Does a transferred vehicle need to be insured as a new car?

[Shaun]

No, it does not need to be insured as a new car; simply transfer the insurance. Insurance transfer: For used cars, not only does the vehicle need to be transferred, but the insurance also needs to be transferred. Insurance transfer is a crucial step in buying and selling used cars. There are two ways to handle the insurance policy: First, change the policy holder. After completing the vehicle transfer procedures, the new owner can bring the transfer receipt, a copy of the vehicle license, the original insurance policy, the new owner's ID card, and the original insurer's ID card to the insurance company to fill out a transfer application form to complete the insurance transfer. Second, apply for a policy cancellation. The owner will need to pay the premium from the start of the policy to the cancellation date, and the insurance company will refund the remaining amount. After cancellation, the new owner can choose a new insurance company to re-insure the vehicle. Important notes: In used car transactions, if only the vehicle is transferred but the insurance is not, and an accident occurs after the transaction, the owner may be denied compensation when filing a claim with the insurance company.