clock October 10, 2012 comments No Comments flowchart Automobile InsuranceOur Blog tag ChildrenSaving Money

            Your first car is like a right of passage into the real world. Your first real responsibility; and just like all responsibilities, it is more than just the glitter and gold that first captivated your eye. It is more than just driving around town in hopes of impressing your friends. There are risks, and risks come with consequences, and consequences come with preventative action.

            Generally, there are a bunch of questions that come along with the desire to purchase one’s first car: What is a good price for a first car? How old should I be? What type of car will I get? What color car will I get? What is this thing called car insurance that my mother has been hounding me to research?! Blah-dy, blah-dy BLAH! Luckily, you have moi to answer all of your troublesome questions!

1. What is a good price for a first car?

  • The price of a car generally determines whether you will be purchasing Mr. Flintstones legendary leg-powered machine, or a shiny new Ford Mustang.  Depending on your overall budget, you probably want to consider something in between.  Be sure to take into account overall safety of the car, reliability, gas efficiency, and the vehicle’s current odometer reading.  Lower mileage usually means greater reliability in the long run.  When you are determining your overall car budget, keep in mind the cost of sales tax, registration fees, tune up costs, and the insurance premium.  For more info on registering a vehicle in Rhode Island, visit The RI DMV Online.

2. How old should I be?

  • A common age usually ranges from sixteen to twenty one years of age, but wait until you are ready to take on the full responsibility of owning an automobile (16 and up).  In Rhode Island, if you are under the age of 18 and plan on registering a vehicle, you are required to have a minor’s filing. This is something you obtain from your insurance agent but it can take 5-7 days to reach the DMV so be sure to plan accordingly.  Procrastinators… You have been warned.

3. What type of car will I get?

  • This is entirely up to you, but the higher priced your car is, the more insurance you will be paying. If you think this is ridiculous, look at it like this: Would it be right to pay the same amount of insurance for a Beetle as you would for a Maybach Landaulet? Again, think safety, reliability, and affordability.  Keep costs down by avoiding sports cars, SUVs, and luxury vehicles.  The coolest car on the lot may not be the best choice. 

4. What color car should I get? Does the color of the car affect my insurance?

  • This, again, is entirely up to you. Contrary to popular opinion, the color of your vehicle does not affect the cost of your insurance.

5. What is car insurance, why is it important, do I have to get it, and how much will I be agonizing over the cost?

  • Obtaining car insurance is mandatory in many states, including, Connecticut, Massachusetts, and Rhode Island.  As a general rule, you are required to purchase insurance for your car BEFORE you are allowed to register it. 
  • Car insurance is designed to pay for damage or injuries you cause to others (liability insurance) while driving.  Liability protects the OTHER person, but what about your own car or your own injuries, you ask?  If you choose, you can add optional coverage to your policy to cover your own medical payments (for your injuries), uninsured motorist coverage (to cover your injuries or damage to your car if you are hit by an uninsured driver), and comprehensive and collision coverage (pays to repair or recover your vehicle if it’s damaged in an accident or stolen).  Automobile insurance is like a pair of arms waiting to reach out and catch you when you’re falling; it minimizes the impact, financially speaking of course.  Your vehicle’s air bag will have to handle the rest of the impact.
  • Car insurance, or insurance as a whole, is important to have because without it you end up carrying the burden of the financial damages on your shoulders.   Again, did we already say it’s required by law too?  Yes. Yes. Yes! Every Rhode Island driver must have a car insurance policy. If you don’t have one, just stop by, call Loiselle Agency, or fill out our online quote form.
  • This is the best part, NO AGONIZING REQUIRED! With Loiselle, we will help you find the best policy to fit YOUR NEEDS and YOUR BUDGET!

 

Who knew buying a car could make you so giddy?!