Can Insurance Be Transferred After Vehicle Ownership Transfer?
2 Answers
There are four scenarios for transferring auto insurance: individual to individual (requiring both parties' ID cards, registration certificate, used car transaction invoice, and insurance policy), individual to enterprise (requiring ID card, organization code certificate or three-in-one business license, registration certificate, used car transaction invoice, and insurance policy), enterprise to individual (requiring ID card, organization code certificate or three-in-one business license, registration certificate, used car transaction invoice, and insurance policy), and enterprise to enterprise (requiring both parties' organization code certificates or three-in-one business licenses, registration certificate, used car transaction invoice, and insurance policy). After the vehicle ownership is transferred, if all the above documents are complete, you can choose to transfer the insurance at the vehicle's insurance company. Additionally, a transfer authorization letter is required if it involves a reduction in fees.
I've experienced this when buying a used car. The insurance can be transferred after the ownership change, but it's not automatic. You need to contact the original insurance company, provide the new owner's information such as ID card and vehicle registration certificate, and then they will update the policy or issue a new one. It's best to get this done within a week after completing the ownership transfer procedures to avoid any insurance lapse in case of an accident. Last time, I went to the insurance company with the seller, filled out an application form, paid a small handling fee of a few dozen yuan, and it was resolved in half an hour. Direct transfer is more convenient and cost-effective than the new owner applying for new insurance. The key is not to delay, as driving without insurance is illegal, and you'd have to pay out of pocket for any accidents. By the way, some insurance companies may require the new owner to apply for new insurance directly or confirm by phone, depending on their policies.
