Can I buy vehicle damage insurance next year if I don't buy it this year?
2 Answers
Vehicle damage insurance can be purchased next year if not bought this year. Vehicle damage insurance compensation: There is a certain deductible amount for vehicle damage insurance compensation. The specific deductible amount varies according to different insurance companies, generally ranging from 5% to 20%. Therefore, it's best to add a deductible waiver after purchasing these insurances. The deductible waiver is an additional insurance for third-party liability insurance and vehicle damage insurance. After purchasing the deductible waiver, the insurance company will fully compensate for the vehicle repair costs or total loss compensation. Notes: If the vehicle suffers severe damage with low repair value, or if the owner simply doesn't want to repair it. When vehicle damage exceeds a certain degree, it can be directly written off. Generally, when repair costs exceed 50% of the vehicle's value, the insurance company will negotiate with the owner about whether to write off the vehicle.
Speaking from the perspective of a veteran driver with over 20 years of experience, here's my take on this issue. Yes, if you skip auto damage insurance this year, you can definitely purchase it next year - insurance companies won't reject your application just because you didn't buy it before. I've personally tried this myself. After driving my car for several years, I thought I was careful enough to skip the insurance and saved some money by not purchasing auto damage coverage. The next year when I wanted to buy it again, the process went smoothly. However, I must remind you that auto damage insurance mainly covers damage to the vehicle itself, such as collisions or natural disasters. If something happens during the uninsured period, you'll have to pay all repair costs out of pocket. I once had a minor scrape during that time which cost me quite a bit - I regretted it terribly. Also, while it's true you can save on insurance as your car gets older and depreciates in value, I'd still recommend maintaining continuous coverage for new cars or financed vehicles. Don't follow my example of being penny-wise but pound-foolish. Ultimately, the choice is yours - there's no problem buying it again next year, but carefully consider whether the potential risks are worth the savings.
