HomeCar InsuranceTransferring Old Car Insurance To New

Transferring Old Car Insurance To New

When it comes to a new cars and its insurance, one should always read the policies of car insurance companies along with their prices. It would help pick up the best company for car insurance.

Many companies offer affordable car insurance quotes, whereas others charge 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.

If this happens they will go to an auto accident lawyer who will use this to get compensation for them. You’d be surprised how many people drive around without insurance nowadays, some of whom get into accidents causing a headache for insurers.

We have accumulated some useful information for them that can help to get them a better insurance provider. If an accident occurs then an auto accident attorney should also be considered, you may be in an accident that was not your fault and could be entitled to a remedy for your injuries.

So, if you find yourself in a comparable situation, you may want to seek advice from a lawyer similar to this NYC Auto Accident Lawyer who might be able to aid you with your case and get you the compensation you may be entitled to if you find yourself having a run-in with an uninsured driver.

Also read: Why It’s Important for You to Compare Car Insurance Rates

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 the UK is quite accommodating for customers and offers 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 with 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 inform 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 a 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 to avail the remaining term of your current insurance policy otherwise insurers are not responsible for any kind of consequences.

Also read: How to Choose the Right Car Insurance Policy in India

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 discounts 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 the 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 a New Vehicle

Car insurance in the UK will charge an administration fee for transferring the insurance coverage to a 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 the 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… A better and less expensive option will be availing services of your current insurer and paying an 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 comes into your garage now.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


Most Popular