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Home » Car Insurance Tips for First-time Buyers 
June 28, 2024
Chester Canonigo

Car Insurance Tips for First-time Buyers 

car insurance tips for first-time car buyers silver Audi sedan parked on street beside restoreAre you a first-time car buyer excitedly planning to purchase a new vehicle?

While the thrill of owning a new car is undeniable, ensuring you have the right auto insurance coverage is crucial.

Here’s a rundown of essential coverage options to help insure your vehicle and protect your financial stability.

New Vehicle Replacement Coverage

If your new car is totaled or stolen within the first year of purchase, a typical full-coverage auto insurance plan may not completely cover your loss.

Without new vehicle replacement coverage, you might find yourself settling for something less than new. This policy is designed to help you receive compensation equivalent to the full value of your lost vehicle or a comparable model.

Loan and Lease Coverage

If you’ve financed your new car and it’s involved in an accident shortly after purchase, you could face multiple issues.

Not only would you have lost your car, but you would also be responsible for paying off the remaining loan balance, which could exceed the depreciated value of the car.

Loan and lease coverage can help bridge this gap by providing a payout to cover the difference between your loan balance and the car’s depreciated value.

Some insurers call this coverage guaranteed asset replacement (GAP) coverage and you can typically purchase it at a dealership. However, your agent may be able to help you get this type of insurance at a lower rate.

Audio-visual and Custom Equipment Coverage

If you’ve customized your car with a high-end sound system or other personalized accessories, this coverage can help ensure that any aftermarket audio-visual equipment or custom modifications, such as special wheels or decals, are fully insured.

OEM Parts Replacement

When it comes to repairing your vehicle after an accident, opting for original equipment manufacturer (OEM) parts helps ensure the highest quality and compatibility with your car’s make and model.

With OEM parts replacement coverage, you can specify that only genuine manufacturer parts be used for repairs. This optional coverage ensures your vehicle is restored with brand-specific parts.

Florida Insurance Requirements

No matter your car’s make, model and value, Florida mandates liability and personal injury protection policies. Your agent can help you get insurance to meet the state’s requirements and tailor your policy by adding appropriate coverages and endorsements.

Contact Us

Contact us today to explore personalized coverage options tailored to financially protect your new vehicle. INSANDTAGS.COM in Plantation, Florida, can help you get quotes before you make a purchase so you understand your potential auto insurance costs.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 


Categories: Blog

Tags: car insurance tips, first time buyers

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