§ 27-1-13-7.5 — Newly acquired motor vehicle; required coverage

Indiana § 27-1-13-7.5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 13: Casualty, Fire, and Marine Insurance Company Powers

Text

5. (a) As used in this section, "motor vehicle
insurance" means any type of insurance described in IC 27-1-5-1, Class
2(f).
(b) As used in this section, "newly acquired motor vehicle" means
one (1) of the following types of vehicles of which an individual who
is insured under a personal lines motor vehicle insurance policy
becomes the owner during the policy period:
(1) A private passenger motor vehicle.
(2) A pickup truck or van for which no other insurance policy
provides coverage.
(c) If the insured notifies the insurer of the newly acquired motor
vehicle within the periods specified in subdivisions (1) and (2), an
insurer that issues a motor vehicle insurance policy shall provide at
least:
(1) fourteen (14) days of liability coverage; and
(2) if the motor vehicle insurance policy provides physical
damage coverage, four (4) days of physical damage coverage that
is subject to a deductible of not more than five hundred dollars
($500);
for a newly acquired motor vehicle under the motor vehicle insurance
policy, effective on the date the insured becomes the owner.

Legislative History

As added by P.L.276-2013, SEC.11.