Indiana Code 27-1-13-7.5. Newly acquired motor vehicle; required coverage
(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:
Terms Used In Indiana Code 27-1-13-7.5
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
(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.