i am leasing a car over the weekend. i will continue to keep my existing car for a couple of months. will my current insurance cover my new car?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Dec 30, 2012
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 Hidden Valley, CA
Asked on 12/30/2012
i am leasing a car over the weekend. i will continue to keep my existing car for a couple of months. will my current insurance cover my new car? should i wait until monday when i can talk with my agent to make sure my policy can be adapted to cover both cars ?
Answer given on January 01, 2013
If you buy or lease a new car over a weekend, your current policy will cover the new car for the same coverages that you have on your current car. If you don’t have collision or comprehensive coverage on your current car, then you won’t have it on the new car. You will have this coverage for a period of time, usually 10-20 days. Call your agent as soon as you can to get the new car covered.You should have a 24/7 phone number that you can use to call your insurnace company if you need to add coverage on the new car. These after hours services are capable of adding the coverage for you.If you are keeping the old car for over 30 days, you will need to insure it separately, so you will have an additional premium due. By having two cars, you will have a multi car discount until you sell the car, but once it is gone, the premium for your new car will go up if you then only have one car. Be prepared for the changes in the insurance costs. Also, the new car will probably be more expensive to insure since it is newer.
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.