Charles Goodman Group: Experienced Bedford Insurance Broker
Saving up for that brand new car is a huge milestone for anyone, but there are small details that must be taken into consideration before driving off the lot. Although the vehicle may be the customer’s property after working with the dealership, most laws prohibit leaving the lot without proper auto insurance. Whether a customer buys the vehicle outright or leases it, they should look into the options offered by a Bedford insurance agent.
The simplest way to drive the car off the lot quickly is using a current insurance policy. If a customer trades in their old car, for example, most auto insurances are applicable to the brand new vehicle on a temporary basis. Double-check on this transfer feature with the particular insurance holder. Although it’s commonplace, assuming it’s part of all policies is a risk for new car buyers. Also, verify that the policy has “full” coverage. New cars require extensive repair costs if involved in an accident.
If a customer has never had a car or insurance, shop for the policy before the vehicle. It’s possible to secure coverage based on the car type that a customer intends on buying, such as a compact car.
A trusted insurance agent from the Charles Goodman Group of Bedford can assist you with any questions regarding health insurance or property insurance.
With this coverage in hand, car buyers have instant security when driving off the dealership lot. Contact the insurance company as soon as possible with the vehicle’s information to formally finish the contract.
Some customers may be used to paying for liability coverage only on their older vehicles. A brand new car usually requires comprehensive, collision and gap coverage. Because most people can’t pay for a car outright, payment plans are often put into place. While the car is being paid off, it actually belongs to the bank or dealership. To protect their interests, dealers and lenders require complete coverage in the event of a total loss.
Lenders and dealers must have official proof from the insurance that a person and vehicle are covered. They may look at the policy’s information offered by the car buyer, but they normally call the insurance company to verify the coverage. With the policy in good standing, financing processes can begin. Each year, the lender will need to see an updated insurance policy to ensure the coverage is still in effect.
Look over all policies before driving off in that new vehicle. If any issues occur without insurance coverage, the owner must pay for it out-of-pocket. Auto insurance is there to protect car owners and lenders, especially in financing situations. The right coverage makes repairs or replacement a speedy process.