Do I Need to Repurchase Compulsory Traffic Insurance for a Used Car?

[RonanLynn]

Purchasing compulsory traffic insurance for a used car is not required. Below is relevant information about compulsory traffic insurance for used cars: 1. No need to repurchase: If the compulsory traffic insurance of the vehicle is still valid after the transaction, there is no need to repurchase it, nor can it be repurchased, as compulsory traffic insurance is paid together with the vehicle and vessel tax, requiring only one payment per year. The owner only needs to bring the old insurance policy and the new vehicle license to the insurance company to process the endorsement. 2. Cost of compulsory traffic insurance for used cars: The cost of compulsory traffic insurance for the first year of a used car must be paid according to the basic rate of compulsory traffic insurance. From the second year onwards, the price of compulsory traffic insurance is related to at-fault road traffic accidents and drunk driving. If no at-fault road traffic accidents occurred in the previous year, the compulsory traffic insurance will decrease by 10%. If no accidents occurred for two consecutive years, it will decrease by 20%. If no accidents occurred for three or more consecutive years, it will decrease by 30%.