Auto insurance is a necessity, it’s part of what makes you a responsible driver. Not to mention carrying with your auto insurance coverage is a requirement of the law in most states and countries. Financially speaking, it protects and safeguards you against bodily harm, damage to your car, as well as other liabilities that are common with accidents or collisions.
No wonder you should take it upon yourself to notify your auto insurance provider upon attaining a new vehicle. But if you’re unfamiliar with this process, don’t fret. This blog post covers how you can transfer your cheap auto insurance to a new vehicle.
Your ProviderWill Have a Grace Period
Getting down to brass tracks here, as soon as you own a new vehicle, it is your sole responsibility to notify your auto insurance provider as soon as possible. This is essential since a new vehicle would affect the terms of your auto insurance premiums.
If you constantly worry about your coverage being revoked once you get your new vehicle, you can rest easy. After all, most leading auto insurance providers offer a little leeway in such scenarios. They typically give you a grace period of about two weeks or so, to allow for the all the registration details to be correctly processed.
You Risk Losing Coverage
In most states and countries, failing to notify your auto insurance provider regarding any changes in vehicle ownership, within the stipulated time, could lead to loss of coverage in the event an accident occurs.
For instance, if you fail to inform your insurer within their grace period, and you’re involved in an accident a short while after lapsing of the grace period, your auto insurer have every right to refute your claim and refuse the payout.
No wonder it is essential that you notify your insurer of new vehicle ownership as soon as possible. You never know, this could be the opportune time to ensure you land yourself a cheap auto insurance policy without necessarily having to push yourself to the limit.