Car Ownership

Use this guide to learn what you need to know about buying, leasing, selling, maintaining, repairing, and insuring a vehicle or two.

Frequently Asked Questions
  • How much car insurance do I need?

    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.

  • What should I do if I’m in a car accident?

    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.

  • Why do I need to have proof of insurance on hand?

    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.

  • How much does it cost to charge an electric car?

    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.

  • Is it better to buy or lease a car?

    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.

  • How can I save money if I’m financing a car?

    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.

Key Terms

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Car Ownership