What happens if i get in an accident before my insurance is switched from old leased vehicle to new?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Many insurance companies extend coverage from the old vehicle to the new for a period of time.  It is always best to let the insurance company know right away.  Often the leasing company will want evidence of insurance which triggers the insurance part of the transaction.  Notify your agent of your situation.  The agent should be able to assist.

   Answered on August 22, 2014

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2. 

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   My colleage makes a very good point. In order to lease a car, the dealership will need to receive proof of insurance on the newly leased vehicle in order to complete the transaction. The proof will include both an insurance identification card as well as a binder showing the leaseholder's interest. Each of those will include the year, make, model and vehicle ideneitfication number of the car so there is no question as to what the insurance is covering. Without such proof, the deal is not going to happen.
   I happen to represent Nationwide here in Connectivut and our policy includes a provision that any newly aquired vehicles are covered for up to 30 days even if our members don't for whatever reason, notify us of the aquisition. A similar provision ion your poplicy would probably cover you, but you really neeed to talk to your Insurance Professional about the terms and conditions of your policy.

   Answered on May 15, 2015

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