Is there a Grace Period after Buying a New Car?
You work hard during the week and your weekends wind up being the only time you have to shop for a car. You shop around by visiting a bunch of car lots and dealerships. You find the exact car you want at the price you want to pay. You sit down with the salesman and finance manager and hammer out a deal. You sign, pay, and buy or lease your new car.
Now that it's yours. Can you drive your new car home - Legally?
The answer in many cases is yes, no problem. According to Florida state law, the same coverages you have on your current vehicle will extend to a new vehicle for a couple weeks- even if you don't advise the company right away. So just show your current auto insurance ID card and you should be good to go. Your dealership will contact your Agency (hopefully Cronin Insurance), advise them and confirm coverage after the weekend. You can drive home knowing your covered and if you are pulled over, you can show the officer a copy of your current insurance card and the paperwork from the purchase. This should avoid a “Driving without Insurance" ticket. If you do get a ticket, contact your agency and they will provide you with proof of insurance to prove to the court that you were covered when the officer pulled you over.
What if you don't have the required coverage when you buy a new car?
If you owned an older used car, you might not carry the comp and collision required by a new loan. Or if you wind up leasing a car, you might not carry the 100/300/50 Liability limits that the lease requires. In these scenarios, you would have to wait until you can endorse coverage after the weekend. Or you can contact the car insurance company directly. Most ID cards have at least one telephone number on them. It might be for claims or it could be their general phone number. If it's claims, just ask them to connect you to customer service and they can add the coverage for you. If you can't find the number, go to Cronin Insurance Agency's website, click Claims from the drop down menu and there are phone numbers for 25 different companies. Call one of those numbers, ask for customer service and add the coverage.
What if my insurance premium goes up because I had to add coverage for my new car?
If this happens, and you still want the car, our best advice would be to make the changes, drive your car home and contact your Agency on Monday. If you have an independent Agency like Cronin Insurance, they can
shop your insurance to other carriers to see if you are getting the best deal on your new car. If not, then you can rewrite your insurance to the carrier giving you the best value.
Buying a car over the weekend is no problem as far as car insurance is concerned. Pick out the one you love, make the purchase, and use one of the strategies above to drive your new car home. And don't forget to Drive Safely- you don't want to dent your new car.
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