Can you transfer car insurance to another person?

insurance

When the sale of a vehicle is made or, for example, it is transferred to a son, a sibling, or any other relative, we can consider the option of transferring the car insurance. In this case, the first step to be taken is to contact the company to discuss the new situation. 

Is there an economic variation when transferring car insurance to another person?

Initially, the changes that can be made are the modification of the data of the policyholder and the owner; the change of the usual driver or the inclusion of another; the change of the vehicle or the incorporation of extras; and the modification of the coverage of the policy. 

What happens when the non-owner of the car insurance changes?

A very important fact to keep in mind is that, just as no two people are the same, no two drivers are the same. The fact that the objective is to continue insuring the same car does not imply that there cannot be some economic variations in the policy that will depend on the experience of the new driver and his driving record, among other aspects. It is what is known in the world of insurance as the level of risk. 

What if the company rejects the insurance transfer?

In the event that this insurance transfer is rejected by the company, the policyholder will receive the proportional part of the premium that has not been consumed. 

Is the insurance still valid when I sell my car?

An essential aspect is to always notify the insurer of the sale of a vehicle and never assume that, even if the owner of the car is someone else, the insurance remains valid. 

One of the obligations of any vehicle owner is to have the car insured at all times. This is what the law orders since it establishes that it is essential to take out insurance with minimum coverage and keep it in force. In other words, this compulsory insurance covers solely and exclusively the civil liability of the driver against third parties, in the event of an accident. Hence, its name: third-party insurance.

Likewise, this basic insurance does not cover damages suffered by the driver and/or the car in the event that the accident was his fault. It will only repair the damage caused to the other vehicle or to public roads and will indemnify the occupants of each opposing car (including those that caused the accident) and/or the pedestrians in the event of injury.

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types of insurance

  • Third-party insurance. As has been pointed out, it is the one that covers the damage caused to third parties in the event of an accident, but not that of the vehicle or driver that caused it.
  • Extended third-party insurance. This guarantees, in addition to everything included in the previous one, other coverage related to larger accidents, such as theft, fire, or broken windows.
  • All risk insurance. It is the most complete as it includes both the damage caused to third parties as well as to the vehicle itself. In addition, additional guarantees can be added, such as compensation for disability or death, among others.

That said, there are many doubts that arise in this regard: can you change the insurance from one car to another? Is it possible to change it whenever you want? What should you do before taking out new insurance? These are the answers.

change car insurance

As a general rule, you can’t change car insurance whenever you want. The Insurance Contract Law establishes that the current insurance company must be notified of the desire to unsubscribe, one month before the expiration of the contracted policy. In case of not doing so, the insurance will continue to be charged despite having changed to another insurer.

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Documents to change insurance

Once the insurer has been informed of the desire not to renew the policy, it is time to take out another insurance. To do this, as long as the new company is clear, a series of documents must be gathered to formalize the new contract:

  • DNI or residence card of the insured
  • Driving license of the insured person
  • Car circulation permit. This must include the registration number of the insured vehicle and date of its first registration, name, surnames or company name of the owner of the car, type, brand, model, frame number and number of seats, cylinder capacity, and power.
  • Technical sheet of the car
  • A transmission tax certificate, if any
  • Accident certificate
  • Previous insurance receipt
  • General conditions of the previous insurance
  • Vehicle purchase invoice

In the case of all-risk policies for second-hand vehicles, a visit by an expert from the insured company will be necessary to verify their status. Although this procedure is replaced in recent times by sending some photos of it through a specific application of the insurer, with which the management is more comfortable and simple.

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By Michael Caine

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