Can car insurance be transferred to a new car?
1 Answers
Car insurance cannot be transferred because auto insurance is purchased based on the vehicle's engine number and frame number. Once purchased, the insurance must follow that specific car. However, after selling the car, the user can transfer the insurance to the buyer, which helps minimize their losses. Alternatively, the insurance can be canceled when selling the old car. Common types of auto insurance include compulsory insurance and commercial insurance. Compulsory insurance is mandatory, with an annual cost of 950 RMB for private cars with fewer than 6 seats and 1,100 RMB for those with more than 6 seats. If no claims are made within a year, a discount of up to 30% can be applied in the following year. Therefore, it's essential to drive safely at all times.