Can Second-hand Car Insurance Be Transferred Without Ownership Transfer?
1 Answers
No. According to the new regulations on auto insurance, when the ownership of a vehicle is transferred, the corresponding compulsory traffic insurance will automatically be transferred to the new owner. This is because compulsory traffic insurance is mandatory under national law. However, commercial insurance does not fall under the mandatory transfer category. The original owner typically cancels the commercial insurance that has not expired, and the new owner can then purchase it separately. Below is an introduction to how second-hand car insurance can be transferred: 1. Change of policyholder: The new owner of the second-hand car, with the transfer receipt, a copy of the vehicle license, the original insurance policy, their ID card, and the original insurer's ID card, can fill out a transfer application form at the original insurance company to complete the endorsement transfer. 2. Application for cancellation: To apply for cancellation, only the premium from the start of the insurance period to the cancellation date needs to be paid, and the remaining premium will be refunded by the insurance company accordingly. 3. Policy process: The transfer of second-hand car insurance essentially involves changing the beneficiary and license plate number on the original insurance endorsement after the second-hand car transaction.
