Car insurance: Can current policy be transferred to new vehicle?

Published: September 19, 2017 2:08:09 AM

Transfer your current car’s insurance to a new car for balance period of policy on payment of premium difference

Transfer your current car’s insurance to a new car for balance period of policy on payment of premium difference. (Reuters)

• I plan to buy a new car and sell off the old car. Can I transfer the existing car’s insurance to the new car?
– P J Joseph

Yes, you can transfer your existing car’s insurance to the new one. You can request your insurance company through an application for substitution of vehicle by another vehicle of the same class for the balance period of the policy. You will need to pay the difference in premium amount due to variation in rate and value of the new car.

• We have been abroad for two years and the car insurance policy has lapsed. What should I do to revive it?
—S Venkateswara Rao

You can connect with your insurer through customer care call centre and ask for insurance cover. The customer care representatives of your insurance company will guide you to take policy as per your requirement. Consequently you will get a new policy as per the terms and conditions applicable at the time of policy issuance.

• We are moving from Jodhpur to Bangalore. Do I have to intimate my insurance company for the change in location and address and do I have to take a special insurance for the road transit of the vehicle?
—Mihir Mishra

A package policy has road transit covered; hence, if you have a package policy only change in address will not make an impact on your coverage. It is better to inform your insurer and get the latest details updated in your policy. This will allow your insurer to reach you for renewals on time or at the time of claim assistance. If you are changing the registration number of your car in the near future, you must update your insurer about this.

• For how many years can I take the Zero Depreciation insurance cover?
—Sanjay Singh

The Zero Depreciation cover policy varies from insurer to insurer. You may check with your insurance company about the age of the car in years that it offers the cover for.

Manohar Bhatt
The author is chief business head, Motor, Bajaj Allianz General Insurance Company. Send your queries to fepersonalfinance

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