We all know that it is necessary to have insurance on your vehicle, but what happens when it’s time to get a new vehicle? Do you have to cancel your coverage and open a new plan? Can you just transfer the coverage to a different vehicle? Do I need to pay a fee? These are all great questions and they will be answered below! Keep reading to learn more!
Transferring Coverage to the New Vehicle
When the time comes to trade your current vehicle in for the next one, there are some things to keep in mind in terms of your auto insurance. First, be sure to give your insurance agent a call and let them know what is going on and the approximate timeline that you will be getting a new vehicle. If you are trading in your current vehicle and will not need any coverage on that one anymore, then they should be able to transfer the coverage to the new vehicle without any issues.
It is important to make your agent aware of when you will be making the trade in order for you to have coverage on your new vehicle when you drive off the lot. There will most likely be a small fee for transferring your coverage plan to the new vehicle, but this is most likely still the cheaper option than switching insurance companies.
The process is relatively simple if you know the information of the vehicle that you will be purchasing and when you need the coverage to switch. If you know this information, the rest of the work is done by the insurance company!
We hope that you found this information helpful and that you are prepared the next time that you need to make a vehicle purchase. Stop by our dealership today or contact us with any questions and a member of our team will be happy to help!