Buying Insurance While Buying First Car

sss1927

New Member
2
Hey folks! I have a question basically about buying car insurance while simultaneously buying my first car.

I only recently got my driver's license somewhat late in the game (I'm 23) and am planning to buy a car in the next couple of weeks. I'm not exactly sure how to go about buying insurance - I can't drive the car home without insurance but I can't buy insurance before I know what car I've bought. How is this normally done? Does one buy the car and then buy insurance on the spot at the dealership? Buy non-ownership insurance and then transfer it once you buy a car? Does it make sense/is it possible for my parents to temporarily put the car in one of their names, under their insurance, and then transfer it to my name and insurance later? Any advice for finding the right insurance in such a situation? I'm totally new to this, so any help would be very much appreciated. Thanks so much!
 
Hey folks! I have a question basically about buying car insurance while simultaneously buying my first car.

I only recently got my driver's license somewhat late in the game (I'm 23) and am planning to buy a car in the next couple of weeks. I'm not exactly sure how to go about buying insurance - I can't drive the car home without insurance but I can't buy insurance before I know what car I've bought. How is this normally done? Does one buy the car and then buy insurance on the spot at the dealership? Buy non-ownership insurance and then transfer it once you buy a car? Does it make sense/is it possible for my parents to temporarily put the car in one of their names, under their insurance, and then transfer it to my name and insurance later? Any advice for finding the right insurance in such a situation? I'm totally new to this, so any help would be very much appreciated. Thanks so much!

You are going to need insurance first, in order to pick up your new car, and if financing, will need to show proof of comprehensive and collision coverage, in the form of a binder, listing the lender as loss payee.

Basically just start shopping either by phone, online or on foot going to any local insurance agency you wish to use. Get at least a few quotes.

Putting the insurance in your parents name is probably not going to work, unless they are registering the car in THEIR name and not YOURS. You can probably get your own insurance through their carrier though, and maybe get a multi-car HH discount that way.
 
You are going to need insurance first, in order to pick up your new car, and if financing, will need to show proof of comprehensive and collision coverage, in the form of a binder, listing the lender as loss payee.

Basically just start shopping either by phone, online or on foot going to any local insurance agency you wish to use. Get at least a few quotes.

Putting the insurance in your parents name is probably not going to work, unless they are registering the car in THEIR name and not YOURS. You can probably get your own insurance through their carrier though, and maybe get a multi-car HH discount that way.

OK, thanks! So to clarify - when I'm shopping, I should get quotes by mentioning some of the cars I'm interested in, and once I actually buy the car then go back to finalize it? Does this mean that I need to buy the car, leave it at the dealership, then go and buy the insurance and come back to get the car once the insurance is finalized?

I actually looked into getting insurance through my parents' carrier, but it seems it's not possible since they actually live in a different state (and, obviously, a different address, so it's technically not one household).
 
Nope....

Get some quotes and pick a car.

Call your agent and get a binder before you head to the dealership to sign papers on your purchase.

Standard operating procedure.
 
Given your scenario (no current insurance), I'd suggest identifying the specific vehicle(s) you are interested in, obtaining the VIN #(s) from your dealer, then providing the VIN(s) to your insurance agent to begin quoting.

If you do not have an agent already, ask your car salesman who their dealership typically uses - most have a go-to contact that can expedite the transaction and set you up with the appropriate coverage for purchase type (lease/finance for example will have minimum coverage limits).
 
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