Can Vehicle Damage Insurance Be Purchased Mid-Term?
2 Answers
Vehicle damage insurance can be purchased mid-term, with the following explanations: 1. Reason: Vehicle damage insurance is a type of commercial insurance, and car owners can purchase it at any time if they wish. Vehicle damage insurance refers to compensation provided by the insurance company when the vehicle is damaged due to natural disasters or accidents, covering incidents such as fire, hail, floods, collisions, avalanches, mudslides, landslides, ground collapses, falling external objects, explosions, etc. 2. Legal Basis: The 'Motor Vehicle Damage Insurance Clause' has corresponding provisions: Unless otherwise agreed, the insurance period of this contract is one year. If the insurance period is less than one year, the premium shall be calculated according to the short-term monthly rate approved by the insurance regulatory authority. The insured shall provide the insurance company with the insurance policy, the driver's license, the insurance vehicle's driving license, accident certificates, traffic accident determination documents, loss lists, and other proofs and materials related to confirming the nature, cause, and extent of the insurance accident.
I've been driving for over a decade, and it's true that car damage insurance can be purchased mid-term. Initially, my insurance only covered third-party liability without car damage coverage. It wasn't until my car got scratched that I realized the need to add it. After calling the insurance company, they sent a specialist to inspect the vehicle's condition and readjusted the premium, which increased slightly but provided more comprehensive coverage. The advantage of buying car damage insurance mid-term is the timely protection of assets, especially when the car's value increases or after modifications, preventing out-of-pocket expenses for repairs in case of accidents. However, timing and conditions must be noted: insurers may require the new car damage insurance to take effect from a specific date, with premiums calculated based on the car's current age, mileage, and accident history. Some policies also impose a waiting period, such as no full payout within 30 days. It's advisable not to wait until an accident occurs to consider this; regularly evaluating insurance coverage and updating the policy during annual renewals or life changes can save both hassle and money.
