Asked by anonymous from an unspecified location
Once you buy a new car, most insurance companies give you 30 days to notify them so they can update your policy. However, this varies from one company to another.
The bottom line is, you’re better off letting your insurer know of your purchase as soon as possible. You certainly don’t want to find yourself in a situation where your time limit has expired, you’re no longer covered by insurance, and that brand new vehicle is totaled or needs repairs!
During the 30-day period following your new car purchase, the same coverages you had on your previous car carry over to the new one. However, once the notification period has expired, your car is no longer covered by your insurance plan.
In addition, some lenders require certain types of coverage on new vehicles that may not have been required on your old one; so you may have to show proof of that coverage before you actually purchase your new automobile.
Every insurance company has different restrictions involving replacement vehicles, so make sure you discuss them with your insurance company if you have questions.
Please note: InsureMe Answers is not intended to be a substitute for advice from a licensed professional. For specific questions about a policy or claim, please contact your insurance agent or company.