9. Assuming Insurance Cost Is the Same Across All Nearby Companies
First-time buyers sometimes assume that insurance pricing is fairly standardized, similar to how a gallon of gas might cost roughly the same at nearby gas stations. In reality, pricing for the exact same driver and vehicle can vary by hundreds of dollars a year between different companies, making comparison shopping especially valuable for new buyers.
Because new drivers represent a wider range of risk to different insurers, the pricing gap between companies for a first-time buyer is often even larger than it would be for an experienced driver with a long track record.
Quick tip: Request quotes from at least three different companies, including at least one that specializes in new or young drivers, since pricing approaches for inexperienced drivers vary significantly by insurer.