What Do I Do About Insurance When I Buy A New Car?
16470 POINTSview profileDavid OsgoodAgent, Rural Mutual Insurance Co., Union Grove, WITypically when you buy a new vehicle the dealership will require proof of insurance before you leave the lot. That means that you would call your current agent or your auto insurance carrier's main number and let them know about the purchase of the new vehicle. When you call you should at minimum have the VIN number for the vehicle handy, the carrier will need it to properly identify the vehicle. If you are using this vehicle as a replacement for another you will have to advise your agent or carrier of this.Answered on June 27, 2013flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482It is going to be important to be in touch with your Insurance Professional because, as my colleague said, in order to purchase the vehicle, the dealership is going to need proof of insurance on that vehicle in order for them to complete the registration of it for you. You or your dealership will need to provide the year, make, model and Vehicle Identification Number (VIN). Further, if you are leasing or financing, the financial institution needs to be named on your policy and proof provided in order to complete your transaction. If you are financing the purchase, the finance company has an interest abd will need to have proof that you have both Comp and Collision coverage. Leasing is similar, however, in addition to the two physical damage coverages I mentiond, they also require that a certain amount of Liabilitry protection be provided by your policy. Here in CT it is common for the requirement to be $100,000/$300,000 or more for Bodily Injury and $50,000 or more for Property Damage.Answered on February 11, 2016flag this answer
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