Quote:
Originally Posted by infinitekidM2C
Quote:
Originally Posted by Captaincookie
My build date is June 5th. I have 3 days with the car in Germany.
I'm guessing the US dealer delivery date is early to mid August at best...
My finance company wants confirmation of insurance coverage within 30 days of initial financing.. I.E 23rd of June. (30 days from today)
My question to the group is:
Being that I won't have the vehicle until August and BMW covers insurance until then, how did you explain that to your financial institution and what was the outcome?
Don't want or need to pay for insurance unnecessarily.
Thanks for your help.
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Not surprising. The standard insurance policy dictates that you have an "automatic" coverage window for a period of 30 days after acquisition. After that you do not have coverage on that vehicle unless you've notified your carrier. I would just notify my carrier on the 30th day because this is some red tape stuff that is hard to get out of. Other idea is to explain the above to the finance company and see what they say. |
The insurance carrier is not the issue. It's the Finance company... They are requiring notification of insurance coverage within 30 days of the loan origination.
That was May 23rd.
I won't receive the car in the USA until about mid August and therefore cannot legally obtain coverage.
I'm hoping BMW can provide proof of coverage until the vehicle is handed over to me in the US and they will waive the 30 day period.
Can't believe others haven't encountered this🙈