Can the original owner refund the insurance after selling the vehicle?
1 Answers
Compulsory traffic insurance cannot be refunded, but commercial insurance can. Below are the relevant details: 1. Regulations: For used car transactions, compulsory traffic insurance is generally non-refundable. The only scenario where a refund is possible is when the vehicle is sold to a different region, and the new owner purchases a new compulsory traffic insurance policy locally. In this case, the new owner can apply for a refund at the original owner's insurance company by presenting their ID, vehicle registration certificate, transfer documents, and the new compulsory traffic insurance policy. 2. Compulsory insurance transfer: Since compulsory traffic insurance follows the vehicle rather than the owner, the simplest method is to transfer the compulsory traffic insurance policy. Compulsory traffic insurance is applicable nationwide. To transfer the compulsory traffic insurance for a used car, the new owner needs to bring their ID, the original compulsory traffic insurance policy, vehicle registration certificate, and transfer proof to the local insurance company for processing.