How does Symbol 7 relate to newly acquired vehicles?

Symbol 7 pertains to new or newly acquired vehicles under a commercial auto policy. When an insured acquires a new vehicle, coverage is generally extended automatically for a certain period without the need for immediate notification to the insurer. However, this automatic coverage typically comes with conditions. Specifically, the insured must notify the insurance company of the acquisition within a set timeframe, often 30 days, to ensure continued coverage beyond the initial period.

This mechanism allows policyholders to have temporary protection while they manage the necessary steps to formally add the vehicle to their policy. If the insured fails to notify the insurer within this timeframe, coverage may not be maintained, potentially leaving the vehicle uninsured after the initial automatic coverage period expires.

Understanding this aspect is crucial for adjusters and policyholders alike to ensure compliance with their policy requirements and maintain adequate coverage for their newly acquired vehicles.