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. 
 
 
ISU Wilson Insurance - Our Knowledge is Your Best Assurance™.

View All News Articles

What Our Customers Say!

"I wanted to let you know what outstanding customer service I experienced today. Jennifer Wakefield contacted me because she had been notified  that I purchased a new car and had not yet reported it on my auto policy.  At the time I purchased the car, the dealership assured me they would be contacting your agency to make the switch and to verify that I had certain levels of coverage.  Imagine my dismay to learn that five weeks had gone by, and this call had not been made!  Jennifer took care of all the loose ends for me and was very kind and responsive throughout all of our communications.

I have had Home, Auto and Umbrella Liabilty coverage through your agency for four years.  Every time I contact your staff,  I am blown away by how helpful and kind everyone is, and how consistent your service remains, regardless of who I am speaking with.  You have a fantastic team of employees.   Keep up the great work!"

Meghan Claffey Cline, MHS - Nutritional Interventionist, Wake Forest University

Read what others have to say.

What's New

What You Should Know About Rental Car Insurance
8/1/2017
There are some very serious contractual gaps in coverage for rental vehicles. Even if you purchase their Collision Damage or Physical/ Loss Damage Waivers, many rental car contracts exclude the following:
  • Theft of the Vehicle
  • Tolling, or Turning the Vehicle Over
  • Lease Gap coverage
  • Loss of Use
  • Glass, Tire and Undercarriage Damage
  • Animal Collision
  • Flood and Hail Damage
  • Damage above the Windshield
  • Individuals who rent personal vehicles for extended periods and do not have a Personal Auto policy in force
  • Drivers who rent, and do not own another vehicle insured elsewhere, need to be expecially careful here
Read More »

 

5 Ways to Control Rising Homeowners Insurance Premiums
6/10/2017
Just as with real estate values, location rules when it comes to homeowners insurance costs. According to the National Association of Insurance Commissioners, the average annual U.S. premium was $842 in 2015, the most recent year for which figures are available. Floridians paid the highest rates, averaging $1,534 a year, while at the opposite end of the spectrum, homeowners in Idaho paid $422.  North Carolina residents averaged $664 per year. 
 
Fortunately, you can take several steps to bring down the cost of your own homeowners policy, short of packing up and moving:
Read More »

 

5 Reasons Why Auto Accidents Are on the Rise
3/8/2017

According to the National Safety Council, traffic deaths increased 6 percent to 40,200 — the first time since 2007 that more than 40,000 have died in motor vehicle crashes in a single year.The 2016 total follows a 7 percent rise in 2015. Much of this is attributed to continued lower gasoline prices and an improving economy which has increased motor-vehicle mileage. 

Read More »