how much car insurance should you buy?
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The short answer is that you NEED the minimum amount of car insurance required by your state to drive legally, but you SHOULD buy a policy that pays: up to $100,000 for the medical bills of those you injure. with a $300,000 cap per accident. and up to $100,000 to repair other drivers' cars and property that you damage.
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Some companies are more generous than others when it comes to deducting money for adding a second car. The typical savings is between 2 and 22 percent for bundling your insurance.
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Drivers involved in at-fault bodily injury or pricey property damage incidents currently average an increase of 31 percent in their car insurance rates. There are ways to reduce the impact of an accident on your car insurance.
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In general, the study found, drivers who make a single claim of $2,000 or more can expect their premiums to increase by 41 percent. That translates to a $335 increase for the average U.S. auto insurance premium of $815 a year.
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Barring an unlucky streak or late-onset midlife silliness, you're likely to pay less for car insurance than you ever have between the ages of 50 and 65. At 65, however, some insurers raise premiums. Your current insurer may not be among the best insurance companies for older drivers.
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Down payments on car insurance As part of a payment plan you will need to: Make a down payment (typically runs from 8 to 33 percent of your total policy premium). Set up a payment plan. Be prepared to pay an installment fee (typically between $3 to $10 per payment)
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Car insurance rates go up 31 percent, on average, after one at-fault accident with more than $2,000 in damage, or by $450 a year, CarInsurance.com rate data show.
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With the national average cost of car insurance coming in at $1,427, customers who buy a Subaru Outback or Jeep Wrangler will likely pay lower rates than the average driver.
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Do you buy insurance before or after the car? While policies that extend coverage to new cars typically give you anywhere from seven to 30 days to inform your car insurance company that you purchased a new vehicle, it is always a good idea to call your agent before picking up the car.
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As a general rule, you should be prepared to pay at least 20% of the vehicle's sticker price upfront. For a $30,000 vehicle, this means you should have at least $6,000 saved and ready to spend. For a less expensive vehicle, say a $10,000 one, you should still have at least $2,000 ready to spend.
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How much does it cost to insure a BMW? The cost of owning a BMW goes beyond its above-average MSRP. Car insurance for a BMW costs $1,788 per year: 25% more than insurance for a typical car. Since BMW insurance is more expensive than average, you should do your due diligence when shopping for a policy.
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The average car insurance rates for new drivers over 25 is $125.14/month and $1,501.69/year.
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Insurance is necessary to protect your business as well as the automobiles. Budget at least $500 to $1,000 per month for this expense. Utilities including high-speed Internet will run several hundred dollars per month. You can purchase or lease vehicles that will be added to the fleet.
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While the average cost of an SUV far surpasses that of a sedan, car insurance costs may also differ substantially. Although rates will depend on your car insurance company and model, SUVs are typically $314 per year cheaper to insure than sedans.
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You can spend between 10 and 50 percent of your gross annual income on a car. That's a big range, we know, so if we had to set a rule, it would be this: Spend no more than 35 percent of your pre-tax annual income on a car.
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Rule #4: The 20/4/10 rule According to the rule, you should only buy a car when you can make a 20% down payment, are financing the car for four years or less and the total cost of your monthly vehicle expenses (including insurance) does not exceed 10% of your gross income.
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Financial experts answer this question by using a simple rule of thumb: Car buyers should spend no more than 10% of their take-home pay on a car loan payment and no more than 20% for total car expenses, which also includes things like gas, insurance, repairs and maintenance.