Can insurance be transferred to a new vehicle?

Yes, your old auto loan insurance can be transferred to your new car however, there are also certain considerations that you need to keep in mind. Although the coverage of your old car can automatically be transferred to your new car, you still have to inform you car insurance companies as soon as you can. There are a few insurance companies that will give you some period to inform them of the change, failure to do so will forfeit the coverage. You need not inform you’re the insurance company before buying the new car but they will have to be informed a few days after you bought your car. Your insurance agent will ask you of the car’s model and chassis number and will do the task of transferring the insurance to this new car. Whatever the insurance coverage that you have in your old car will be the same as with the new one except if you decide to add a few more coverage. This new car may increase the premium of your insurance policy.

If the new car is an addition to the household vehicles, it may be covered by a comprehensive coverage for the first four days after you have bought the vehicle. You will have to contact your insurance provider to add this car to your insurance policy before the 30 day time frame. Not all insurance companies have the same policy with regard to transferring the insurance to a new car. You should ask your insurance policy provider to be sure. The thought of having to increase your premium might stop you at informing your insurance about this new change, but accidents are unpredictable, you don’t know when it happens. So, to protect your new car, the driver, and the passengers in it, be sure to inform your insurance provider about it.