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How do I transfer insurance from one car to another without paying for two cars at once?
Is there a way around paying for two cars when you need to replace a vehicle? I am trading my old car in for a new Toyota on Saturday, but I don’t want to pay for both at once! How can I make sure I don't get stuck paying for extra insurance time on the old car?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Yes, there is a way to be appropriately covered on both vehicles without having to pay a penny for double coverage. The key is to know the exact date you will be doing the trade-in. Luckily, you already do!
You will want to schedule replacing your old car on your insurance policy with your new one on the exact date of the trade-in. That way, you’ll be covered to drive your old car to the dealership and drive the new car home. The
insurance
on your older car will automatically stop at midnight, so you won’t pay for any days you don’t have to!To save yourself time and stress, get everything done ahead of time. Here is what you will need to make the update to your policy:
- Effective date
- VIN of new car
- Name and address of loan or leasing company if applicable
- Dealerships fax and/or email address
Once you have everything entered, your provider can send a copy of the ID card and the
binder
to both you and the dealership, so you will be all set to go!Getting this step out of the way early also means you have time to shop for a
cheaper insurance policy
if you aren’t happy with the new rate.If you are looking for a cheaper rate,
Jerry
can help! Jerry shops prices with over 50 different insurance companies and delivers personalized quotes straight to your phone in seconds. And once you choose a new plan, we’ll even help you switch! If you have any questions, you can text an agent, and they will text right back with assistance.Best of luck, and enjoy your new ride!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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