Hanover Offers Insurance Tips for New Car Shoppers

As new 2016 car models arrive and auto dealers clear their lots of 2015 models, shoppers planning to buy a new vehicle may want to consider updating their insurance policies to protect their purchases, The Hanover Insurance Group in Worcester, Massachusetts, advises.

The company said it recommends car shoppers take the time to talk with an independent insurance agent to assess their coverages before purchasing a new car.

“What many car buyers may not realize is that a brand new vehicle will often require different insurance coverages than a used car,” said Richard W. Lavey, president, personal lines and chief marketing officer at The Hanover.

“The instant a new car leaves the lot, it depreciates in value by about 9 percent and it will lose 19 percent of its value in the first year. But it’s still a new car, so making sure your insurance covers the full cost to replace and repair a new vehicle can help provide peace-of-mind and important protection for new car owners,” Lavey said.

The Hanover suggests new car buyers consider the following insurance coverages:

“Before driving that new car off the lot, make sure your insurance reflects your new purchase,” suggests Lavey. “An independent insurance agent should be a part of the purchasing process and can help identify additional coverages you may need to be well protected.”

Source: The Hanover Insurance Group