That new car at the dealership has been screaming your name to buy it since last year. And why shouldn’t you? You have been driving that same Honda Accord since 1998 that has been paid off since 2003. You deserve it for working so hard all these years and you even got the OK from your spouse. Now it is time to pull the trigger.
Does My Current Insurance Policy Cover This New Car?
You may be thinking on your way to the dealership, “will I be able to drive this off the lot today?”
The great news is that any car that you become owner of during the policy period of your current insurance will be covered right away. You just have to notify your insurance company of the new vehicle, usually within 60 days. If you don’t have insurance at all, that is another story. The dealership won’t let you drive a car off the lot without current insurance so if you need a policy now, we are here to help.
What Information Does My Insurance Company Need?
Once you get your new car and there is some basic information that your insurance company will eventually need including the current mileage of the new vehicle, year of the car, make and model and also the VIN.
A VIN stands for Vehicle Identification Number. It is a series of numbers and letters that identify each car. It is usually found on the dash near the windshield or on the side panel of an open door. If you are having trouble locating it, we would be glad to help you.
Your insurance company will also need to know if you paid cash or financed the vehicle. If it was financed, your liennholder (the financing company) will need to be listed as an interested party on the insurance until it is paid off. Their name, address and telephone number will be enough.
What About Gap Insurance Coverage?
You know that old saying, once you drive your car off the lot the value goes way down? Well, that is true, but your loan value still stays the same! Gap coverage pays off your loan if your car is totaled and you owe more than its worth. It is relatively inexpensive and I highly recommend it.
So – enjoy that new car this weekend and don’t worry, the insurance company can wait until Monday. However, if you do want to give us a heads up of your purchase, please 360-452-9200
For more information, please visit my official Allstate Agency Website to get more information on the Allstate products and services I can offer in Port Angeles, Sequim or anywhere Washington State.