Your auto insurance provider should allow you to be able to transfer your auto insurance to a new vehicle. Due to the fact that you are changing vehicles, a brand new insurance policy has to be opened. You will have to decide whether or not you want to keep your old insurance policy. The more you pay for a vehicle, the more you should expect your insurance to cost you for it. Your insurance price could be completely different from that of your old vehicle. However, the prices could also be very similar. Before purchasing a vehicle it never hurts to call your insurance company and ask for a quote. Depending on how they respond, this might even help you choose a vehicle.

How Long Do You Have To Transfer Insurance To A New Car?

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The period of time that you have to transfer insurance depends on your insurance provider. Generally, there is a grace period for transferring insurance. The grace period will normally be anywhere from two weeks to a month long. If you are unsure how long of a grace period your insurance company provides, it is best to contact them. The grace period is actually in place so that people are allowed to buy cars during non-business hours and legally drive them home. To put things simply, you are best to contact your insurance provider as soon as possible as things can get interesting if you have to make a claim.

How Do I Cancel My Old Car Insurance Policy?

It is extremely important to make sure that you cancel your car insurance policy for your old vehicle. However, it is even more important that you don’t jump the gun and cancel your old car insurance policy too fast. You need to make sure that your new policy is set up and in place before you cancel your old auto insurance policy. If you don’t, you risk driving without insurance. Canceling your policy is very easy to do. Simply tell your insurance company when you have finished setting up your policy for your new vehicle or during when you are speaking to them about it. They will be happy to assist.

How Do I Get In Contact With My Insurance Provider?

Depending on how you got insurance in the first place, you might actually have no idea who your provider is. This could be the case if you went through an insurance broker. An insurance broker compares a bunch of quotes for you from different companies and it can often be hard to remember which one you ended up with. However, there is a very easy way to get into contact with your real insurance company. Simply find your car insurance slip and on the backside of the slip, there should be a phone number for the insurance provider. On the slip, it will also say the name of your insurance company. This is probably the easiest way to get into contact with your insurance provider. You could also contact your insurance broker as they will be able to put you in contact.

Should I Contact Other Insurance Providers For A Quote?

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In order to be able to drive your new vehicle, you actually have to get a brand new insurance policy. If you don’t plan to drive your old vehicle any longer, you are going to have to cancel your old policy. Any time that you cancel your policy, you do have the option to consider switching insurance providers. You will have to pay a fee to cancel the insurance policy of your old vehicle. Depending on the insurance provider though, that fee might be waived by setting up a policy with them for your new vehicle. However, if you switch providers for your new vehicle, you should definitely expect to be hit with cancellation fees from your old insurance provider. To put it simply, it never hurts to ask around for a quote, but just know what you are getting into.

Can I Transfer An Insurance Policy Over To A Lease?

If you are leasing a vehicle, it is likely that the dealership is going to deal with your insurance company. They will make sure that the vehicle is registered to you. However, when it comes to insurance, you are also going to have to do as the dealership tells you. For a lease, you are likely going to have to have both collision coverage as well as comprehensive insurance coverage. Without this insurance coverage, a dealership is probably not going to let you drive the vehicle off of their lot. You cannot directly transfer your insurance to a lease as it is an entirely different kind of purchase. Due to this reason and the fact that you technically do not own the car, you should expect to pay more for a lease than for a vehicle that you own yourself.

How Do I Transfer A Lease To Another Person?

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Leases can be expensive and with a lease, you are locked in for the entire length of your lease contract. There is no easy way to get out of a lease. The easiest way is to transfer a lease to someone else, but it is not that easy to do. Some companies will not let you transfer a lease at all. Others are restricted during the start or near the end of a contract. Make sure you read your contract carefully before signing. If you have already signed and can transfer the lease, you should contact your financing company and tell them you are doing so. Next, pay the lease transfer fee. Finally, contact your insurance company to let them know, sign the transfer contract and hand over the keys.

To Conclude

When you buy a new vehicle, you don’t necessarily have to rush to get coverage. Most of the time your insurance company will have a buffer period built into your current policy that covers you after you purchase a new vehicle. However, it is best to check with them and set up a policy as soon as possible. Although your old car insurance might have been perfect for your previous car, it might not be for this one. If you want to have things like collision and comprehensive coverage added, you likely will have to add them to be covered.

Resources:

http://www.insure.com/car-insurance/new-car-coverage.html
https://budgeting.thenest.com/transfer-auto-insurance-new-car-3455.html
https://www.dmv.org/insurance/how-to-cancel-an-auto-insurance-policy.php
http://www.bankrate.com/loans/auto-loans/how-to-transfer-a-lease/