Yes, Geico has a 30-day grace period for adding a new car to an existing auto insurance policy. If you are already a Geico customer, you can drive your new car during the grace period and be covered by the Geico policy you already have. Drivers who are currently uninsured will need proof of insurance before they can drive legally.
How much coverage will I have during Geico’s new car grace period?
If you’re already insured with Geico, your new car will be covered for up to 30 days under the terms of your current policy. If you have one covered vehicle, your new car will have the same coverage as the old one. If you have multiple cars listed on your policy, the new car will have the same amount of coverage as the one with the most coverage. Geico offers the same grace period terms whether you’re buying a new or used car.
If you need a loan for the new car, you will probably be required to prove that you have enough insurance before driving off the lot. Lenders require additional coverage to protect their investment—at least $100,000 for individual bodily injury, $300,000 for total bodily injury, and $100,000 for property damage liability, plus comprehensive and collision. If your current Geico policy doesn’t meet these standards, the dealership may require you to update your policy before you can take possession of the new car. If you’re paying cash or buying a car outright from a private seller, you probably won’t be asked to provide proof of insurance, but you still need coverage.
When should I add a new car to my Geico policy?
If you plan to drive the car during the grace period, you should confirm coverage details and make the necessary adjustments to your Geico policy quickly, just in case you get into an accident. Even though you’d still be covered within the 30-day grace period, you’re setting yourself up for extra headaches in the claims process if you don’t communicate effectively with Geico about changes to your policy.
Geico makes it easy to add or replace a vehicle online, through their mobile app, or by phone at (800) 207-7847, so there’s no need to wait. Plus, you can get the information you need (like the car’s VIN number) before completing the purchase of your new car.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.