After a vehicle is transferred, the insurance policy needs to be updated. Additional Information: There are two ways to handle the insurance policy after a vehicle transfer: 1. Make some modifications to the policy information. The key modifications include changing the policyholder, the insured, the vehicle owner as per the driving license, and the new vehicle license plate number after the transfer. The required documents mainly include the original policy invoice and insurance mark, the vehicle transfer transaction invoice, the property registration certificate or driving license, and the ID cards of both parties involved in the transaction. If someone is acting on behalf of another, a power of attorney and the ID card of the authorized person are also required. Both parties should bring the above documents to the original insurance company's business office for processing. 2. Apply for a policy cancellation, which means terminating the previous insurance contract by canceling the original auto insurance. This method is generally applicable to commercial auto insurance (compulsory traffic insurance is a mandatory national insurance, and unless the transfer is across different administrative regions, it cannot be canceled but only modified). In this case, the original owner needs to bring the original policy invoice and ID card to the original insurance company's business office to cancel the policy. The insurance company will charge the premium only for the period from the start date of the insurance to the cancellation date, and the remaining premium will be refunded accordingly. Then, the new owner can take the new driving license, vehicle transfer transaction invoice, ID card, and other documents to any insurance company to reapply for commercial auto insurance.
