Auto Insurance

Transferring Old Car Insurance To New

Transferring Car Insurance

When it comes to new car and its insurance, one should always read policies of car insurance companies along-with their prices. It would be helpful in picking up the best company for car insurance. Many companies offer affordable car insurance quotes, whereas other charges more than the expectation. So, The customers who are deciding to change their car or buy a new one but are unsure and confused whether their current insurance policy can still be active or will it be wasted, together with their question remains that would they have to sign a new insurance policy or can the existing one be amended? You should never drive without getting your insurance sorted because when there are accidents where the other driver has no insurance then the insured driver may be able to seek compensation. We have accumulated some useful information for them that can help getting them a better insurance provider.

Yes, Your Current Insurance Policy is Transferable:

Almost every second insurance company allows customers to change or transfer their current insurance premium to newly purchased vehicle by paying no or very less amount of money to cover the difference. They offer such insurance facilities to attract new clients and accommodate existing customers to keep the company’s quality high. But, the customers need to inform insurers that they will need cover for a new vehicle on time otherwise you might end up uninsured. Car insurance in UK is quite accommodating for customers and offer varieties of packages depending upon the preferences of customers. We advise you don’t forget to read the company’s policies because in the future it helps us saving hidden charges. Sometimes insurance companies put hidden charges and you pay them because you have signed the insurance contract. The current insurance policy will be amended in accordance to your newly purchased vehicle.

Points that Must be Kept in Mind While Buying a New Vehicle.

  • If you are driving your new vehicle without informing your insurer, your current insurance will not cover any accident expenses
  • If not informed to insurer, You will be driving illegally
  • If your current insurance policy has several months left, they will be automatically converted for your new vehicle
  • Your current premium will be adjusted to high or low cost depending upon which car model you have bought

Also Read: Third Party Vs Comprehensive Car Insurance Policy

Inform Your Insurer within 7 to 30 days of Buying new vehicle For Smooth Procedure:

The insurance policies which allow customers to swap their insurance to new vehicle have generally marginalized the time limit from seven days to almost 30 days, within this time the customers must inform insurance companies regarding the new purchase. The time duration must be kept in mind in order to avail the remaining term of your current insurance policy otherwise insurer are not responsible of any kind of consequences.

Learn about Multi Car Policies:

If you change your car every six months or you are changing your car for 2nd, 3rd or 4th time, it will be more beneficial to know about whether your insurer offers discounts or special packages or have multi car policies that can be suited for your preferences. You can also save your money by paying annually instead of monthly because many companies offer discount if you pay annually.

Car Insurance Quote:

If you are looking to change your existing insurance policy to another for your new vehicle, be precise regarding premium of insurance coverage for a new contract. Because the accuracy of your car insurance quote will depend upon accuracy of your information.

Charges for Transferring your Existing Insurance Policy to New Vehicle:

Car insurance in UK will charge administration fee for transferring the insurance coverage to new vehicle. The exact amount for standard amendment must be specified in terms and conditions of you insurance policy. There is always room for bargain and negotiations in cost that can be better known from insurer. At this point, one can even switch their current insurer by negotiating the other one that suits best for your car insurance needs.

How Costly Would It be to Change Your Insurer:

Not that much at all… Better and less expensive option will be availing services of your current insurer and paying administration fee rather than shifting to a new insurer.

Hence, there are a lot of options for switching your current car insurance to the new car that came into your garage now.

About Ajeet Sharma

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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