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Insurance for new car on old policy

  • 06-02-2012 5:33pm
    #1
    ghogie91
    Registered Users, Registered Users 2 Posts: 1,121 ✭✭✭


    Hi All,

    I am just wondering if I will be charged more money on the spot if I chane cars.

    Ok my insurance renewal isnt until the 6th of September. I have a 1.2 clio and I am thinking of a 1.5 vtec or a 1.6 vti civic.

    Obviously the insurance is going to go up.

    What i am looking to find out will the increase be payable on the day of letting the insurance company know I now have a different car or will it be payable on the day of renewal (6th of September)

    Regards,
    Gary:(


Comments

  • #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    You'll be quoted a premium increase to change the insurance to the new car. You'll have to pay it there and then if you want to change. Get a quote from your insurer *before* committing to buying the new car.


  • #3
    ghogie91
    Registered Users, Registered Users 2 Posts: 1,121 ✭✭✭ghogie91


    leeroybrown wrote: »
    You'll be quoted a premium increase to change the insurance to the new car. You'll have to pay it there and then if you want to change. Get a quote from your insurer *before* committing to buying the new car.

    Oh I see i see! Well that kinda 'hinders' my plans :L


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    If it's a small amount (depends on the insurance company), they may allow it to be carried over as a gesture of goodwill. That said, you could walk and go to a new insurance company at renewal time so they would be putting themselves at a disadvantage relative to the competition when it comes to renewing the policy.

    What I mean is that if the difference is €50 and they defer it, you will need them to be at least €50 cheaper than the competition at renewal time, otherwise you will walk. So for practical and commercial reasons they will probably ask you to pay the difference straight away.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    leeroybrown wrote: »
    You'll be quoted a premium increase to change the insurance to the new car. You'll have to pay it there and then if you want to change. Get a quote from your insurer *before* committing to buying the new car.

    It depends on the increment involved. If he has had the policy for a few years and they judge him to be a good customer, they may declare that the difference is (let's say) €25 but they'll waive it and give him cover on the new car immediately for no payment, has happened to me with Axa.

    If it's a bigger amount of the order of €100 or more they will almost certainly want payment upfront like you say.


  • #6
    ghogie91
    Registered Users, Registered Users 2 Posts: 1,121 ✭✭✭ghogie91


    coylemj wrote: »
    It depends on the increment involved. If he has had the policy for a few years and they judge him to be a good customer, they may declare that the difference is (let's say) €25 but they'll waive it and give him cover on the new car immediately for no payment, has happened to me with Axa.

    If it's a bigger amount of the order of €100 or more they will almost certainly want payment upfront like you say.

    They will definitely ask for it up front as its going to be 500 to 600 increment


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