Newly acquired motor vehicle; required coverage

Sec. 7.5. (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.

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