Final answer:
The correct statement is D. It must be reported to the insurer within 14 days of purchase.
Step-by-step explanation:
In this case, the correct option is D. It must be reported to the insurer within 14 days of purchase. All of the other statements about a newly acquired additional vehicle are true.
- A: Coverage is as broad as the broadest coverage on any vehicle under the policy. This means that the insurance for the additional vehicle will have the same coverage as the vehicle with the broadest coverage under the policy.
- B: It can be used to transport goods for hire if receipts are less than $10,000. This means that if you use the additional vehicle to transport goods and the receipts for those goods are less than $10,000, you are covered by the insurance.
- C: It may be used on a farm. This means that the additional vehicle can be used for farming purposes and is covered by the insurance.
- D: It must be reported to the insurer within 14 days of purchase. This statement is not true. There is no requirement to report the purchase of a newly acquired additional vehicle to the insurer within a specific period of time.