Let's say you bought yourself a car. It is a second-hand unit, but it looks good, drives well, and only has 25K in mileage. You feel that this is a reliable vehicle despite being used, the question now is, do you get insurance for it? Yes, it is pretty much a new car, but at the same time, it has seen some action. Let us answer the question in this article.
You Need Insurance, Even For a Used Car
Almost all of the time when buying a used car you need an insurance policy. If you are borrowing money from a bank, they will need proof that you have insurance. If you are buying from a used car dealer, you will also need insurance. This is not only a requirement by these entities but also the state.
With the State though they usually just want you to get a liability car insurance. But, for loans, they typically ask for both comprehensive and collision insurance. This is for their own sake. In essence, until you pay off the mortgage, they actually own the car. So, it is to help cover them as well.
A used car is still a car; it is an asset to you it can also be a liability, so it is a good idea to have it ensured. However, sometimes getting said insurance could be a problem especially with a car's condition. Ideally, if it costs more to fix the used car than to buy it, then you might not find much insurance for it.
You Can Still Get a Car Without Insurance Though
Getting a second-hand car without insurance is easiest to do when buying person to person. Again it also depends on the type of car you are buying if you can get it insured. The only real concern here is how comfortable are you with a car not being protected. Not wanting to ensure a 1992 beat up Ford Taurus is sensible. But if you are buying a second Lamborghini or Ferrari, then you should still probably get insurance.
If you are looking to buy a new car used or not, you better look into insurance policies. To help you get started here is an entity that can assist you.
At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.