When I placed an ED order my credit union (that was processing my loan) and the dealership wanted me to get the car insurance .I dropped my car in munich on Feb 3rd and I think I will be getting it here in US within 6-8 weeks.
I talked to my car insurance and they told me that they wont cover anything till the day I pick up the car at the delaership here in North America.
Does that mean that I can just cancel my insurance for a month or two (and save some money) and can later renew it the day I pick up the car from dealership?
|
| Reply » Car Insurance |
You didn't need insurance on the car at all until it is re-delivered to you in Florida. You certainly didn't need insurance coverage for the 1 month between the time you paid for the car and took delivery in Munich. And you had proof of insurance from BMW for the time period between pickup in Munich and re-delivery in Florida (included in the ED program).
Your insurance agent is correct. The credit union and your dealer were wrong. And yes, you can cancel the insurance policy until the day you take possession of the car again from your dealer.
|
| Reply » Car Insurance |
IMO you should confirm with your insurance agent that this will not be categorized as a break in your insurance coverage. i believe there is a surcharge on rates when the coverage is not continuous. Given that you do not have a car, i am pretty sure this should not constitute a break in your coverage, but no harm in checking
|
| Reply » Car Insurance |
Quote:
Does that mean that I can just cancel my insurance for a month or two (and save some money) and can later renew it the day I pick up the car from dealership? |
Will you be without a car during that period? Keep in mind that your insurance also covers you if you're driving someone else's car, including a rental. That said, it may be cheaper to buy the personal liability insurance than to continue your policy. Alternatively, I believe most insurers offer a liability only policy for situations like yours.
|
| Reply » Car Insurance |
I just talked to my insurance company and as per them I have to maintain my insurance even though they wont cover it.According to them
1-The credit union is the lien holder on the car and since I am making monthly payments to the credit union ;they (credit union) require the insurance on the car even though the car is not here.
2-And even though I am making payments for the car insurance the insurance company will not cover it since the car is not on US soil.
I have to talk to the credit union and for that I need a lot of patience as the last time It took me couple of days (talked to 5 different people who probably dont like what they do) to make them understand that I cannot give them the title within a week of loan approval.
|
| Reply » Car Insurance |
Yes I can buy the personal liability insurance as per Geico but my lien holder has to give an approval for that
|
Page 1 of 2 |
Menu
Car Insurance