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I am going to buy a new car. A long story, but I won't be able to drive it off the lot for another week to 10 days.
Question: Do I need to start the insurance when I buy the car, or when I pick it up? By delaying purchasing insurance, I would save about $20. The dealer has insurance anyway and would just refund my money if anything happened, even though the purchase has been complete? So there is no need for me to start insurance right away?
I see your other post that you are spending $25,000 for a car, and am wondering why you would post an important question like this to strangers on the internet to save $20.
That said, in most states, if you own the car you must have at least minimum insurance for it (liability) if it is legally registered regardless if you drive it or not (check you states laws). If you are financing the car, they will require you to have a certain level of insurance as well.
If you want to save the $20, your best bet is to give a big deposit on the car for them to hold it for you and then complete the paperwork and the rest of the payment to officially own the car when you can go and pick it up, and then you won't have to worry about it.
If you must buy it now -- none of us on the internet can tell you what a specific dealer's insurance will or will not cover, if say your car was stolen from their lot while you own it. Particularly in this case since the car was not there for service or anything, you just are using it to park it there. They very likely have coverage if something like this happens while your car was in for service, but I can say there are numerous stories to be found online where a car was stolen or broken into from a dealer's lot and the person complained the dealer offered no assistance or payment, so it could definitely be a battle to collect if you could at all.
Get insurance, or don't complete the transaction to own the car is the smart move here.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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My insurer covers me for 3 days after buying even if I don’t call them, wherever it is. I would not wait that long usually but if I buy Saturday on a 3 day weekend cannot reach them until Monday.
Need some details from the long story. But I presume you don't actually own the car yet and just have a deposit holding it. In which case you don't own it so have nothing to insure.
A few notes: dealers will not hold a car for more than a few days with a deposit. They want it paid in full.
Second, if I buy a car and it sits on a lot for 10 days, I am not going to take delivery of it if it is totaled or damaged on the lot, whether I have insurance or not.
A few notes: dealers will not hold a car for more than a few days with a deposit. They want it paid in full.
Second, if I buy a car and it sits on a lot for 10 days, I am not going to take delivery of it if it is totaled or damaged on the lot, whether I have insurance or not.
If you financed the car they won’t really care what you do with the car, you just have to make the car payments.
A few notes: dealers will not hold a car for more than a few days with a deposit. They want it paid in full.
Second, if I buy a car and it sits on a lot for 10 days, I am not going to take delivery of it if it is totaled or damaged on the lot, whether I have insurance or not.
You're going to pay for the car and leave it at the dealer but not take it if it gets damaged?
That's dumb.
If it gets damaged the dealer will tell you "Not our problem. You paid for it, you own it." Then you'll be back here sobbing "What are my rights?"
Don't buy it until you are ready to drive it off the lot. Anything else is just plain stupid.
What is the car's value if it is still on the lot and I have not taken delivery, but it is paid for? It is the full amount paid, the MSRP, or the NADA book value (which assumes you have driven it).
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