Buying a new car nowadays is a necessity although a lot of luxury cars have existed. It can also be very exciting to buy your wheels, ride it, feel it and flaunt it. After all, people have a different impression on you when you own new things.
Owning a car has its own responsibilities though. Insuring your car in case of unexpected turn of events can be a very good bargain albeit tedious.
It is good to know that insurance companies like Axis Capital Holdings, a group of (re)insurance companies with branches all over the world, make it easier to handle our car insurances through insurance transfer.
Before you shake your dealer’s hand, you need to think about your insurance and how buying a new car could affect your premiums. Take extra precautions and put the warning at heart before you regret it in the end.
When browsing new cars that might interest you, make sure to list their registration numbers so you can get quotes in insuring them. It might turn out worse when you have already found your dream car then realized you have to pay more than what it cost for its coverage.
Call your insurer and tell them that you are planning to purchase a new car. They may ask you of the registration number to check the pricelist, ask you a few more questions and see if you can afford the new cover or if your circumstance is still the same or have stepped up.
If they see that the new car is more valuable than your old one, then the cost of your insurance may rise. There may also be an additional administration fee to transfer the insurance to the new car.
If you have initially paid the insurance outright, you can choose to pay the sum in one go or spread the cost over the remaining term for the cover. If you pay for your car insurance in monthly installments, you have the option of adding the sum to your policy and spreading the cost over the remainder of the policy. The administration fees for changing the vehicle on your policy should be set out in your insurer’s terms and conditions.
REVIEW YOUR OPTION
Transferring the insurance from your old car to the new one is not the only option. You can also choose to cancel your old insurance and get a new one for your new wheels. Some insurance companies may also charge a cancellation fee which varies depending on the company’s terms and policies.
About Axis Capital Holdings Ltd.
Axis Capital Holdings is a group of companies operating in over 10 states in America, Europe, Singapore and Jakarta, Indonesia with their main location in Bermuda. We are global insurer and reinsurers, providing clients with a broad range of services and products. Our highly experienced underwriting, claims, modeling and actuarial teams have a breadth and depth of knowledge that distinguishes AXIS as provider of choice.