My car insurance renews in january.. what if I pay it all off say by april, but then I get a new car in May does the insurance transfer over and I pay the difference for the new car? and what if I didn't pay off all the insurance but got a new car would I not have to pay off the rest of the balance? I never understood this..
thank youu
2007-12-09 12:57:17 · 6 answers · asked by spread your fire 3 in Cars & Transportation ➔ Insurance & Registration
The new car gets added to the policy and the old one deleted. If the value or gross weight of the new car change the amount of the premium, you will either pay or be refunded the difference.
2007-12-09 13:30:14 · answer #1 · answered by nightserf 5 · 3⤊ 0⤋
In most cases, what happens is that you keep the same policy, and the policy is changed to reflect changes in vehicles, drivers, use, coverages and locations! If any changes result in cost changes, the difference would be billed (or credited) to you.
In your example, I am going to assume that you have a 6 month policy. You pay for 6 months of coverage on your current car by April. If you change vehicles May 1st , then the policy would be amended to reflect the change. The coverage on your current car would end, and the new car would be covered. Let's say that the new car rate is $60 more than the old car (for the six month period) you would have to pay the pro rated increase. In this example it would be $10 per month, so you would have to pay an additional $20 (for May and June)
If you buy a car that is cheaper to insure (trading in your Corvette for a mini van) then the pro rated difference would be credited to you, and either refunded, or applied to your bill for the next renewal.
2007-12-09 13:21:15 · answer #2 · answered by fire4511 7 · 2⤊ 0⤋
Get insurance quotes
2014-11-17 18:42:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if you buy a new or used car, depending on what it is, premium may go up... what your premium is now only reflects on the car you have now. if you pay it in full now, and then buy a different car and the ins co. tells you the premium is going to go up, you will owe then more money... if you buy a car and the premium lowers because the car you got then, the ins would either credit you for the refund via check or you can have them credit you on the next policy period.
hope that helps.
2007-12-09 13:10:42 · answer #4 · answered by stephanie_hamett 2 · 1⤊ 0⤋
You will get credited to your account what ever was remaining form the old policy, on to your new one.
2007-12-09 13:05:18 · answer #5 · answered by Anonymous · 0⤊ 1⤋
At COVERAGEFINDER.NET you can get and compare quotes in just a few minutes.
2014-06-26 06:16:41 · answer #6 · answered by Anonymous · 7⤊ 0⤋
QUESTION 1. YES.
QUESTION 2. YES.
2007-12-10 03:14:41 · answer #7 · answered by Anonymous · 0⤊ 2⤋