Transferring Insurance Coverage to a New Vehicle Author:    Posted under: Auto InsuranceAuto Insurance questions answered

Whether you are buying a new car as a replacement to your old one or just adding a new vehicle, it is imperative to know if your current insurance policy will be able to cover your new vehicle. It is best to look into this even before you make your new purchase.

It is not required for you to inform your insurer about your new car purchase but it will not hurt for you keep the following in mind:

  • The insurance policy of your old car can be transferred to your new car exactly as it is. If you have purchased a bigger or more high-end car, you might need to add coverage to your existing policy. Some dealers may not even release your new car if you do not have the proper insurance.
  • In some states, your existing insurance policy will automatically transfer to your new car. But you still need to inform your insurer not more than 30 days after you purchase your new car in order for your coverage be effective. If after the specified allotted time you are still unable to notify your insurer, your coverage may become ineffective. The best thing to do to have uninterrupted insurance coverage is to contact your insurance agent as soon as possible. Procrastinating about it will definitely put you at risk.

In transferring you insurance coverage to your new car, you will need the following to be presented to your insurer: existing car insurance policy, reason to transfer coverage (ex: new car) and documents that will support your request. In this way, you will avoid any delay in the processing of your updated car insurance policy.

Upon completion of the said documents, you can call your insurance agent or better yet set an appointment with him or her to air your desire to transfer your present coverage to your new car. Make sure that you have your documents on hand when you meet with your agent.

Make it a point to discuss with your agent the changes that you want on your coverage and if you need to add more coverage to your new car. And be ready to pay down payment, if required. Also, don’t forget to request for an updated policy and ID cards since these will prove that you are already covered.

Remember, insurance companies have different regulations regarding matters like this. And calling your insurance agent the moment you are in the process of purchasing your new car will definitely save you time and money.


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