• Why you could consider changing your old car’s insurance policy to your new car

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    Insurers go through this process quite often and shifting your insurance policy from an old car to a new car or the car which you wish to buy should not be a hassle for them or you. In fact, the whole process can be done just by calling the customer care unit of your insurer or online. Car owners are often in a dilemma whether to shift their insurance policy or avail a new one with their brand new car. While they can opt for any of the aforementioned options, one can also transfer their car insurance from their old to new car. Since the insurance premium is based on the make and model of the car, and several other factors, shifting the policy from your old car to your new car will require you to restructure the premium rate. Other than that, car owners can follow the steps to carry out the process and keep the below-listed points in mind when carrying out the transfer of insurance.

    Points to keep in mind when shifting your insurance from a old car to a new car

    Car owners that have bought a new car and wish to transfer their insurance to the new car should keep the below-listed points in mind:

    • When you’re planning to buy a new car, speak to your insurance agent and tell him/her which car you wish to buy and your decision to shift your insurance. The insurance agent will then give you an approximate quote of how much the premiums will be for the new car. Now decide whether you would want to shift the insurance or avail a new car insurance policy.
    • Cross-check with the insurer if you will have to make any alterations to your existing car insurance policy, apart from the premiums of course.
    • Consider the fact that by transferring your insurance policy from your old car to your new car, only the liability-only cover will be transferable. All other covers will have to be paid for, based on the type of car that you have bought.
    • If you decide against transferring the insurance policy, inform your insurer of your decision.
    • If you have availed additional covers for your car, check with your insurer if there could be a possible rebate.
    • Lastly, if you’re opting for a brand new insurance policy for your new car, choose a comprehensive insurance policy rather than a basic third-party insurance cover. This will enhance your coverage under a number of circumstances.

    Most people choose to avail a new insurance policy when buying a new car rather than transfer their insurance policy. Transferring your insurance policy will give you a small discount on the premiums at the most and your no-claim bonus could be transferable as well. Speak to your insurance agent before you choose to transfer your insurance policy and try to assess which could be the best possible option - either to transfer your policy or avail a new insurance policy for your new car.

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