Does Compulsory Traffic Insurance Transfer with the Vehicle Ownership?

[VanEli]

If the compulsory traffic insurance purchased by the original vehicle owner follows the vehicle, the insurance will transfer to the new owner upon the vehicle's ownership transfer. If the compulsory traffic insurance does not follow the vehicle, the owners need to go to the insurance company to complete the insurance transfer procedures. The owner needs to prepare the vehicle's registration book, the new owner's driving license, copies of the new and old owners' ID cards, the invoice from the used car transaction, and the amendment application form provided by the insurance company to complete the transfer of compulsory traffic insurance. Important Notes Once a used car is purchased, promptly complete the transfer procedures for compulsory traffic insurance and other insurances. Otherwise, in the event of an accident, the beneficiary will be the original owner, and the new owner will not receive compensation. Compulsory Traffic Insurance for Vehicles: The full name of compulsory traffic insurance is "Compulsory Liability Insurance for Motor Vehicle Traffic Accidents." It is a mandatory liability insurance where the insurance company compensates for personal injuries, deaths, and property losses of victims (excluding vehicle occupants and the insured) within the liability limits caused by road traffic accidents involving the insured vehicle. The premium is based on the nationally unified standard rates. However, the price of compulsory traffic insurance varies for different vehicle types, primarily influenced by the number of car seats. Compared to the over 20 exemption clauses in commercial third-party liability insurance, compulsory traffic insurance covers a much broader range, including losses caused by intentional acts of the victim, the insured's own property losses, related arbitration and litigation costs, and some indirect losses from accidents. Moreover, regardless of whether the insured vehicle is at fault in the accident, compulsory traffic insurance will compensate within the liability limits without deductibles or exemptions. Introduction to Electronic Insurance Policies An electronic insurance policy refers to a digital policy issued by an insurance company using digital signature software and enterprise digital certificates that comply with the PKI system, bearing the electronic signature of the insurance company. An insurance policy, abbreviated as a policy, is the official written proof of the insurance contract between the insurer and the insured. The policy must fully record the rights, obligations, and responsibilities of both parties to the insurance contract. The content recorded in the policy serves as the basis for both parties to fulfill the contract. The policy is proof of the establishment of the insurance contract. Advantages of Electronic Insurance Policies: Saves paper resources, eliminating the need to print insurance proof labels; Saves time and is convenient, not restricted by time or location, with information universally accessible online anytime, quickly and easily; Can apply for reissuance or resending, no need to worry about losing it, and if a paper version is needed offline, it can be printed or mailed; Easy management, with electronic unification making it convenient for insurance companies and traffic police departments to manage the insurance information of various vehicles.