How to buy mortgage car insurance
With the popularity of automobile consumption, more and more consumers choose to purchase cars with mortgage. However, the purchase of insurance for a mortgaged vehicle is different from that of a fully financed vehicle, and special attention needs to be paid to the type of insurance, insurance requirements, and claims process. This article will combine the hot topics and hot content on the Internet in the past 10 days to provide you with a detailed analysis of the key points of purchasing mortgage vehicle insurance.
1. Basic requirements for mortgage vehicle insurance
Mortgage vehicles usually require comprehensive insurance, because lenders require car owners to carry comprehensive insurance in order to reduce risks. The following are the basic requirements for mortgage vehicle insurance:
| insurance type | Is it mandatory? | Remarks |
|---|---|---|
| Compulsory traffic insurance | Yes | Compulsory insurance required by law |
| car damage insurance | Yes | Mortgage vehicles usually require insurance |
| Third party liability insurance | Yes | It is recommended that the insured amount is not less than 1 million |
| Theft and rescue | Yes | Mortgage vehicles usually require insurance |
| Excluding deductible insurance | Suggestions | Can reduce the out-of-pocket ratio when making claims |
2. Purchase channels for mortgage vehicle insurance
Mortgage vehicle insurance can be purchased through a variety of channels. Here are some common methods and their pros and cons:
| Purchase channels | Advantages | Disadvantages |
|---|---|---|
| 4S store | Convenient and fast, one-stop processing | Higher fees and possible bundled sales |
| Insurance company official website | Transparent prices and strong optionality | Need to compare and handle by yourself |
| insurance agent | Personalized service with professional advice available | There may be commissions |
| Third party platform | Great prices and diverse choices | Pay attention to platform reputation |
3. Things to note about mortgage vehicle insurance
When purchasing mortgage vehicle insurance, car owners should pay attention to the following points:
1.insurance beneficiary: The insurance beneficiary of a mortgaged vehicle is usually the lending institution, and the owner needs to go through the change procedures after the loan is settled.
2.Insurance period: The insurance period of the mortgaged vehicle must cover the loan period to avoid loan default due to insurance interruption.
3.premium payment: Some lending institutions require car owners to pay the full-year premium at once, and they need to plan their funds in advance.
4.Claims process: Claims for mortgaged vehicles need to be negotiated with the lending institution, especially when large claims are made, the lending institution may need to participate.
4. Frequently Asked Questions about Mortgage Vehicle Insurance
The following are recent popular questions and answers about mortgage vehicle insurance across the Internet:
| question | Answer |
|---|---|
| Can I buy mortgage vehicle insurance myself? | Yes, but subject to your lender’s insurance requirements. |
| Is mortgage car insurance more expensive than a fully paid car? | Not necessarily, but mortgaged cars generally require more insurance coverage. |
| How to change the insurance beneficiary after the loan is paid off? | You need to bring the settlement certificate to the insurance company to make changes. |
5. Summary
When purchasing insurance for a mortgaged vehicle, you need to comprehensively consider the requirements of the lending institution, the choice of insurance type, and the advantages and disadvantages of the purchase channel. Car owners should carefully read the terms of the contract when applying for insurance to ensure that the insurance coverage is comprehensive and that they meet the loan conditions. At the same time, it is recommended to regularly compare quotes and services from different insurance companies to obtain more favorable premiums and better protection.
Through the above analysis, I hope you can have a clearer understanding of the key points of purchasing mortgage vehicle insurance and choose the most suitable protection plan for your car.
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