Does Insurance Follow the Car During Transfer?
1 Answers
When a car is transferred, the insurance typically follows the vehicle. Generally, for a used car being transferred, the original insurance is still valid. After completing the transfer process, the new owner must update the registration certificate with their information and obtain new license plates and the vehicle registration booklet. Both parties can then proceed to transfer the insurance. Below is an introduction to the used car transfer process: 1. Insurance Transfer: Transferring insurance for a used car does not incur any fees, and the required documents are relatively simple. Both the buyer and seller should visit the insurance company with the original policy, vehicle registration certificate, and the transfer invoice, among other documents. The vehicle itself does not need to be brought to the insurance company. After submitting the documents, the insurance company will review them on the spot and issue an endorsement to complete the insurance transfer. 2. Cross-Region Transactions: Transferring a used car across regions can be more complicated. After the vehicle is transferred to the buyer, the buyer is not obligated to transfer the original owner's insurance. They may choose to cancel the original insurance, but the compulsory traffic insurance (which can also be canceled and reissued after obtaining local license plates) must be retained.
