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It’s a Saturday afternoon and life is trying up. After weeks of trying to find a brand new automobile, you’ve lastly settled on the proper automotive.
You accomplished the check drive, negotiated an excellent worth, agreed on a trade-in value and signed all the paperwork. Now, with keys in hand, it’s lastly time to drive off the lot.
However as you give your Erie Insurance coverage agent a name so as to add the brand new automotive to your car insurance coverage, you notice their workplace is closed for the day. Now what? Are you able to drive your new journey residence; or do you should wait till Monday?
Is My New Automobile Insured if I Purchase it on the Weekend?
For those who’re a present ERIE buyer, you’ll be completely satisfied to know that your new automotive will probably be routinely insured – even when you purchase it on a Saturday or Sunday. Right here’s how your protection rollover works beneath just a few completely different eventualities:
- Changing an previous automotive. Your present auto coverage doesn’t simply vanish once you commerce in your previous automobile. So long as your new automobile is titled in your identify, your protection will carry over, for a time frame as described under, once you purchase a brand new automobile of the identical kind.
- Shopping for an extra automotive. For those who’re shopping for an extra automobile, or simply determined to not promote or commerce your previous automotive simply but, your newly bought automotive will nonetheless be coated. On this case, will probably be insured, for a time frame as described under, with the broadest protection bought on any automobile in your ERIE coverage to your family.
Regardless of which situation you’re in, the automotive market is scorching. If buying a brand new automotive isn’t on the desk, right here’s what to expect while buying a used car.
How A lot Automobile Insurance coverage Protection Will I Have on My New Automobile?
After we roll over your auto insurance coverage to a brand new automobile, we offer the broadest protection bought on any automobile in your ERIE coverage to your family.
Right here’s an instance: Let’s say you, your partner and your teenage son are all on the identical ERIE coverage. Your partner’s newer SUV is roofed with excessive limits and a number of endorsements. Nonetheless, you opted to not get all of the bells and whistles in your teenage son’s previous, high-mileage clunker. Whenever you purchase a brand new automotive, the broadest protection – on this instance, what’s in your partner’s SUV – is what is going to quickly apply to your new journey.
Are There Any Situations The place Protection Rollover Does Not Apply?
As defined above, your auto insurance coverage will virtually all the time roll over to your new automobile. Nonetheless, there are just a few exceptions you must learn about.
- Not all of your automobiles are insured by ERIE. For those who personal a number of personal passenger automobiles that aren’t insured with ERIE, then your automotive insurance coverage from ERIE is not going to routinely roll over. On this scenario, you must all the time name your ERIE agent prematurely so as to add the brand new automotive to your coverage earlier than driving residence.
- You purchase a motorbike or RV. ERIE’s automotive insurance coverage protection rollover solely applies for automobiles of the identical kind. Meaning if you have already got a automotive insured with ERIE and also you’re shopping for a brand new automotive, the protection rollover applies. However when you’re shopping for a first-time motorbike or RV, your auto protection received’t roll over because you’re shopping for a unique kind of car. (Read more about insurance for miscellaneous vehicles.)
What if the Vendor Must Confirm My Insurance coverage Protection?
When shopping for a brand new automotive, the seller could require you to confirm your insurance coverage protection earlier than handing over the keys. You may entry your ID card instantly2 out of your on-line account or ERIE cell app, or your native ERIE agent will probably be completely satisfied to confirm your protection.
How Lengthy Do You Must Report Your New Automobile?
For those who’re actively automotive purchasing, it’s sensible to speak to your agent forward of time. For those who’re a selected make and mannequin – say, a sure zippy hybrid or a four-wheel-drive pickup – your agent may also help you estimate what you’ll pay in premium and counsel methods to save lots of.
Whenever you do purchase a brand new automotive, keep in mind to report any modifications promptly to your ERIE agent – ideally the subsequent enterprise day. However when you neglect, don’t stress: You’ve bought wiggle room. Your ERIE agent may also help you personalize your coverage with protection that may make sense to your new automobile.
On the whole, right here’s how issues work with three widespread forms of protection:
- Legal responsibility protection: Tell us about your new automobile earlier than the tip of your coverage interval. (Questioning what to anticipate when your coverage renews? Try our Auto Insurance Renewal Guide Infographic.) For those who purchase your new automobile inside 30 days of the tip of your coverage, simply be sure to report it to us inside 60 days after acquisition, buy or lease.
- Complete and collision protection: When these coverages roll over out of your current coverage, the bottom deductible applies. For those who didn’t have complete and collision in your previous automotive, the coverages will apply, topic to a $500 deductible. Nonetheless, the coverages will finish seven days after you purchase, buy or lease the automobile or once you report the automobile to us, whichever comes first.
What Info Do I Have to Report a New Automobile?
Have this data readily available to report your new automotive to your insurance coverage agent:
- Make, mannequin and 12 months
- Anticipated annual mileage
- Common utilization data (corresponding to how far you drive – for work or pleasure)
- Automobile identification quantity (VIN)
- Titling and lienholder data
Will My Insurance coverage Go Up After I Purchase a New Automobile?
You can see some modifications to your insurance coverage premiums once you purchase a brand new automotive. Bear in mind: What you pay in your auto insurance coverage invoice relies upon largely on two elements: what you drive and how you drive.
Safer automobiles do a greater job defending the individuals inside them. Buying a automobile with security options like automotive alarms and anti-theft monitoring gadgets can decrease your premium, too.
Your native ERIE agent may also help clarify the various factors that have an effect on your charges and counsel methods to save lots of. Wish to be taught extra? Get an in-depth take a look at what determines the price of your auto insurance or examine these six ERIE auto policy “Xtras” you might not know you have.
What Insurance coverage Do I Want When Shopping for a New Automobile?
It’s true: A brand new automotive depreciates the second you drive it off the lot. Meaning in case your automotive will get totaled, you would be in a troublesome spot if the worth of your automotive is lower than what you continue to owe in your automotive mortgage.
Excellent news: There’s a wise option to shield your funding. Speak to your native ERIE agent about including the Auto Security coverage endorsement1 to your ERIE auto coverage for just a few additional {dollars} per thirty days.
Shopping for a used automotive? The endorsement additionally provides “higher automobile alternative” for older automobiles.
We’ve Obtained You Coated
There’s nothing fairly like the sensation of taking residence a brand new automotive. Whether or not you’re shopping for your first set of used wheels or transferring as much as your first model new journey, we’re right here to supply safety and repair to your delight and pleasure. Contact a neighborhood ERIE insurance agent close to you to get a car insurance quote right this moment.
1Automobile is taken into account new when lower than two years previous. The endorsement is bought on a per-vehicle foundation, not per coverage, and incorporates the particular particulars of the coverages, phrases, situations and exclusions. Protection shouldn’t be out there in New York or North Carolina. Eligible automobiles should carry each complete and collision protection and alternative worth should be primarily based on a comparable mannequin. See particular person insurance policies for particular protection particulars. New automobile alternative and higher automobile alternative don’t apply to leased automobiles. Solely auto lease/mortgage element applies to a leased automobile. Protection doesn’t embrace objects corresponding to overdue funds and carry-over balances from earlier leases/loans, and so on. When cost is made beneath new automobile alternative or higher automobile alternative, auto lease/mortgage protection is not going to apply. Protection shouldn’t be out there in all states. Insurance coverage merchandise are topic to phrases, situations and exclusions not described right here. Ask your ERIE agent for particulars.
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