Can I still get a discount on car insurance after transferring ownership?
1 Answers
After transferring car ownership, there may be discounts available. The criteria for premium discounts do not depend on who the owner is, but rather on the vehicle itself. Even if the owner changes, the insurance company will still provide corresponding discounts to the new owner based on the original insurance records. After the vehicle ownership is transferred, the original owner's insurance can still be used, but the insurance needs to be transferred as well. Below are the ways to handle car insurance after ownership transfer: 1. Original owner cancels the insurance: The original owner can cancel the insurance, and the unused portion of the premium will be refunded to the policyholder according to the insurance calculation method. However, compulsory insurance cannot be canceled. 2. Transfer the insurance to the new owner: The existing insurance can be transferred to the new owner, but this requires providing the vehicle registration certificate, vehicle license, purchase invoice, and original IDs of both the buyer and seller.