Keep in mind that if your auto insurance coverage is active, it automatically extends your CURRENT coverages to your new acquired/ purchased/ leased auto so long as you report the transaction within a few days. If you have an older car with LIABILITY ONLY, keep in mind that full coverage (comprehensive and collision) must be REQUESTED/ UPGRADED as an add-on PRIOR TO PICKUP of your new auto.
Effective date of purchase (Bill of Sale Date)
If the newly acquired auto is titled to your children only, and they live outside of your residence permanently, (not applicable to away at school/college kids), then the insurance policy must be converted to the children’s name and connected to the family policy in advance of the delivery of the new auto. The same principle would apply if a newly acquired auto is dually titled to both a parent and child, it may be converted in advance of delivery and connected to the family policy. The limitations have to do with how insurance policies are designed to match the titling of an auto, and with various names on titles, limitations apply to protect individual owners legally in the event of a claim.
Is this Vehicle co-titled in more than one name?
Yes No Vehicle Information
Vehicle Identification Number or VIN
How did you Purchase the vehicle?
Financed Leased Cash Sale
What type of coverage
liability only full coverage- including comp/collision - same deductibles as current autos
Was a Vehicle traded in?
NOTE..... If no vehicle was traded in, realize you must surrender the license plate prior to terminating the auto insurance on
any auto, unless you have the dealer or NCDMV transfer the license plate from your current vehicle to your new vehicle.
At that point, you may terminate your old vehicle's auto insurance without any financial penalty.
Sales Person contact information (if purchased for auto dealership)
Sales Person Name
fax number if applicable
If you financed, Did you Purchase Gap Yes No
Did you did you inquire into gap coverage from your finance rep or salesperson? Some folks with newer cars are experiencing a deficiency when involved in an accident in terms of insurance payoff, relative to their loan balance. Gap insurance may forgive this deficiency beginning as low as $10mo. Otherwise, you may have to continue to pay for an auto loan that you no longer own or gain utility from.