Buying a car is a big decision, and it’s tough to know everything you need to know about the car you want without doing your research or talking to a professional. That’s why we’ve put together this guide on what different types of insurance cover in relation to cars. It’s worth noting that some insurance companies offer cheaper policies for newer cars and more expensive ones for older vehicles, so it may be best for you to speak with an agent about the rates before making your purchase.
Who’s Responsible for Car Insurance
Your car is a part of you, so it’s normal to feel a little attached to it. Before driving off the lot, though, you should know that you’re responsible for paying for the car’s insurance and maintaining it. If your car is damaged by a third party in an accident, you can be sued and held responsible for any damages.
Who’s Covered by Car Insurance
It’s important to know who is responsible for paying for your insurance and who actually uses the car. State laws are different about this, but you may be responsible for insuring everyone who uses your vehicle. Even if your kids have their own licenses, they can’t necessarily drive themselves wherever they want because their insurance will only cover them while they’re driving with you.
How Much Car Insurance Costs
These days, many drivers opt to buy insurance before they even drive their car off the lot, so they know what the rates will be. Just remember that you can always buy additional Car insurance coverage in Thailand to increase your car’s value and your savings over time. However, it’s worth noting that you should never pay more than 25% of your monthly income for insurance. That way, you always have money left over for other things.
What Kind of Car Insurance Coverage You Need
The type of car insurance you need will depend on a few things. It all starts with the kind of vehicle you have and the amount of damage it can sustain in an accident. For example, if you have a small sports car, it’s likely that your insurance company won’t cover much for repairs, as there isn’t a lot to repair. However, if you’re driving a big SUV and it gets totaled in an accident, your insurance company may pay for quite a bit.
