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Auto Insurance Claims/Switching auto coverage to a new vehicle

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Expert: - 4/12/2010


Question
I just purchased a newer vehicle, but want to shop around for the best price on full coverage insurance.  The car salesman said my current insurance will cover the new vehicle for thirty days, he called it a grace period, is he right?  Restating it, if I would have an accident, heaven forbid, would my old policy cover my newer vehicle?  
  Also, do you carry uninsured and underinsured motorist on your policy?  
Thanks

Answer
Most policies do allow for coverage on a newly acquired vehicle for a certain period of time.  But not every policy is the same so I would not know without reading your policy.  Your agent can answer this question.

I do carry UM and UIM - they are very important to have.  

Auto Insurance Claims

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Claims Guy

Expertise

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer......I can answer questions related to any aspect of Automobile insurance claims and coverages. I can provide an inside look at how insurers operate. I always treat my customers fairly and want to help make sure you are treated fairly. However, please keep in mind that being treated fairly according to the law does not guarantee that you will get what you want. I can also answer some questions regarding Homeowner's and other types of insurance claims. I have handled all types of auto insurance claims and coverages. I am NOT an automotive repair expert but can give advice re how insurers handle complex repair issues. Please keep in mind that every state has its own set of laws pertaining to rules of the road, liability, and insurance. No one is an expert on every state. I am most familiar with laws in Maryland, DC, West Virginia, and Virginia, but will attempt to answer questions for other states. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Experience

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Organizations
CPCU Society. Adjusters license in multiple states. International Association of Specal Investigators

Education/Credentials
I have a B.S. in Finance and have completed the AIC and CPCU designations.

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