Can Auto Insurance Be Transferred?
2 Answers
After purchasing a used car, the auto insurance can be transferred. You only need to bring the relevant documents to the insurance company's counter to apply. Here is some information about auto insurance: 1. Components: Auto insurance generally consists of two parts: basic insurance and additional insurance. Basic insurance is further divided into vehicle damage insurance and third-party liability insurance. 2. Coverage: Vehicle damage insurance covers the loss of your own vehicle; third-party liability insurance covers damages to objects other than your own vehicle, such as people and public property you hit, the other party's car, etc.; passenger liability insurance covers personal and property losses of passengers in your own vehicle; theft insurance covers the loss when your vehicle is stolen; no-deductible coverage ensures 100% compensation in case of an accident. If you don't purchase no-deductible coverage, you will be responsible for 30% of the deductible for each accident.
Car insurance typically cannot be directly transferred as it is tied to the owner and the vehicle. I've sold several cars, and each time it was the same: once ownership changed, I had to contact the insurance company to cancel the original policy or sometimes convert it for a new purpose, but transferring it directly to the new owner doesn’t work. The new buyer must apply for their own insurance; otherwise, driving without coverage is illegal, and any accident could lead to serious trouble. I remember once forgetting to handle it promptly and ended up being charged an extra premium. So, when buying or selling a car, communicate with the insurer in time to ensure a seamless transition. Also, regulations vary by region—some cities may have simplified procedures—but overall, safety first; don’t cut corners.
