When buying a new car, you may be tempted to change your car insurance. It is possible to ensure your new vehicle either by renewing your current insurance contract and adapting it to your needs or by purchasing car insurance from another insurance company.
When you buy a new vehicle and sell the old one, it is important to inform the insurer of the change in situation. It is often necessary to adapt car insurance to the new needs of the insured. The insurer usually recalculates the insurance price to adapt it to the new vehicle. A new car often leads to an increase in risk and the insurer will pass this increase on to the insurance premium. The more expensive and powerful the car, the more your car insurance will be increased. It is important to check that the contractual guarantees offered by the insurance cover the new risks and needs in relation to your new vehicle.
When purchasing a new vehicle, some individuals take the opportunity to change their coverage. Indeed, the sale of a vehicle is a reason to terminate an automobile insurance contract if you do not want to wait until the expiry date of the contract. The sale of a vehicle automatically suspends the insurance contract covering the vehicle. The law provides that the insurer must be informed of the sale of the vehicle by registered letter with acknowledgement of receipt. The letter must indicate the exact date of the sale. The termination of the insurance contract is effective 10 days after receipt of the registered letter by the insurance company. If you have the idea of changing your insurance when you buy a new vehicle, take the time to compare the different coverages offered by competing insurances beforehand. There is no point in changing insurers if you don’t really have a good reason to do so. Moreover, your current insurer may be just as willing to make you an interesting offer if you request it.
To find out the price of insurance from the different companies, do not hesitate to use the online car insurance comparators. They are free, simple and allow you to find out in a few clicks the rates, coverages and premiums offered by the various insurers on the market. To properly ensure a new vehicle, it is preferable to choose an all-risk car insurance policy that effectively covers the driver and his vehicle against all damages, especially if he has acquired a top-of-the-range model.
When buying a special vehicle such as an old car, it is important to know that you need special insurance for this type of vehicle.