Car insurance transfer: how to do it, advantages

Have you decided to buy a new car and are wondering how the transfer of car insurance works? Find out everything you need to know about car insurance transfers.

Often when we buy a car, new or used, we ask if the insurance we have already taken out will remain valid or will we have to make another one. In this guide we will talk about the transfer of car insurance , both to another car and the transfer of insurance to another person.

How to transfer car insurance from one vehicle to another

The transfer of car insurance from one vehicle to another is possible in many situations, such as the purchase of a new car, the sale of the vehicle or the expiry of the insurance contract. This procedure allows you to maintain the class of merit of the old vehicle and save on insurance costs. However, there are some rules to follow and some documents to submit to the insurance company cheapest car insurance singapore

First of all, it must be a new registration with the PRA, but this does not mean that the car must also be new. In fact, the RC car can also be transferred to a used car, the important thing is that there is a new registration with the data of the new owner.

The transfer of insurance can only be performed if the new vehicle belongs to the same category as the old vehicle, such as between cars or between motorcycles. Furthermore, the policy can only be transferred if the owner of the new vehicle is the same as the old vehicle, to the spouse in community of property, the de facto cohabitant or the heirs.

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Car insurance transfer: necessary documents

To carry out the transfer of insurance, you need to submit certain documents to the insurance company, including

the green card, if you have one

the certificate or sticker of the old insurance

the registration certificate of the new vehicle

It is also necessary to present the document proving the alienation of the old vehicle, such as the deed of sale, theft report or demolition.

Insurance transfer to a new car: transfer of the insurance

When purchasing a new car, the owner must inform the insurance company of the purchase of the new vehicle and the intention to transfer the policy. Furthermore, it is necessary to declare the alienation of the old vehicle, indicating whether it is a sale, demolition or theft. Depending on the circumstances, it may be necessary to present the theft report, the certificate of cessation of circulation or the consignment agreement.

The insurance company will draw up a new cost estimate and proceed with the actual transfer of the policy. If the cost of the new policy is lower than the cost of the old policy, the difference will be refunded. Otherwise, the owner will have to pay the difference.