It is human nature to yearn for the better and the latest. Especially when it comes to status symbol like cars. One aspect you tend to forget in the hassle of replacing your old wheels is transferring and upgrading the car insurance accordingly.
Here Are 7 Golden Rules and Reasons for Transferring Your Old Car Insurance to New CarRule 1:
Get in touch with your insurance carrier when you begin browsing around for a new car. Let your insurance agent know once you have shortlisted a few models, which will get you tentative figures on how much it would cost you to indemnify each one in the list. Car insurance prices can differ extensively from one model to another, and these figures could also help you make up your mind on which model to purchase.Rule 2:
Take out your insurance papers from your locker and dial the given toll-free number. Speak to a staff and let them know that you are planning to change your car, which means that you may also look for another insurer or make changes to your existing plan.Rule 3:
Insurance transfer is important because cover sufficient for an old car is never so for a new car. For instance, if you have liability-only cover on your decade old car, it is the only cover you will get for your new car after transferring the insurance.Rule 4:
Inform your insurer you have decided to discontinue with the plan. If you have already sold your vehicle, the old insurance policy do not hold much value for you anyway. Substantiate the kind of indemnification you had for your old wheels as this might help you in choosing the kind of cover you need for your current one. Of course as the car is upgraded, the premium will also increase.Rule 5:
Give your insurance firm staff the Vehicle Identification Number of your car or VIN as it is commonly called. The VIN is usually inscribed on the pink slip, which is the bill receipt you get at the time of purchasing. The VIN is also printed on the title deeds. Every automobile is endowed with its own unique VIN, making it easier to trace and keep a track of.Rule 6:
Update your insurance firm staff about any safety devices your car is endowed with or you yourself have installed in it. You may be rightfully eligible to a decent rebate for objects like side airbags, anti-lock brakes, anti-theft alarms and traveler restraint devices.Rule 7:
Purchase a comprehensive coverage on your brand new car. If it were old wheels, you might have waived off complete cover and collision damage protection. But it is not advisable to do that with your new one. It is still a new baby and its worth is big enough for the full cover.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017