If you’re in the market for a new vehicle, it’s important to account for auto insurance when devising a budget. Depending on your policy, failing to consider the cost of coverage could leave you in a precarious financial position. How much should you put aside for insurance, and how often should you reevaluate your needs? The following tips will help you prepare to purchase or modify an auto insurance policy. 

What You’ll Need to Compare Policies 

To obtain an accurate quote for auto insurance coverage, you’ll need to submit the request with certain information.

When pricing a policy, the insurer will want to know the ages, driver’s license numbers, driving records, and insurance histories of all motorists who will be on the policy. You should also provide the address where the vehicle will be stored. They’ll use this information to review the driving records of the motorists and to evaluate the crime rates and accident statistics in the area. 

The insurance company will also want to know the vehicle identification number (VIN) of the auto in question. If you haven’t picked out a specific vehicle yet, providing the make, model, and approximate year will suffice. However, submitting a VIN will provide you with the most accurate quote. 

When You’ll Need to Modify Your Policy 

Shopping around for auto insurance policies can feel like a chore if you don’t work with an insurance agent, and you might be tempted to put it off until you’re ready to purchase another vehicle. However, for optimal coverage and added savings, it’s wise to review your policy every six months. Since vehicles depreciate over time, they need less coverage with every passing year. You should also review your policy and make any necessary modifications if your household gets a new driver, if you relocate, or if a significant life event occurs (such as marriage). 

Whether you’re planning on purchasing a new vehicle or your circumstances recently changed, turn to Hamilton-Martin Insurance Agency for guidance. Based in Louisville, KY, this independent agency has served clients throughout Jefferson County for nearly two decades. Their knowledgeable team can help you find affordable home, life, health, pet, and auto insurance. To request a quote, visit their website or call (502) 957-6500.