Do I Need to Transfer Insurance When Transferring Vehicle Ownership?

[VonMila]

According to policy regulations, compulsory traffic insurance follows the vehicle, not the owner. Only when the compulsory insurance is within the validity period can the vehicle ownership transfer procedure be processed. Therefore, the insurance must be transferred. Risks of not transferring insurance: If the owner fails to transfer the insurance, in the event of an accident, the owner's losses will not be covered by insurance and will have to be paid out of pocket. Methods for transferring insurance: There are currently two common methods for transferring vehicle insurance. The first is to apply for cancellation of the existing insurance and then purchase a new vehicle insurance policy. The second method involves making some amendments to the existing policy, primarily changing the insured and the owner. This requires specifying in the vehicle sales contract that the original owner must bring the insurance policy and the vehicle ownership transfer certificate to the original insurance company's service outlet to complete the procedure.