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This article contains highlights from a recent Erie Insurance article.  It goes without saying that purchasing a new or a used vehicle is an exciting (and busy!) time.  From deciding on features, negotiating a deal and figuring out financing, there are a lot of decisions happening in a short period of time.  There’s one more thing to add to one’s new car to-do list, too.  And that’s informing one’s Property and Casualty agent about their new ride.


In fact, the sooner an individual loops their agent into their plans, the better.  There are too many cases car buyers are told by someone at the car dealership that they will call the insurance company and change the vehicle insurance information on the buyer’s behalf.  In reality, this is rarely the case.  Many times, people do not realize that their coverage wasn’t updated until they have a claim.


It’s a good practice to let one’s agent know right before they make a vehicle purchase.  The insurance agent will be able to provide an estimated cost of the insurance coverage for the new vehicle.  The car buyer can let the agent know when the policy should be effective (the purchase date). 



Please Note:


Legend’s Fee-Only And Transactions Disclosure:

1 Legend Financial Advisors, Inc.® (Legend) is a Fee-Only Advisory Firm.  Fee-Only Means Legend Never Receives Any Commissions.

Legend’s Clients Will Not Pay (a) a Transaction Fee (also Known as a Trading Fee or Commission) for Exchange-Traded Funds (ETF’s) and/or Exchange-Traded Notes (ETN’s) as well as Exchange-Traded Equities through Virtually All Custodians that Legend Utilizes. However, Open-End Mutual Fund Trading Fees Are Charged by Custodians.

Legend will Trade Open-End Mutual Funds, Usually an Institutional Share Class, if available, on Behalf of the Client, Through a Few Non-Related Institutional Custodians.

An Institutional Share Class of an Open-End Mutual Fund is Usually the Lowest Cost Share Class with Regard to the Expenses it Charges.  Therefore, Legend Utilizes No-Load, Institutional Cost, Share Classes of Open-End Mutual Funds.

Due to its Desire to Reduce its Clients’ Investment Costs.  As a Result, Legend’s Clients Often Pay a Small Transaction Fee for Institutional Mutual Fund Trades to the Custodian (Also Known as a Trading Fee or Commission).

Legend Never Receives any Portion of Such Fees/Commissions.

(a) Please Note Certain Custodians that Legend May Use to Accommodate Certain Clients May Charge a Very Small Transaction Fee.

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