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Assuming that you had an insurance policy in place on your previous vehicle and that policy is still valid then you usally have a specified period of time to get that vehicle added to the policy. If your current policy included Comprehensive and Collision coverage's then they should extend to the newly purchased vehicle as well. If the old policy didn't have those coverage's and you need them for the newly purchased vehicle then I wouldn't wait to add it to your existing policy as you may not have the coverage that you need.

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