Car Ownership

Most states require you to have at the very least a minimum amount of coverage for injuries or property damage you cause in an accident. Optional collision coverage covers damage to your own car in an accident. Also optional, comprehensive coverage protects against other risks, such as theft or fire.

In the immediate aftermath of an accident, experts suggest you check for injuries, then try to get your car off the road and out of traffic. Next, check for damage to both vehicles and report the accident to law enforcement. You’ll need to exchange information with the other driver and also decide whether to file an insurance claim.

Simply put, driving without proof of insurance puts you at risk of tickets and fines. Most states allow you to use electronic forms of proof of insurance, but you are required to have proof of insurance in your car to show you are properly insured for bodily injury and property damage liability.

Though they may cost more to buy, electric cars are generally cheaper to fuel and maintain than conventional cars. Electric car owners do the vast majority of their charging at home. Charging an electric car will typically add $30 to $60 a month to your utility bill.

There’s no universal answer—It really depends on individual priorities. Your decision will depend on what’s most important to you: getting the best deal, or driving a new set of wheels every few years.

First, make sure your credit history and credit score are in the best condition possible so you can get a better interest rate on an auto loan. Shop around for loans to see who is offering the best deal; don't settle for the loan the dealership is offering.