Practical Matters

Managing Your Money

Buying and Renting a Car
Vehicle Registration
Car Insurance
Buying Insurance
Motorcycle Insurance Coverage and Licence
Involved in an Accident
 

Buying and Renting a Car
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

When buying a new car, look at several different cars and talk with many dealers to find the best buy. All cars have a price affixed to the window called the "sticker price," but this is rarely the price that is paid. The final price is usually negotiable. You can generally pay less. When buying a used car, car dealers can also sell used cars, as do private individuals. Again, the price is generally negotiable. Find used cars for sale in the classified ads of newspapers under "Autos For Sale." Beware: buying an inexpensive old car or one in poor condition may actually be cost you more money because repairs can be very expensive.

Renting a car, rental car agencies are listed in the Yellow Pages telephone directory under "Automobile Renting." Agencies vary in types of cars available and in price, so it is a good idea to check several companies. Ask about the "base cost," "mileage rates," and type and amount of "deposits." Prices are given by rental agencies are set and can not be change by bargaining.

Vehicle Registration
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

All vehicles (cars, trucks, vans, etc.) must be registered with the State of Minnesota. There is a registration fee for this, and it varies depending on the type of vehicle you own and its age. You must register your car within 60 days of arriving in Minnesota, or, if you buy a car in Minnesota, it must register it within 14 days. The only exception to this law is if you expect to stay in Minnesota for less than one year and have a valid driver's license issued to you from another state. When you register your car, you must provide proof that you have insurance. For information, call the Motor Vehicle Division at 296-6911.

Car Insurance
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

The Minnesota No-Fault Automobile Insurance Act REQUIRES that every motor vehicle, which is operated in Minnesota, be covered by proper no fault, liability, uninsured motorist, and personal injury protection insurance coverage. The following explains the various types of insurance available.

• Liability: pays for injuries or damages to someone else if your car hits another person or the property of another person. It does not cover injury to yourself or your property.
• Uninsured Motorist: pays for your injuries and car damages if you are in an accident with an insured motorist.
• Personal injury Protection: pays for your personal injuries if you are in an accident.
• Collision: (optional) pays for damages to your car form an accident.
• Comprehensive: (optional) pays for damage to your car from theft, fire, storm damage, or hitting an animal.

All types of insurance coverage have a "deductible": an amount you are required to pay before the insurance company will pay anything. For example: if you have $100 deductible coverage and damage from the accident is $450, you will have to pay $100 and the insurance company will pay $350.

Under this law, insurance companies must offer insurance coverage, which provide for the payment of basic economic loss benefits resulting from injury or death regardless of the fault of the insured. A driver of a motor vehicle must carry evidence of insurance in his or her immediate possession. The operator must present the evidence to a law enforcement officer upon request.

To Buy Insurance
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

Look in the Yellow Pages of the telephone directory under "Automobile Insurance" and call insurance agents that do business in Minnesota. Check with several agencies to see which has the best price for your situation.

Motorcycle Insurance Coverage and Motorcycle License
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

Insurance coverage is mandatory for all motorcycles, and they require special licenses for driving them.

Involved in an accident
"Reprinted [or adapted] with permission from NAFSA's International Student Handbook (AT&T, 1996). Copyright 1996 NAFSA: Association of International Educators."

A driver involved in any accident should seek advice at once. At the time of the accident someone should be asked to telephone for police assistance. The police will arrange for tow trucks and ambulance if they are needed. Be sure to write down the name, address, phone number, car license plate number, and automobile insurance company of any other persons/cars involved in the accident. At the very least, the police will require that you fill out a written report within five days following the accident. Do not leave the scene of an accident until told to do so by the police. Notify your insurance company immediately.