Monday, August 20, 2012

I traded cars on the weekend! OH NO!!!!

I get frantic phone calls from clients almost every weekend because they bought or traded a car over the weekend and they are worried that they aren't going to be covered when they drive off the lot with their shiny new purchase.  Well, in most cases, we can go with another entertainment icon from the past:  Don't worry, be happy!

To go all Insurance Nerd on you, the shiny new car comes under the definition of a newly acquired auto. If you don't want to read that link to the auto policy I will paraphrase:  It it replaces a car (if you traded in on the new car or you old car was totalled and you are getting a new one) it has the same coverages as the car it is replacing.  So if you had collision and comprehensive on the old car you automatically have it on the new car.  You are also covered if the new vehicle is an ADDITIONALcar up to the  BROADEST COVERAGES on the policy.  So if you have 2 cars on the policy, one has collision and comprehensive and the other has liability then you buy a third car on the weekend the third car automatically has collision and comprehensive when you drive off the lot. 

READ THE REST OF THIS THOUGH!  In order for you to keep this coverage you need to ask us to cover that auto with in the first 30 DAYS!  Don't forget to call us on Monday, procrastination is not your friend here, don't complicate matters by waiting too long!  This also is not a free coverage for 30 days, if you buy that additional car and call us on the 29th day you are covered but the company has to go back and start charging 29 days ago, otherwise you are in trouble with the state.

As always, if you have any other questions give us a shout or email!

Now I can't get that song out of my head!

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