Car Insurance

How long do you have to get insurance after buying a used car?

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 4 minute read

You’ll need to get insurance on the used car right away, unless you are the sole owner and will keep it for a long time. Once you buy a used car, it is your responsibility to make sure you have the appropriate insurance. If you don’t have auto insurance, or if your policy doesn’t cover used cars, you could be liable for any damage that occurs while you are driving that car.

This can be very expensive and put you in danger of losing your car or facing other legal repercussions. Make sure to check with your insurance company before purchasing a used car so that you know what coverage is available from them and what additional coverage (such as under-insured driver protection) might be beneficial for you. Here are some important things to know about getting insured after buying a used car.

Top Provider
Free Car Insurance Comparison

Save on car insurance by comparing the price from the top providers at QuoteYeti.com

Get Quotes →

How soon do you need to get insurance after buying a used car?

The best time to get insurance is before you buy the car. If you buy a used car before you have insurance, and then get into an accident or have another type of incident while driving it, you’ll be liable for all damages. If you buy the car and then immediately get insurance, you’ll have coverage right away in case of an accident or incident.

The only time you don’t need to get insurance before buying a used car is if you are the sole owner, the car is paid off, and you are planning on keeping it for a very long time. Most states require that you have insurance before driving.

What kind of insurance should you get?

The first thing to decide is what coverage amount you need. Once you have that figured out, you can start shopping for a policy. When you buy a used car, you want to make sure that you are covered for the purchase price, the loan amount, and any maintenance or repairs that might be necessary in the future. The coverage amount should be based on the car’s value.

Depending on your state, you might be required to carry at least 100/300/100 coverage. This means that you are covered for $100 for any damage to your car, $300 for any damage to others’ cars, and $100 for any medical expenses resulting from injuries to people in the accident.

🔥 Featured Resource: Bankovia’s curated list of Best Car Insurance

Does your current insurer offer coverage for used cars?

If you’re getting a used car, you’ll want to make sure you have coverage for that car on your current policy. Some insurers specialize in insuring used cars, while others cover them as well. Check with your current insurer to see if they offer coverage for used cars before deciding on a new insurer. If they do, you can keep your current policy and just add the used car to it.

If they don’t specialize in used cars, ask about adding coverage for it to your current policy. This might increase your rates, but it’s better than not having coverage at all.

How can you buy the car immediately and still get insurance later?

One of the easiest ways to get insurance after purchasing a used car is to get a car loan. Most lenders will require that you carry car insurance on the car before you get it. This means that you can get car financing and still get insurance after buying a used car. If you don’t want to get a car loan, you can still buy the car immediately and get insurance later.

You may be able to get an insurance policy with a high deductible, which means you will pay a higher monthly premium but will have a lower out-of-pocket expense if you are involved in an accident.

Why is immediate insurance after buying a used car so important?

Getting insurance on a used car protects you in numerous ways. If you get into an accident or have any other incident while driving, your insurer will cover the damages. If you don’t have insurance and are involved in an accident, you are liable for all damages. This could include damage to your car, damage to other cars, injuries to passengers, medical expenses, and more. Your insurance will also protect you if you are hit by a driver who doesn’t have insurance. This is a common problem in the U.S., with many drivers going without coverage. Your insurance will cover your expenses in that scenario.

In Conclusion

When buying a used car, you need to get insurance immediately. It’s best to get insurance before you buy the car so that you can get the best coverage for your situation. If you buy the car before getting insurance, you run the risk of being hit with large bills after an accident or incident.

Curated posts

Someone from El Paso, TX just viewed Best Financial Advisors in Charleston,SC