A car is one of the biggest investments a person makes in life. It is important that before the purchase is made you need to explore all the available options.Getting a new model is a common approach and nowadays the purchase of brand new cars has increased and the main reason is the rising economy. But there is still a huge demand for used cars.
Buying a used car has its challenges but if you manage to find a model that is in good condition then you will be able to find a good deal.
When you are making a big investment it is important that you get insurance because it is the best way of protecting the investment. It is illegal to drive a car on the road without insurance so you need to figure out when you need to get the insurance.
The scenario of getting the insurance can change according to the method you have used for the purchase but no matter how you purchase a second-hand car you will need insurance.
Getting Insurance Before Buying a Used Car:
- If you are getting a loan to pay for the second-hand car you are purchasing then you will need to make sure that you have physical damage recovery included in your auto policy. It will include collision and comprehensive damage. If you do not have an insurance policy when you go to purchase a used car then it is likely that the lender will force you to get this insurance.
- You can also buy second-hand cars from a dealership. It will give you the option of getting second-hand car finance UK deals. But if you are purchasing from a dealership you will need to get insurance beforehand. All the reputable dealership requires the buyers to provide evidence of insurance coverage whether they are buying a new car or an old one. They will need to see the proof of insurance coverage before they allow you to take the vehicle off the lot.
Getting Insurance After Purchasing a Used Car:
- There is only one scenario in which you will be able to buy a used car without providing proof of insurance and it’s if you choose to buy the car from a private seller. By choosing a private seller you will be doing a purchase transaction and if the seller is not interested in seeing insurance proof then you do not have to provide it. But remember that the no insurance rule will only work if you are paying cash and not getting any loan to pay for the car.If you are getting a loan then you will need insurance coverage because the bank does not give loans without assurance.
If you already have an insurance policy then you will get a car grace period.During the grace period, the existing policy is extended for a few days giving you ample time to get a new policy for the used car you have bought. The grace time can vary with insurance companies so make sure that you sort out the details before driving off with your new purchase.
Car insurance is legality that you have you fulfill whether you are buying new or a used car. Whether you will need insurance for a used car before or after purchase will depend on how you choose to buy the car.
