Does Commercial Insurance Not Being Transferred Affect the New Car Owner?
2 Answers
It will affect the new car owner. After the second-hand car is transferred, the original owner's insurance can continue to be used, but the insurance needs to be transferred. Here are the details: 1. Handling method: The original owner can cancel the insurance, and the insurance premium for the unexecuted time will be refunded to the insured according to the insurance algorithm. After cancellation, the new owner can independently choose a new insurance company. Cancellation requires the insurance policy and the original owner's ID card, and new insurance requires the vehicle registration certificate and the second-hand car transfer certificate. 2. Notes: Generally, the place where the insurance is purchased and the place where the insurance is transferred must be the same; if the vehicle insurance is purchased in another city or province, with complete documentation, the local insurance company staff can assist the customer in contacting the relevant department of the insurance company in the other city or province for modification.
I've been driving for decades and remember helping a friend buy a used car. The previous owner said there was no rush to transfer the commercial insurance. But right after hitting the road, a minor scrape occurred. When filing the claim, the insurer refused to pay because the policy was still under the original owner's name. My friend ended up paying thousands for repairs out of pocket and got fined by traffic police for driving without valid insurance. Since then, I strongly advise new owners to transfer insurance policies on the purchase day. Untransferred commercial insurance leaves new owners unprotected - unable to claim for accidents, facing heavy financial burdens, and breaking the law. The transfer process is simple: just bring your ID and sales contract to the insurer. Don't cut corners to save time and invite big trouble. Also, always inspect a used car's condition thoroughly during purchase. Don't just focus on price while overlooking safety risks. At my age, I've seen too many cases - road safety must always come first.
