Buying a New Ride? Here’s How to Keep that Baby Safe

Winston-Salem, NC 11/11/2014

It can be one of the most exciting purchases—a new car. Whether it’s a sports car or a family ride, here are a few things to know about keeping it insured:

 
First, When you replace a car, the ERIE coverage on your previous vehicle will transfer to the new one—for a limited period of time. Similarly, if ERIE covers all your vehicles and you buy an additional car or truck, the new vehicle will be protected for the broadest coverage afforded under your existing policy, but the coverage does not extend indefinitely.
 
Both scenarios have limitations that could leave you at risk. Your insurance contract requires you to contact our agency or ERIE about the change in vehicle as soon as possible.
 
Second, there is usually a time limit—typically you are required to report the change during the current policy term and immediately, if you wish to modify or add coverage.
 
Finally, your new car may not be fully covered under your old policy, especially if you chose not to carry physical damage coverages (comprehensive and collision) to keep your premium low on an older car. We can help you review your policy and make any needed changes.
 
One endorsement in particular you may want to consider is ERIE’s New Auto Security Coverage Endorsement.* This coverage helps protect against depreciation for up to two years in case you have to replace your new vehicle after an accident.
 
The smartest approach to lining up insurance for your new car? Contact us before you buy. We can help you evaluate how much your new car will cost to insure and help you make the change to your policy before you drive your new dream home. 
 
Contact us at (336)794-2810 to discuss your insurance needs. 
 
 
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It boils down to matching the premium you pay to your risk as a customer, says State Farm spokesman Dick Luedke. "Sometimes you get lucky and violate (traffic laws) a lot and don't get caught, and sometimes you do it once, and you are caught," he says. "That's why we use all sorts of other things to measure risk as well." So it's tough to say how much your insurance premiums will rise per violation. Different insurers calculate premium costs differently, Worters says. With the help of experts, including J. Robert Hunter, insurance director for the Washington, D.C.-based Consumer Federation of America, we now identify what are considered the five worst traffic violations for your insurance bills:
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