I just brought a car on 4/10/13.My car was stolen on friday, I only have libility insurance did I just give my car away?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Apr 22, 2013
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Philadelphia, PA
Asked on 04/22/2013
I just brought a car on 4/10/13.My car was stolen on friday, I only have libility insurance did I just give my car away? will the insurance company give me anything towards another car if my car is not found?
Answer given on April 22, 2013
If you buy a car and already had a car insured, but have not advised your insurance company of the purchase, then the new car will be covered in the same manner as the previous car. This means that if you had only liability coverage on the existing car, then you will have only liability coverage on the new car until you talk to your insurance agent and decide what coverage you want on the new car.If this was a new car and new insurance, you needed to talk to your insurance agent about starting up the insurance on the new car. If you elected liability only on the car then that is the only coverage you had. You cannot go back to cover the car after there has been a loss. Unfortunately, the insurance company cannot compensate you for the loss of the vehicle if you did not purchase comprehensive coverage on the car.Whenever you buy a car you need to decide if you can afford to lose the car to theft or accident whether you have had the car for 10 days or 5 years. It is a decision you must make based on your financial situation and needs. Comprehensive insurance is relatively inexpensive and if your car is worth over $3,000 you should consider this coverage.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.