I’m not sure but I think I remember something about BMW having insurance on new cars for the first 30 days or something? It’s been a while since my last bmw lease. Trying to figure out when I need the new policy to start. Can anyone provide some insight?
Why would you lapse your insurance?
BMW won’t let you off the lot without insurance in some cases. It has to start as soon as you pick up the car in MD…
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When you add the new vehicle to your policy, your insurance company will ask you when you bought it and will backdate and charge you since that date.
Most insurance companies give you 30 days to add it to the policy however if you lease on the 15th and report it to insurance on the 30th, you’ll still pay for the 15 days. I think that’s what you were thinking of.
As mentioned many dealers / lessor will not let it leave the lot without a copy of the binder.
I had to provide current proof of insurance. Ok sounds like I have to add it to my policy asap
I’ve never had a BMW dealer lease a car to me without a binder and insurance card.
Don’t you normally have to do this for any car?
For some reason I thought I had 30 days to add to my policy. Which might be true, I’ll just be billed for those days as mentioned by Jon above. Basically I thought the first 30 days would be covered by BMW. I have trouble remembering what I did 3 years ago let alone 3 minutes ago.
That does sound familiar, actually. And, yes, one presumes you’d be billed retroactively.
I haven’t purchased many cars in my life, so I only remember what I did for my last one (where I def contacted the agent before purchasing the car).
If we have to ship it to you, it needs to have coverage before it’s released to carrier.
I probably should have done that. But I was pleasantly surprised to find that I’m paying slightly less for a 2024 i4 m50 than a 2021 jeep wrangler 4xe high altitude
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This is something that I’ve never understood. Granted, in most states you need some sort of coverage to legally operate on public roadways and there is also often the stipulation provided by the lender… but those are different discussions.
So say you had an accident during the uncovered period, and you purchase the insurance (and backdate). I’m sure the insurance would cover nothing. Would they provide coverage at all if you make them aware of the accident? Maybe, maybe not? What is the insurance company charging for - the idea of having coverage?
I have never driven any vehicle off of any lot without having the proper coverages already in place. I will typically add/schedule it in advance. The added vehicle would be covered beginning at midnight the day of delivery, and I don’t have to screw around getting the proof of insurance last minute either.