Can a car over 10 years old purchase vehicle damage insurance?
1 Answers
Household cars can still purchase vehicle damage insurance after ten years, but the corresponding coverage amount will be very low due to significant depreciation by that time. However, not every insurance company will underwrite this liability. Specific details are as follows: Vehicle Damage Insurance: The most widely used type of vehicle insurance, covering everything from minor scratches to severe damage, with repair costs paid by the insurance company. However, vehicle damage insurance also has various exclusions, such as continued use after a collision that leads to further damage, which may result in the insurance company refusing to pay. Extended Information: Scope of Coverage: The insurer is responsible for compensating for the losses of the insured vehicle caused by the following reasons while being used by the insured or their permitted drivers: ① Collision, overturning, falling; ② Fire, explosion, spontaneous combustion (requires additional spontaneous combustion insurance); ③ Falling or collapsing of external objects; ④ Storm, tornado; ⑤ Lightning, hail, rainstorm, flood, tsunami; ⑥ Ground collapse, ice collapse, cliff collapse, avalanche, mudslide, landslide; ⑦ Natural disasters affecting the ferry carrying the insured vehicle (limited to drivers accompanying the vehicle). In the event of an insured incident, the necessary and reasonable rescue expenses paid by the insured to prevent or reduce the loss of the insured vehicle shall be borne by the insurer, up to the amount of the insured sum.
