The premium you pay for your comprehensive car insurance depends on many factors, including your insurance history. If you haven’t made an insurance claim for a few years, chances are you may have accrued a significant no-claim bonus (NCB), which would mean a lower premium. In such a scenario, it may seem like a waste to have to let this benefit go if you decide to sell your car and buy a new one. The good news is that you may not need to, since most insurance companies allow you to transfer your existing insurance policy to your new car. Although a few things like the premium amount and terms of the insurance may need to be adjusted, your benefits would remain intact.
How can I transfer car insurance to a new car?
If you’ve spent a lot of time and effort comparing different insurance policies from various companies before selecting one for your current car, you may not want to go through it all over again when you buy a new car. Additionally, if you are a responsible driver who hasn’t been involved in any accidents, you wouldn’t want to let go of the benefits that you are eligible for, either. So, you might like to know how to transfer car insurance to another car.
Fortunately, this process is now fairly easy. You just need to contact your insurance provider, and they will process this for you. In fact, some insurance companies offer the same amount of coverage on your new car even without you informing them, provided the vehicles are of similar value. But this is valid only for a certain period (approximately 10-15 days), so you will need to contact them to complete the new documentation within this time.
Can car insurance be transferred to a new owner?
Since Compulsory Third Party (CTP) insurance is linked to the vehicle and not to the owner of the vehicle, this type of insurance will get transferred automatically to the new owner. All you need to do is inform the concerned authorities of the sale.
However, it’s a different story when it comes to comprehensive insurance. Comprehensive policy premiums are dependent on a lot of variables, most of which are connected to the driver, such as age, number of claims, and even where the car is parked. So, transferring car insurance to another person is not a facility that insurance companies currently provide for comprehensive policies.
How to transfer car insurance to another state?
This is a slightly complicated process as it involves a transfer of registration as well, and the procedure differs from state to state. For example, if you’re moving to NSW, you need to purchase a new CTP (also known as a green slip) from an NSW insurance provider before you can transfer your registration. If you have additional insurance, such as a comprehensive cover, you will also need to inform your insurer of your address change. If they do not offer services in the state that you are moving to, you may need to change your insurance provider. You may find that it’s most convenient to choose the same company that you got your green slip from.
How to transfer car insurance online?
Although the process may vary slightly from one insurance provider to the next, it is fairly uniform and straightforward. You simply need to visit your insurer’s website, log in to your account and follow the instructions provided. This is only applicable to the transfer of insurance from your old vehicle to your new one, and not from one person to another.
Can I transfer my car insurance to a rental car?
Some companies offer rental car cover as an add-on to comprehensive insurance policies, but this is an additional benefit and not a transfer of insurance. If such a feature is not included in your policy, you will need to purchase rental insurance separately.