Does car insurance need to be transferred when transferring vehicle ownership?
1 Answers
According to the provisions of the Insurance Law, when an insured person insures material property, they must have an insurable interest in the subject matter of the insurance. Although the insurance has not been transferred, in the event of an insurance claim, it is still possible to apply for insurance compensation, but it still requires going through the procedures with the original owner, making the claims process very cumbersome. It is recommended to complete the car insurance transfer procedures in a timely manner. There are two methods available for transferring and modifying car insurance: 1. Change of policyholder: After the vehicle completes the transfer at the vehicle management office, the new owner can bring the transfer receipt, a copy of the vehicle license, the original insurance policy, their ID card, and the ID card of the original insurer to the original insurance company to fill out a transfer application form, which will complete the endorsement transfer. 2. Apply for cancellation of the policy: Applying for cancellation only requires paying the premium from the start of the insurance to the time of cancellation, and the remaining premium will be refunded by the insurance company accordingly. After that, the new owner can go to any insurance company to reapply for car insurance.
