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Why is my car insurance so expensive on my new vehicle?
I recently purchased a new Kia Sportage with a loan. Due to the high cost, my boyfriend offered to add me to his insurance. Our insurance is still $300 a month and it's not dropping. What can we do?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The cost of
car insurance
is dependent on many factors. The length of time you’ve been licensed, tickets, accidents, and insurance history can influence your rates. The amount of coverage on your car is also a factor.Since most lenders require
comprehensive coverage
and collision coverage
on financed vehicles, you may be able to raise your deductibles to lower the rate. However, if there’s an accident, you will have to pay that deductible out of pocket before your car insurance will kick in. Another option is to lower your
bodily injury liability
or uninsured/underinsured motorist coverage
.If adjusting your coverages isn’t an option, the best thing you can do is shop around. You can comparison shop for
car insurance quotes online
and see which company can offer the best rate to fit your budget.
“View full answer
- Gregory R.
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