4 Tips for Insuring Auction Cars
The world is turning a corner when it comes to dealing with COVID-19. People are getting vaccinated and allowing themselves to get back to some semblance of normalcy. Part of this can include traveling more. Since COVID-19 restricted the opening of many vacation spots across the U.S. most people decided to stay home. Family trips were put on hold, and weekend jaunts to places like Hartford, CT, or Austin, TX were stopped. In order to stay safe and to provide people with some peace of mind, it was advised that many people just stay at home. The hope was that individuals would be prevented from catching or spreading the disease. So in many cases, automobiles that were used to travel across the country sat in garages across the U.S.
Another reason why people were doing less traveling during the pandemic was that a lot of people were experiencing economic hardships. Many individuals were laid off from jobs across the country and were forced to go on unemployment. This slowed down spending on products, including new automobiles, as people sought to save their money. As mentioned before, things are getting better now. More people are finding work now as we continue to combat COVID-19. Spending is up, and individuals are now stepping out on those aforementioned cross-country road trips in newly purchased vehicles. One car purchasing option which people now have is cars from auto auctions. These provide a cost-effective alternative for purchasing an automobile that can help to take a family on a road trip. What we’ll focus on today are tips that you can follow to get car insurance on an auction car after purchasing it.
1. New cars are easier to insure.
When you go to a car auction you are going to come across a wide variety of vehicles. Some of the vehicles are new, while others are older. Even in the varied states that these automobiles are in, you want to have peace of mind that when you purchase the car you’ll be able to get car insurance for it.
When you see those vehicles which are new, nearly new, or even well-functioning used vehicles, there’s a good chance your auto insurance rate won’t be extremely high and your deductibles will be manageable. Also, you’ll be able to get car insurance coverage options like full coverage and liability insurance. The older the cars, there’s a chance that your auto insurers, like Geico or State Farm, will offer a car insurance quote that’s a bit more involved.
2. Research insurance companies and the cars at auction.
Before deciding to go to seek out auction cars to purchase, you’ll want to first do a bit of research. See if the car auction which you’ll be attending has a database of vehicles that you can review. This will provide you with some peace of mind on the state of the vehicles which will be available. Once you check the condition of the vehicles, this will also help with your car insurance coverage research.
You’ll want to know what your coverage options will be if the only cars that are available are older models. It also helps to know if insurance companies and agencies will even offer a car insurance policy for a car that you’d like to purchase. Doing your homework into cars and insurance companies before you head to an auction lot can help save you a lot of time and worry.
3. Salvage title vehicles can’t be insured.
At auctions across the United States, many cars have salvage titles. This means these vehicles have been declared a loss by the previous owner’s insurance company. If the car remains in the same state that they are currently in, then it won’t stay insured. If you rebuild the vehicle and get it to a better functioning state, then you’ll be able to get the vehicle insured by one of the many auto insurers out there. Unfortunately, sometimes it’s difficult for insurance companies to determine the value of such vehicles. This can limit the insurance options for these types of cars.
4. Get to the auctions early.
It’s always best to try and get to car auctions as early as possible. This will give you an opportunity to find those vehicles that you want. You’ll also be able to find those automobiles which won’t provide you with headaches when it comes to purchasing insurance. Being the “early bird” at a car auction will ensure that you are in the best position when it comes to seeking out car insurance for these types of cars.