Purchasing a new car, do I need to insure my vehicle immediately on the day of its purchase, since it is a new asset for me?
1 If a new vehicle is added to the covered vehicles under the car insurance policy, it is there in the policies that almost all policies provide coverage for newly acquired vehicles for 7 days, the mostly accepted days. Before your policy lapses, let us meet to discuss whether your new vehicle will be automatically insured under the same terms and conditions of your dated policy.
Nevertheless, in order to provide with all the details and constrains that might be encountered with the purchasing of new cars, you should contact your insurance provider in advance to find out the specifics of the cover and the restrictions that might exist for newly-acquired vehicles. By doing this, you guarantee to have a tailor-made coverage and for the island not to have any gaps or lack of or adequate coverage of your insurance.
2 Regarding car purchase, if you don’t have car insurance and make a new car rider you have to insure it on the day of the purchase, so there can be no margin of this insurance from the very beginning.Here why:
Legal Requirement: Basically, it refers to being responsible to have car insurance for each car in your ownership or if you are responsible for the operation of a car on public roads in most areas. The thing is while on the roads without there insurance coverage mastery, you will eventually realize that through fines, suspension of your license or even court time, you will be heavily punished. In other words the consequences would be very severe.
Protection for Your Investment: The presence of insurance guarantees that your vehicle is replaced promptly with the same amount of money or at the same market value than if it was lost to it because of fire, theft or war related destruction. There isn’t the assurance that you won’t pay for any repair work; for instance you may have to pay the rest of your car’s balance.
Dealer Requirements: Usually they don’t. The dealers prefer not to release a car to get driven off the lot without seeing your at least your proof of insurance. It is because this is a preventive action to enables the customer to avoid likely scenarios such as unnecessary expenses in case the vehicle develop a problem too quickly with in the period of the ownership.
Lender Requirements: If the purchase of your new vehicle was financed through a loan or lease, your lender will be paid off after the payment has been received and you are probably going to be asked by your lender to get both comprehensive and collision coverage to protect their investment until the loan is paid off.
Job done. Hence, it’s a must to have insurance before you take on the paperwork and drive of your new vehicle. Sometimes you can work that out, so that whenever you buy the device, the coverage is already there. The majority of insurance companies provide telematic telematics among which supplementary coverage is, as a rule, one that would allow you to give a your old automobile to your policy in the shortest time period. Such a policy provides you with a suitably safe level of confidence regarding your new automobile from the moment that you drive it away.
