Exact Answer: 14 Days
An insurance policy refers to a contract wherein a person pays a certain sum of amount as a premium at regular intervals to an insurance company for the protection of a particular asset. Insurance policies are of various types like fire insurance, marine insurance, car insurance, life insurance, medical insurance, etc.
Car insurance means insurance taken specifically for a car. Such an insurance policy is taken for covering the risk of theft or damage to the car and also for the liability risk i.e legal claims which may arise from any accident of that concerned car.
How Long Do You Have To Get Insurance After Buying A Used Car?
It must be noted that it is almost illegal in most states and nations to drive an uninsured car irrespective of whether it is a used car or a brand new car without proof of insurance. Thus, it is mandatory to purchase an insurance policy even for used cars.
When buying a used car i.e. is a second-hand car, one might not think too much about insurance as it would be something that stays at the back of one’s mind while purchasing a used car. There have been many instances where owners of used cars had to suffer a lot financially due to the non-availability of a valid insurance policy for their used cars.
When buying a second-hand car one should mandatorily ensure to transfer insurance policies of the used cars in their names. This is critical and thus should not be taken casually or ignored.
It is recommended that the new owner of the second-hand vehicle gets the insurance policy transferred to his name from the previous owner by applying to the insurance company within the first 14 days after buying the used car. If this process is not completed within 14 days and is delayed further, one might not be able to successfully transfer the previous insurance policy to his name.
|Duration to get insurance after buying a used car
|Duration to get insurance after buying a new car
Why Do You Have This Long To Get Insurance After Buying A Used Car?
Immediately after purchasing a used car, the first and foremost thing to do is to check whether the car already has a valid insurance policy or not. Within 14 days, one can without any hassle get the previous policy of the used car transferred in the new owner’s name. However, this has to be done as soon as the second-hand car is bought without any unnecessary delay.
The second-hand car that is bought by the new owner might have depreciated. Nowadays, many insurance companies even offer used car insurance that specifically caters to the needs of used car owners who are looking to purchase a new insurance policy for their newly purchased used car.
Thus, one needs to comprehend that irrespective of the fact whether the newly bought car is new or used, purchasing at least a third-party car insurance policy is essential and one needs to do this within the prescribed time limit to avoid attracting penalties while driving it on roads.
Insuring a used car is all the more important as its efficiency might have been reduced by time and it is always advisable to purchase an insurance policy to steer clear of all unforeseen contingencies. One should compare and research well and select the best insurance plan for one’s used car. The selected insurance plan should cover the legal and financial liabilities that may arise in the future due to damage to one’s used car for which the policy is purchased.
Basic auto insurance for most vehicles is mandatory in almost all places as such insurance policies provide one with financial protection in case of an accident where the insured vehicle is involved.
Even when buying a used car one has to purchase car insurance for the same within 2 weeks to ensure that no fines or penalties are attracted. If the newly bought used car is not properly insured and is still driven on the streets, one could suffer a lot financially and could even lead to confiscation of one’s car.
It must always be remembered that driving a vehicle without a valid motor insurance policy is an offense and one could anytime get heavily penalized for doing so. Thus, one must buy an insurance policy for their newly purchased used car as soon as possible if it does not already have one.
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