I have full coverage insurance and does that normally cover me on any vehicle i drive?

Question

i bought a new car and the dealership let me drive it off the lot without having that car listed on my insurance card, my finance company is trying to bill me 300 dollars for not having it insured. the people at the dealership copied my insurance card with my old truck listed on it and said it would be fine since i had full coverage. is this true?

Answer 1

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Answer 2

OK, your agent can explain policy specific info for you.

BUT, generally, if you trade in an old car, for a new car, then you have up to 30 days to tell the insurance company about the change, and whatever coverage you had on the old car will apply to the new car.  The change is then made, effective the date you traded in the old car and got the new car.

If you did NOT trade in the car, ie, this is NOT a replacement of the old car (as in, you had two cars at once, because you didn't sell the old one yet), then coverage does NOT automatically transfer over to the new car for that 30 days.  You have to notify the insurance company, and pay for the additional.

Your policy specifically does NOT carry over onto any cars that are owned by you or any of your household members, if they are not listed on your policy, or don't meet the definition of replacement/substitute vehicle.

But some policies won't carry over onto any vehicle that's not listed.  Which is why you need to ASK YOUR AGENT.

Your deal with the finance company is DIFFERENT than your deal with the insurance company.  You can fix this, by asking your insurance company to change the endorsement date, adding the car on effective the date you purchased it.

Answer 3

It is very important to read your policy, however, you said you had an old truck lets assume its value was 10k, Now you have a new truck with an assumed value of 40k less the trade in.

So you finance 30k on the new truck, the insurance company is likely not going to cover the difference in value.  The lender is just protecting their ***, in case something happens.

Whether they charge

Answer 4

Read your policy.  Most auto policies automatically cover a new car as long as you add it to your coverage within a set number of days after purchase.

Answer 5

it still your responsibility to make sure that you insurance is comvering the correct car. They probably said it will be fine...as long as you were insured because you were driving off the lot. ..and you just brought he car. BUT you still have to notify the insurance company that you have a new car....and to change it.

Answer 6

You don't get coverage for an indefinate amount of time, in most cases you have somewhere between 5-30 days to notify your insurnce company of a new vehicle.  I think your dealer dropped the ball too.  In NY dealers call the insurance company or agent to change the car on your behalf.  Even if this isn't normally done where you live, the dealer should not have told the finance company you had the car on the 30th if you didn't it until 3 days later.

Answer 7

You have 30 days to tell your Insurance Agent that you've traded vehicles.

Whatever coverages you had on the trade-in are automatically on the new vehicle for 30 days.

If you've gone beyond that 30 days - your bank has the right to force-place insurance on the vehicle....but I'm surprised they would do that without calling your insurance agency and changing the vehicles FOR YOU - if you didn't do it.