How much does insurance cost for the first year when buying a used car?
2 Answers
After the vehicle is transferred, the compulsory insurance premium for the first year reverts to the original price, while commercial insurance can only be discounted by up to 5%. The premium for the second year is determined by the number of claims and the claim amount from the previous year, offering certain discounts. The specific price is calculated based on the insurance types chosen by different car owners. Relevant information about compulsory insurance is as follows: 1. Introduction: The full name of compulsory insurance is "Compulsory Motor Vehicle Traffic Accident Liability Insurance." It is a mandatory liability insurance provided by insurance companies to compensate victims (excluding passengers of the insured vehicle and the insured) for personal injury, death, or property damage caused by road traffic accidents involving the insured vehicle, within the liability limits. 2. Necessity: Compulsory insurance ensures that victims of motor vehicle traffic accidents receive compensation and promotes road traffic safety. It provides timely and basic protection for victims of traffic accidents.
The first-year insurance cost for a newly bought used car isn’t cheap. Last year, when I took over a 3-year-old Camry, it cost me over 4,800 yuan. It mainly depends on which types of coverage you choose: compulsory traffic insurance is a must, fixed at 950 yuan; commercial insurance’s vehicle damage coverage is calculated based on the depreciated car value, which is about 20% cheaper than for a new car. For third-party liability insurance, I recommend starting at 2 million yuan—higher coverage in big cities offers more peace of mind. The biggest pitfall with transferred vehicles is that discounts reset—the previous owner’s no-claim bonus disappears. My advice is that if the car is over 5 years old, you can skip vehicle damage insurance, but make sure to get sufficient third-party coverage. Compare quotes from multiple insurers—nowadays, it’s easy to get quotes via apps, and choosing a package that includes free roadside assistance is more cost-effective.
