"McLarry" (McLarry)
06/19/2016 at 00:59 • Filed to: None
0
12|
"McLarry" (McLarry)
06/19/2016 at 00:59 • Filed to: None | 0
| 12 |
Hey there folks! Sorry to interrupt your LM24 coverage - won’t be but a moment.
So here’s the deal... Buying a classic car in MD, which the seller would like me to pick up tomorrow (I live in PA). Seller and I know each other well, so he’s ok with me driving it back with his plates rather than getting temp tags. The question is insurance: typically I’d just call my provider, add the car, and go on my way, but being a classic car I’m going through a different agency, and it appears photos and 1-2 days’ processing time are required, so I can’t just kick it in on the fly. As such, he’s also given me permission to drive it home under his insurance.
So here’s the question: does that work?
I was told by one person (an insurance agent with an obvious conflict of interest) that this would not work. Basically that, having signed over the title, his insurance would no longer be valid and I’d be more or less driving uninsured (though I believe my own insurance has some considerations for this). Now I’m pretty sure that’s not true, and that as long as he doesn’t cancel it, his insurance follows the car. (Also, another insurance agent told me last week that I can’t insure a car that isn’t parked at my home address, and I know that one’s bupkis, so anecdotes from insurance agents aren’t worth much to me these days.)
I figure somebody’ s got to have done this before - any words of experience would be greatly appreciated. Have a picture of an MGB for your trouble (not this particular one, but the car in question looks a lot like this).
G_Body_Man: Sponsored by the number 3
> McLarry
06/19/2016 at 01:03 |
|
Can’t you just get temporary non-classic insurance just for the few days turnaround time needed?
|
McLarry
> G_Body_Man: Sponsored by the number 3
06/19/2016 at 01:07 |
|
Yeah, that’s my fallback plan. Just wondering if that’s actually necessary.
MountainRoadPhysicist
> McLarry
06/19/2016 at 01:09 |
|
His insurance won’t covera car he no longer owns since the title is no longer under his name. Your normal insurance should cover anything before you get the chance to add the car to your policy (or put it on another policy. Just don’t tell them that).
FTTOHG Has Moved to https://opposite-lock.com
> McLarry
06/19/2016 at 01:10 |
|
Rather than worry about the specifics of his policy, I would check into what provisions your current policy with your current car has. My MetLife policy will cover any new I buy for 7 days from purchase until I add it to my policy or put it under another one. It was the same way when I was with Safeco before that. As long as your coverage will be extended to it until you get the new classic policy set up then you should be fine.
Svend
> McLarry
06/19/2016 at 02:05 |
|
Yes the car would be insured and you will be okay to drive with his permission on his insurance as long as your insurance allows you to drive other peoples cars. However if he signs the car over to you. His insurance on the car will be invalid as he no longer owns the vehicle.
You should be able to get temporary insurance. Check with a local MG club regarding insurance and your requirements (ie not parking at the registered address, etc...).
Some insurance companies require the car to be parked at the registered address of where you reside so you aren’t trying to fiddle the system by saying the car is registered to a safer location where the insurance for the car may be cheaper. Granted there is ambiguity as you won’t and aren’t legally obliged to park every evening at your house so there is a grey area as whether you actually do but should anything happen to the vehicle your insurance provider is perfectly within their power to ask witnesses as to where the vehicle is predominantly parked up.
TheRealBicycleBuck
> McLarry
06/19/2016 at 08:59 |
|
As others have said, his insurance will not cover the vehicle once the title is signed over. Your regular insurance may not cover the either if it is something they would not normally insure. My uncle, an agent, likes to tell stories about guys buying an exotic on Friday, driving it around for the weekend, then discovering on Monday that they didnt have insurance. He hasn’t had one wrecked yet, but he expects it to happen sooner or later.
Get your insurance sorted before you drive it anywhere. Or go with a fallback plan and just tow it home.
smobgirl
> McLarry
06/19/2016 at 09:03 |
|
State Farm covers newly purchased vehicles automatically for 2 weeks without notifying them. Your normal insurance probably does something too.
Steve is equipped with Electronic Fool Injection
> McLarry
06/19/2016 at 10:55 |
|
In most states your car is bound under your current coverage for up to 30 days with the same coverage that your other cars have. But you have to register and unsure it within 30 days.
|
McLarry
> smobgirl
06/19/2016 at 12:52 |
|
Tried to find confirmation of that, but my normal provider (USAA) is a bit short on explicit details
|
McLarry
> MountainRoadPhysicist
06/19/2016 at 12:52 |
|
That seems odd... I mean, I can secure insurance for the car while he still owns it, why can he not insure it after i own it?
|
McLarry
> TheRealBicycleBuck
06/19/2016 at 12:55 |
|
I think I’m just going to add it to my normal policy for a few days and get it registered, then get the classic car insurance at the same time
|
MountainRoadPhysicist
> McLarry
06/19/2016 at 13:00 |
|
You are paying money to a company when you buy insurance for a car even if you don’t own it. His insurance company loses money by covering you, so they won’t cover the car once it is owned by you. These are insurance companies, the complete opposite of a reasonable person.