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.
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:
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.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.