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How much should I budget for car insurance?
I got preapproved for a loan for a new car. I'm looking at a 2021 Honda CR-V. I know about how much my car payment will be, but I also want to budget for car insurance. How much will it be?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car insurance
is one of the most important expenses when purchasing a car. Great job on taking the initiative to budget because many people don’t!Start by looking at several car insurance companies to determine how much car insurance might be. Car insurance providers look at a multitude of factors when determining a rate. Without requesting quotes, knowing exactly how much to budget is difficult.
To shop around with insurers, you’ll need to provide some basic information. This includes your:
- Name
- Address
- Date of birth
- Driver’s license number
- Social Security number
You will also need the VIN (vehicle identification number) for the CR-V you’re looking to purchase and the
type of coverage
you need. Because you’re financing the vehicle, the lender will require full coverage car insurance, which is more expensive than basic liability.If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. Jerry finds you the top quotes from up to 50 providers in seconds! Once you have a good idea of the
average cost of your insurance
, you can decide whether it fits your budget. If it doesn’t, consider looking at another model or shop around for another provider. You have a lot of different options available to ensure a new car fits your budget.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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