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Typically, you will be required to purchase new car insurance before you pick up your new vehicle from the dealership or before the grace period expires.

Managing Auto Insurance Costs In New York’s Urban Areas

Managing Auto Insurance Costs In New York's Urban Areas

Written by: Daniel Robinson, Written by: Daniel Robinson Writer Daniel is a staff writer at Guides and has written for various automotive news sites and marketing companies in the US, UK and Australia, specializing in car finance and car care topics. Daniel is an authority on the Guides team on auto insurance, loans, warranty options, auto services and more. Writer

Buying New Car Insurance: How It Works (2023 Guide)

Edited by: Rashawn Mitchner, Edited by: Rashawn Mitchner Editor-in-Chief Rashawn Mitchner is a staff editor at Guides with over 10 years of experience covering personal finance, loan, insurance, and surety topics. senior editor

For the most part, getting new car insurance is very similar to buying coverage for any other vehicle. There are some fine points, however, and you may have different needs when it comes to insuring a new car than you would if you were insuring a used one.

We at the Guides Team have taken a detailed look at how to get auto insurance for a new car, from the essential types of coverage to how much it can cost. We’ve also shared some recommended providers from our 2023 list of the best car insurance and cheapest car insurers to help you get started.

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The Guides Team is committed to providing reliable information to help you make the best possible decision about your vehicle insurance. Because consumers trust us to provide objective and accurate information, we’ve created a comprehensive rating system to formulate our rankings of the best auto insurers. We collected data on dozens of auto insurers to rank the companies on a wide range of ranking factors. After 800 hours of research, the end result was an overall ranking for each provider, with the insurers that scored the most points at the top of the list.

You should insure a new car as soon as possible, as most dealerships require proof of insurance before you drive a new vehicle. However, when you need to get insurance depends on whether the dealership offers a grace period, which gives you time after purchase to get an auto insurance policy. Even with that in mind, we recommend that you compare policies from multiple car insurers before purchasing a new car.

If a company offers a grace period, it is typically seven to 30 days from the date of purchase. This grace period is a certain period of time during which you can drive your vehicle without starting a new insurance policy. Whether you have a grace period depends on a few factors, including:

Managing Auto Insurance Costs In New York's Urban Areas

As grace periods vary from company to company, it’s best to find out exactly what your policy will allow. You can find this information in the fine print of your contract, but it may be easier to ask an insurance agent.

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If you purchase insurance before purchasing a new car, the policy will start the moment you pull out of the parking lot. This is usually required by dealerships because it is illegal for anyone to drive without auto insurance.

You will need the following information to start a new auto insurance policy before purchasing the vehicle:

Most auto insurers will be able to initiate your policy within 24 hours. You can even find same-day insurance from many auto insurers.

According to our research, the national average cost of full coverage auto insurance is $1,730 per year. Your premium, however, will likely vary based on personal and car-specific factors.

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Technically speaking, whether a car is new or used does not influence your premiums. However, you will see rates go up for a new car if it is more expensive than the old car.

In our research, we found that State Farm tends to be the best general auto insurer because of their affordable rates, coverage options, and customer service. However, there are several other providers worth considering as well if you’re looking for the best insurance for your new car.

The value of your vehicle is just one of many factors that insurers use to determine premiums. When you insure any vehicle, new or used, a number of factors are taken into account, such as age, driving history and credit score.

Managing Auto Insurance Costs In New York's Urban Areas

Buying a new car insurance policy is basically the same as getting insurance for any other car. With most insurance companies, you’ll be able to find coverage, purchase it, and start your policy while you wait at the dealership.

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The process to get new auto insurance coverage is relatively straightforward. You will only need to follow these steps:

For the most part, new cars don’t require any kind of insurance coverage unlike other vehicles. The types and amounts of coverage you need depend on other factors, such as where you live and whether your lender has extra requirements if you take out a new car loan.

Each state has its own minimum insurance requirements. Usually set by the state department of motor vehicles (DMV) or a similar agency, these standards often vary widely.

You can find your state’s requirements and our recommendations for low-cost vendors by clicking on your state on the map below:

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State minimum requirements are almost always made up of some variation of the auto insurance coverage options listed below.

Some lenders require borrowers to have new car insurance supplements that cover damage to the vehicle under all circumstances. The objective is to protect the financial interests of the creditor. That’s why you may be required to take out additional coverage options like these if you take out a new car loan:

While the standard options are basically the same from one provider to another, many insurers differentiate themselves through additional options. Many of these add-ons help manage other aspects of new car ownership, such as breakdowns and emergencies.

Managing Auto Insurance Costs In New York's Urban Areas

Most car insurers offer unique lines of optional new car insurance coverage. You can learn about all the available options, as well as what each plan covers, by talking to an agent.

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It’s best to obtain auto insurance for a new car before you buy it – and in many cases you will have to. Fortunately, you can quickly get auto insurance quotes online or over the phone with policies that can start the same day if needed. We recommend that you compare auto insurance quotes from multiple insurers before purchasing a new vehicle.

It’s so easy to buy car insurance that you can probably do it while waiting for the finance department or other delay involved in buying a car. Our team recommends State Farm and Travelers as good places to start your search.

State Farm is the nation’s largest insurer and scored the highest of all insurers in our 2022 insurance study. Drivers can often find cheap new car insurance at State Farm, and the company also offers an extensive selection of additional coverage options. With a huge number of insurance discounts to choose from, State Farm policyholders can get the coverage they want at affordable prices.

People who want to cover as many parts as possible for their new car or motorcycle might want to check out Travellers. In our 2022 insurance study, we found that the company has a broad portfolio of coverage, with many of Travelers’ options appealing to new vehicle owners. For example, Premier New Car Replacement® will cover the cost of an all-new replacement of the same make and model in the event of a total loss.

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Buying auto insurance for a new vehicle works pretty much the same as it does for any car. With new car insurance, you usually need to buy it before actually owning the car. Most dealers and dealerships require proof of insurance to transfer ownership of the vehicle to you.

Insurance for a new car is usually more expensive than the one it replaces, but that’s not just because you’re the first owner of the car. New vehicles are typically more expensive to insure because they are worth more and a car’s value is a major factor in the cost of car insurance.

Legally, you only need to have the minimum insurance required by your state for a new car. However, if you took out a loan to buy your new vehicle, your lender may require you to have additional types of insurance.

Managing Auto Insurance Costs In New York's Urban Areas

How long you have to add a new auto insurance policy depends on your specific insurer. Some companies offer a grace period, which usually varies between seven and 30 days. However, this mainly applies if you have a policy on your previous vehicle that is still active. Legally, you’ll need to have auto insurance every time you take your new car out on the road.

Compare Car Insurance Quotes Online To Find The Best Rates

Before buying a policy

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