Since you can buy a Dodge Magnum relatively cheaply, car insurance for it will also be somewhat inexpensive.
Station wagons used to be the only way to transport a large family. Then came minivans and SUVs, which quickly replaced the majority of station wagons.
The Magnum managed to come back into production from 2005 until 2008 because its body style was updated and contemporary.
Insuring your Magnum is important for several reasons. You need liability to cover your assets in case you cause an accident and damage someone else’s property. Liability will also pay out benefits to a third party if bodily injury is incurred.
Optional insurance is available to pay for damages to your vehicle, helping reduce your out of pocket costs for repairs or replacement. You can also buy insurance for your own medical expenses if necessary.
Buying Insurance for a New Dodge Magnum
Since the Dodge Magnum has been out of production since 2008 you will not be able to find a new one on a dealer lot somewhere. However, they are available as previously owned cars at various dealers as well as through personal car sales.
Once you buy a Magnum you need to insure it for liability. You may also want to insure it for comprehensive and/or collision insurance depending on how much you paid for your car.
Deciding to purchase collision and comprehensive car insurance is a personal choice and it depends on how much you are willing to risk regarding the expense of your car.
If you don’t have collision car insurance, the worst that could happen is your car gets totaled and you no longer have a car.
If you still have car payments, you may need to consider collision and comprehensive as part of your financing agreement.
You may also want GAP insurance to help pay for any difference between what you owe and what your insurance benefit pays out in the event your car does, indeed, get totaled.
When to Insure your Dodge Magnum
You should insure your Magnum as soon as you buy it if not before. Car insurance is usually purchased for a specific vehicle and then specific people are listed as the insured. Just because you have car insurance on one car does not automatically cover you on another car.
If you know you are going to buy a car you should let your car insurance agent know ahead of time. You can buy temporary car insurance if you do not yet have an agent or have not yet decided on a policy.
Temporary car insurance for your vehicle not only gives you peace of mind to bring it home, it meets the legal requirements for your state. You have to have liability insurance in order to drive a car, so bringing home your new car without insurance is breaking the law.
Selling Your Dodge Magnum and Cancelling your Car Insurance
If you are selling your Magnum, you can cancel your insurance as soon as you are no longer driving it. It is not a good idea to drop your insurance, however, until you have actually sold it. That way you can safely let people take your car on a test drive and still be insured.
Before you let anyone take your car on a test drive, be sure they are covered by your insurance policy. If the person who wants to buy your car is a driver under the age of 25, there is a good chance he is excluded from your policy and is not covered.
You should also never let anyone take your car for a test drive without you in the car.
It is too easy for someone to drive away with your car and not return it. Even if you still have the title, your car can end up in another country or in a warehouse for spare parts.
As soon as you have officially sold your Magnum, cancel your car insurance. If you buy another car, your agent will issue you a new policy for that car.
If you are due a prorated refund on your car insurance you will most likely receive a check in the mail. In some cases, a refund may be applied to your new policy.
Before you buy car insurance for either your Dodge Magnum or another vehicle, shop around to get the best rates. Enter your zip code now and get car insurance quotes with no obligation today!