Client success story: buying a used car
We have previously discussed the pros and cons of buying a new or used car. Let’s take a look at some of the challenges that may arise when buying a used vehicle. In a future post, we will also examine the challenges with buying a new vehicle, to be fair.
One of our customers is purchasing a used vehicle. It’s a slightly older model and he will need to take it for emissions and safety testing. He plans to return this car if it doesn’t pass the tests. However, in order to get it to a testing facility, he will need a 10 day temporary permit from the Ontario Ministry of Transportation and appropriate insurance coverage.
And so, he contacted us to discuss his options. According to insurance regulations, policyholders are allowed to extend temporary insurance to a second vehicle for 14 days.
To get coverage, Daryl needs to demonstrate the bill of sale for the vehicle and acquire a temporary permit from the Ministry of Transportation.
In responding to Daryl’s request, we discovered that his current insurer no longer extends temporary auto coverage. The insurer advised they would need to add the vehicle to his current policy.
Therefore, Daryl had the option of adding the vehicle to his policy and removing it at a later date if he saw fit. His other option was to tow the vehicle which he proceeded to do so.
It is important to be present to the possibility that unexpected costs may arise.
Get in communication with us today and discover your options.