All you need to know about used car insurance
Used car insurance is one of the important things that must not be overlooked when deciding to buy a used car in the near future, or has already purchased a used car, to ensure that the car is insured against any damage that may occur to it.
Many customers have a lot of questions and inquiries about used car insurance, which Tokio Marine Insurance Company answers through simple and detailed points to know everything you need to know about used car insurance.
What is used car insurance?
Used car insurance is a type of car insurance policies that aims to protect used cars against various risks that can cause serious damage to the car.
Some types of used car insurance are comprehensive insurance against all types of risks such as third-party liability and personal accident coverage.
What is the cost of used car insurance?
There is no fixed cost in used car insurance because the cost of used car insurance varies depending on several factors such as:
- Car age and model year, average car insurance period is approximately 10 years, older used cars that are in good condition may continue to be insured.
- A car’s condition is one of the used car insurance terms, the car should not be worn out or damaged badly.
- The history of the car also affects the cost of used car insurance, as the insurance company usually takes a look at the previous records of the car to assess its risks. You can still insure your used car if the car has never been involved in a serious accident and it has not been repaired due to serious damage.
- Huge modifications, some types of cars that have undergone special modifications may not be covered by used car insurance policies.
- Repair costs can affect the value of your used car insurance, especially cars with expensive parts that can be hard to find and repair.
- The market value of the car when requesting a type of car insurance is one of the elements that may affect the value of used car insurance
Is used car insurance less expensive than new cars?
Yes, the cost of used car insurance may be less expensive than insurance on new cars.
But this is not a general or main rule in used car insurance. If the used car is one of a special and luxury model, the insurance on it may be much higher than any new car in a different model.
If you want to calculate your used car insurance specifically, you can contact Tokio Marine team to clarify the details of your car insurance.
What are the required documents for used car insurance?
We don’t ask you much for used car insurance at Tokio Marine, we want to make it as easy for you as possible, so we ask you only 3 steps:
- The identity card of the insured, and the completion of the “know your customer” form of Tokio Marine.
- An inspection report for the insured vehicle by special expertise from the company.
- Used car license.
How should you inspect a used car?
We can’t say that there are universal steps when inspecting used cars, but we advise you, before thinking about the best type of used car insurance for you, to check some things when buying a used car, such as:
- Check that there are no rust or leaks in and around the car engine.
- Ensure that the meter of the used car has not been tampered with it.
- Ensure that everything works in the used car, including locks, windows, radio, and air conditioning, etc.
- Check for any cracks or scratches in the windshield of the car.
- Check the used car tires and that all four belong to the same company.
Why choose Tokio Marine for used cars insurance?
Thinking about choosing a reliable insurance company when buying used car insurance is one of the most important factors that guarantee your rights and the rights of your car in the case of any accidents or damages.
Considering Tokio Marine, we offer you many advantages when choosing any type of insurance available in the company, such as:
- Cars are directly repaired within the authorised Tokio Marine network where payments are made directly to our clients.
- Roads Site Assistants.
- Some insurance policies give insurance coverage for drivers.
- The lowest possible time to settle and pay the cost of claims when the vehicle is repaired outside the approved Tokio Marine network, is about 2-5 working days.
- Insurance against collision and/or rollover as a result of mechanical failure or sudden accident.
- Insurance against fire, external explosions, or self-ignition.
- Do not request police reports except in some necessary cases such as total loss, third-party liability, or theft.
Contact Tokio Marine Insurance company right now to have answers about your used and new car insurance.