Can I Buy Insurance Outside the 4S Store for a Financed Car?
2 Answers
Generally, 4S stores require customers to purchase insurance in-store for financed cars, and some may require a deposit. Here is some relevant information about car insurance: 1. Definition of Car Insurance: Vehicle insurance, also known as motor vehicle insurance or auto insurance, is referred to as car insurance. 2. Types of Car Insurance: Compulsory Traffic Insurance, Vehicle Damage Insurance, Third-Party Liability Insurance, Full-Coverage Theft Insurance, On-Board Liability Insurance, No-Fault Liability Insurance, Falling Object Liability Insurance, Scratch Insurance, Glass Breakage Insurance, Vehicle Parking Loss Insurance, Spontaneous Combustion Loss Insurance, Equipment Loss Insurance, No-Deductible Special Coverage Insurance, etc.
I have a lot to say about whether you can choose your own insurance company for installment car purchases. Last year when I applied for a car loan, I did some research on this. A friend at the bank told me that loan contracts usually require you to purchase full coverage insurance, mainly to prevent accidents from affecting loan repayment, but they don’t specify that you must buy it through the 4S store. I found an insurance company outside, which was nearly 30% cheaper than the 4S store’s quote. However, you need to make sure the lender is listed as the insurance beneficiary. After the car insurance takes effect, remember to submit a copy of the policy to the 4S store for their records. Once they see all the paperwork is complete, they won’t have anything to say. It’s been almost a year now, and I’ve made two claims for minor scratches, both went smoothly. The key is to choose a large company with many service outlets.
