The grace period for new car insurance in Minnesota is 2 to 30 days in most cases. The grace period for a new car is the length of time that insured drivers can drive a newly purchased vehicle before adding it to an existing car insurance policy. Under Minnesota law, all drivers must have car insurance. Not only do they need to have car insurance, but drivers must have proof of coverage at all times when driving a vehicle.
Not having car insurance coverage or having proof of insurance in your possession while driving is a misdemeanor in Minnesota. If you're starting to think about buying a new car, call your insurance team at Insurance Brokers of MN right away and we'll get back to you right away. If your car is a “total loss,” your insurance company is only required to pay its fair market value. When you pick up the pen, it occurs to you that you forgot to call your agent to get insurance for your new car.
Cars depreciate incredibly quickly and, as a result, the amount you owe for the car can quickly far exceed its fair market value. In addition, sports cars, by their very nature, tend to encourage speeding, which increases insurance rates. But did you call your insurance agent to make sure that you and your new car are covered when you leave the parking lot? Whether it's your first car or your fifth, you can't help but feel the bubbles of emotion as you walk around the parking lot, coffee in hand, looking at the different cars.