For people buying a new car in the US, and in my case the new 2006 3 series, do you need insurance coverage at the time of purchase? I'm doing a Euro delivery, and currently don't have any auto insurance coverage because this is my first car in the US. My dealer said I will need to get auto insurance for my new 325i when I come in to pay for the vehicle. This did not sound right to me, because I had planned on finding and purchasing auto insurance coverage during the 4- 8 week period after I came back from my Euro Delivery trip but before I got the car back here in the USA. I had always thought I will only need to bring official identification (US passport and driver's license) to complete my purchase, and will not need to provide an auto insurance policy contract. I also thought that I can hold off on acquiring US auto insurance coverage until immediately before the car is redelivered to me here in the US after taking European Delivery. However, I was told I would need to have auto coverage when I completed my purchase order 2 weeks before leaving for Europe. Is this correct? BTW, I am buying the car, not leasing. Many Thanks!! Karey  |
| Reply » Do I need to have insurance to purchase a vehicle through ED? |
No.
You'll need it when you take redelivery, and even then your dealer may not check.
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| Reply » Do I need to have insurance to purchase a vehicle through ED? |
It sounds like you have it right and your dealer needs some EDucation.
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| Reply » Do I need to have insurance to purchase a vehicle through ED? |
I could be wrong (it has been known to happen from time to time), but wouldn't it depend on how you are financing the vehicle? If you finance through BMWFS, then they would want to see that you have insurance before giving you the loan since they will be the leinholder of the title.
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| Reply » Do I need to have insurance to purchase a vehicle through ED? |
Quote: | I could be wrong (it has been known to happen from time to time), but wouldn't it depend on how you are financing the vehicle? If you finance through BMWFS, then they would want to see that you have insurance before giving you the loan since they will be the leinholder of the title. | That's it. If you're financing the vehicle, the bank is going to look for proof of insurance coverage that meets their minimum requirements in order to fund your loan contract.
If you're not financing, then your dealer really doesn't need you to provide insurance info until they go to register the car if such info is required in your state.
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| Reply » Do I need to have insurance to purchase a vehicle through ED? |
Quote: For people buying a new car in the US, and in my case the new 2006 3 series, do you need insurance coverage at the time of purchase? I'm doing a Euro delivery, and currently don't have any auto insurance coverage because this is my first car in the US. My dealer said I will need to get auto insurance for my new 325i when I come in to pay for the vehicle. This did not sound right to me, because I had planned on finding and purchasing auto insurance coverage during the 4- 8 week period after I came back from my Euro Delivery trip but before I got the car back here in the USA.
I had always thought I will only need to bring official identification (US passport and driver's license) to complete my purchase, and will not need to provide an auto insurance policy contract. I also thought that I can hold off on acquiring US auto insurance coverage until immediately before the car is redelivered to me here in the US after taking European Delivery. However, I was told I would need to have auto coverage when I completed my purchase order 2 weeks before leaving for Europe. Is this correct? BTW, I am buying the car, not leasing. Many Thanks!!
Karey | I was never asked for insurance when I payed 15 days prior to my ED trip. I transferred the insurance to the car the day the car got to me. The car is leased through BMWNA and they never asked for it.
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Do I need to have insurance to purchase a vehicle through ED?