure a used car as it would a new vehicle. To find the best coverage and most affordable price, it pays to work with an insurance agency that has the knowledge and experience necessary to provide you with the most options. You can get a FREE quote from our insurance company in Fall River just by giving us a call. We can answer any questions you might have about getting an MA auto insurance policy and offer advice to help you get the best coverage for car insurance in Fall River without going over your monthly budget.
Studies show that when financing a vehicle, a used car was only three percent cheaper to insure than a brand new car. Some cars can be insured for less, especially if they are much older and have lost much of their value. The amount that you pay for a used car might also play a part in the amount you will pay for Fall River auto insurance, as it is related to the value of the vehicle. Once the vehicle is paid off or if you purchase the car cash outright, you might be eligible to get a lower insurance rate. You must always have at least the state-required minimum insurance on a vehicle that you fully own, but it could still be in your best interest to get more comprehensive coverage to protect you from liability.
Different Types of Fall River Auto Insurance Coverage
There are many different types of coverage that can be applied that range between the complete protection required by lenders and the bare-bones state minimum. Some vehicle owners will remove comprehensive and collision coverage on an older car because enough time has passed that it has lost value. To determine whether this type of change makes sense for your needs, consult with your local Fall River auto insurance agent. They can answer any questions you might have about coverage, offer tips and solutions that will help you save on your monthly premium, and ensure that your policy matches your needs. However, if you are still paying off a loan, full coverage might still be required.
Classic and specialty cars will require different insurance coverage as well. Depending on the age and type of vehicle, you might even need something known as classic car coverage. This type of protection is designed for collectible cars and often comes with coverage that is higher than the list price because the value is estimated to increase. Strict mileage limits, garaging requirements, and seasonal storage are often part of the demands associated with owning a classic or specialty vehicle. Modifications, restoration work, and customization may also require enhanced insurance coverage, depending on what you have done. Again, consult with a trusted insurance company in Fall River to get the best coverage at the best price to protect your investment.
FREE Fall River Auto Insurance Quote
If you are buying a new or used vehicle, wish to review an existing policy, or want to see about adjusting your coverage, contact Paul Sullivan Insurance Agency by calling 508-678-9611. We can answer any questions you might have about getting an MA auto insurance policy, provide a FREE quote, and ensure that you get the best car insurance in Fall River based on your needs and requirements.