Can the new owner use the unexpired insurance of a purchased used car?
2 Answers
Yes, it can be used. Below are the relevant details: 1. Used car insurance transfer: This is an important step in the used car transaction process. The transfer of used car insurance involves modifying the policy content, which requires filling out a car insurance transfer application form and the presence of both the previous and new owners. The transfer process requires documents such as the original owner's ID card, the new vehicle license, the insurance policy, the vehicle registration certificate, and the vehicle transfer invoice. Additionally, the insured or the transferee should promptly notify the insurance company about the transfer of the car insurance. 2. Transfer of the insured subject: If the transfer leads to a significant increase in risk, the insurance company may, within 30 days of receiving the notice, increase the premium or terminate the contract as stipulated in the policy. If the insured or the transferee fails to fulfill the notification obligation and an insured incident occurs due to a significant increase in risk caused by the transfer, the insurance company will not be liable for compensation.
As a seasoned car owner who has purchased several used cars, I must emphasize the importance of being cautious with insurance. If the previous owner's insurance hasn't expired, the new owner cannot use it directly because the insurance contract is tied to the original owner's name. In case of an accident, the insurance company might deny the claim. You should promptly contact the insurance company to transfer the policy to the new owner's name. Provide the new owner's ID card and the vehicle's registration certificate, and the insurance company will recalculate the premium—it might be cheaper or more expensive depending on your driving record. Also, check the car's condition, especially the brakes and tires, to avoid issues after purchasing insurance. The transfer process is usually straightforward and can be completed in half a day, giving you peace of mind on the road. Don't delay—safety comes first.
