Everything that is important to know about new car insurance

Buying a new car?

You should be familiar with Phoenix's new insurance policy, which is tailored for new car insurance.

But what is special about the new insurance, what does the policy include and what is "new for old" coverage?

All the details in the article

In collaboration with The Phoenix

03/03/2022

Thursday, 03 March 2022, 06:59 Updated: 07:08

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Compulsory car insurance is the condition for getting on the road and starting driving (Photo: ShutterStock)

The longest part of the process of buying a new car is the preliminary part - the part of the research.

For most buyers this phase lasts for long weeks sometimes even months.

From the moment you decide to buy a new car to the moment you actually go into the dealership and pay, you go through weeks of in-depth observation of the roads with a searching and examining eye, questioning friends, reading articles, entering importers' sites, posting questions on Facebook or even a forum.

By the way, more and more importers are slowly joining recently that make it possible to order the vehicle via the Internet, which is a significant innovation.

Buy a car online?

Maybe not something you thought of but it's already happening.

The process of progressing into the digital world, which began even before the Corona but certainly received a significant boost from it.

A new car is a significant decision.

Beyond being a big expense piece, the monthly and annual expenses that come with it also vary like the insurance, which varies from one vehicle to another or the fuel consumption and possibly an electric vehicle at all.

This is a relatively long-term decision.

At least for three to five years ahead and a vehicle should suit our needs - a large trunk or spacious rear seats for children, there are those for whom the driving experience is important and there are those whose fuel economy or high level of safety will chart their way.

Or through it.

Compare such a vehicle to another?

You should also already compare insurance offers for him (Photo: ShutterStock)

Anyway, in the end decide.

Just before paying, it is very important to understand how long you will be able to get the vehicle and actually get a specific delivery date written in the purchase contract.

Sometimes you will get the new vehicle within a few weeks and sometimes even longer, it's all a matter of inventory and availability and if you have chosen a unique element like a special color or special additions.

It is worth noting that an importer must release the vehicle from customs up to three business days from the day he received the full amount of the purchase and must deliver the vehicle to the buyer within 14 days from the date of customs clearance.

Definitely good things to know.

When the vehicle is delivered to you, it will already be registered in your name - a process performed by the importer, but you will not be able to leave the latter's lot if you do not present a compulsory car insurance certificate, so it is a matter that you must arrange in advance

Yes, the importer or the legislature for that matter does not care if you purchased comprehensive insurance to cover damage to the vehicle itself.

Compulsory car insurance is the condition to get on the road and start driving (driving without valid compulsory insurance is a criminal offense).

It's probably very interesting to you and you should also invest in this matter even before you buy the car.

Our recommendation is to include the insurance costs - mandatory and comprehensive - of any potential vehicle you are interested in within the total considerations for purchase.

Because the cost of the vehicle is one thing and its ongoing cost each year is no less important.

What does all this mean?

While you are comparing such a vehicle to another, you should also already be comparing insurance offers for it.

Even if not specific and accurate, get a general picture.

Once you have paid for your new car and signed the purchase contract, you will receive its vehicle number and then you will already be able to actually get concrete offers from the various insurance companies.

Bottom line, while you fantasize about tearing up the nylons in most ceremonies and may remind yourself not to forget to bring a salt shaker and flash salt of luck over your shoulder, you first need to work in bureaucracy.

Phoenix's new car insurance package provides road, towing and rescue services as well as replacement vehicle coverage (Photo: ShutterStock)

Dedicated insurance for a new car

The competition between car insurance companies is great.

The regulation exists, they are all obliged to offer the same basic policy in its coverage and there is also regulation on the price, and you will still find no small gaps between this offer and another.

All you have to do is invest in a comparison and choose the most attractive offer for you.

What are you really looking for?

You can assume that for a new car you will want the widest coverage that will give you the peace of mind you need, a moment after you have signed a purchase contract of tens of thousands of shekels and more.

One of the most interesting offers on the market today comes from the Phoenix company that offers a customized policy for new car insurance.

She also got an appropriate name: car insurance from the nylons.

What is special about new car insurance?

It has several additions and extensions that provide a wider cover sheet, tailored to the needs of the buyers.

This policy actually takes into account the fact that the vast majority of new cars on the road are significantly safer than older cars, that the chance of a new vehicle being involved in an accident is smaller since most are equipped with such and such active safety measures.

The policy also takes into account the basic and logical need of all owners of a shiny and shaky vehicle - in case of damage, get out of the garage with new and original spare parts, for example.

And if necessary, to win the highest possible compensation, one that does not choose the stricter side of impairment.

A comprehensive insurance policy for a new Phoenix Smart vehicle includes the section called "New for Old" and is valid for 3 years from the date of entry into the road and provides additional compensation of 10% of the value of the vehicle in case of theft or Total Loss.

Explain: Every vehicle experiences an annual decrease of at least 10% -15%.

From the very first kilometer, there is, in fact, a decrease of at least 10% in its monetary value.

Depending on the terms of a comprehensive car insurance policy, compensation for theft or total loss (total loss - removal of the vehicle from the road and sending for dismantling and scrapping) is equal to the value of the vehicle as of the day of the incident.

So, God forbid, if the unfortunate case happened even less than a year from the date of purchase, its value is already at least 10% lower than the value of the purchase amount.

And that means that the owners of the newly lost car, can not buy a new car and the same as the previous one, from the compensation money only.

That is why the Phoenix provides its policyholders with "new for old" coverage for 3 years from the date the vehicle enters the road.

The policy for new vehicles also includes insurance for broken windows, headlights and side mirrors, which includes the use of original and new spare parts.

And case controls, activation of this section is not considered an insurance claim.

In the event of damage to other parts of the vehicle - which is included in the comprehensive insurance coverage, the Phoenix undertakes to use new and original spare parts for one year.

This is of course provided that the treatment is done in one of its order garages and that includes importer garages and licensed garages that are included in the list.

Phoenix's new car insurance package provides road, towing and rescue services as well as replacement vehicle coverage.

Both of these services allow you to run both easily and comfortably in the moment of truth.

To know that behind the tow is the responsibility of the insurance, to reach the service person quickly and conveniently and to know that he is committed to the arrival times specified in the policy.

The replacement vehicle allows you to continue with the routine of life even when the vehicle is in the garage.

Travel and get back from work without a significant change in the way of traveling (and in short, without having to start learning the map of public transport in the area and continue with the usual daily tasks and take, bounce back and drive the kids and groceries from the supermarket.

Your new car deserves insurance that will provide it with its original parts, the ones it has been accustomed to since its days in the factory

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