How early can vehicle insurance be purchased?
1 Answers
Vehicle insurance can be purchased up to 90 days in advance. Auto insurance is divided into compulsory traffic insurance and commercial insurance, and the renewal periods for these two types differ. Compulsory traffic insurance can be renewed up to 30 days in advance, while commercial insurance can be renewed up to 90, 60, or 30 days in advance. The specific early renewal periods vary by insurance company and region, so it's advisable to consult your local insurer for detailed information. Main types of vehicle insurance are as follows: Compulsory Traffic Insurance and Vehicle and Vessel Tax: This is the minimum coverage required by law to ensure a vehicle can be driven on the road. It is mandatory and not imposed by insurance companies. It covers losses caused to third parties (excluding the insured vehicle and its passengers), regardless of fault. Vehicle Damage Insurance: This is the most basic coverage to protect your own vehicle from losses due to accidents or natural disasters, such as collisions with utility poles or hail damage. However, losses caused by earthquakes are generally not covered. Third-Party Liability Insurance: This is one of the most valuable types of insurance. If you are at fault in an accident that damages another vehicle or injures a pedestrian, the repair costs and medical expenses will be covered by this insurance. Important considerations when purchasing insurance early: Insurance Renewal Reminders: Many insurers offer renewal reminders via SMS, typically 40-50 days before expiration. Early Purchase Doesn’t Mean Lower Vigilance: Some drivers become less cautious after renewing their insurance early, forgetting that coverage only applies after an incident occurs. Materials Needed for Out-of-Region Insurance: If purchasing insurance in a different region, prepare all necessary documents, including those of the vehicle owner and any authorized representatives. Consult Insurance Details Thoroughly: When renewing, inquire about premiums, coverage, claims process, and payout limits to choose the best insurer and policy. Consequences of Lapsing Coverage: No Coverage: A lapse means no protection for the vehicle or its occupants, leaving the owner to bear all costs in case of an accident. Higher Premiums: After a certain period, lapsed policies may lead to increased premiums, especially if previous no-claim discounts are lost. Additional Procedures: Renewing after a lapse may require a vehicle inspection, complicating the process. Legal Penalties: Driving without compulsory traffic insurance is illegal and can result in vehicle impoundment, mandatory insurance purchase, and a fine of twice the minimum premium.
