Can I transfer my existing insurance coverage to my new vehicle?

| September 17, 2018

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You just bought a shiny new motor and you can’t wait to take it for a spin but make sure to check in with your insurer before you do. Auto insurance is mandatory in Ontario, and if you are found to be driving without adequate coverage you could be penalized. So how does insurance work when you get a new car, and will your old policy still be relevant? Technically just because you got a new car doesn’t mean you have to take out a new policy, but there are a few things that may change. Your insurer will allow you to transfer your existing coverage to your new vehicle, but it is vital that you are honest with your insurer about the make and model of the car. If you have bought a newer or more powerful car this may result in some amendments to your policy and could change the type of coverage you require. Naturally, you may see an additional increase in the rate of your premium due to the increased risk from the insurers' point of view.

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