Does Motorcycle Insurance Also Transfer with Ownership?
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After purchasing a used motorcycle, the motorcycle's ownership has been transferred, and the insurance also needs to be transferred. The specific details are as follows: 1. Insurance transfer is required: If the original insurance of the vehicle is still valid, the transfer procedure can be processed. If it has expired, the new owner will need to purchase insurance separately. 2. The policyholder and the insurer can negotiate to modify the contract terms: Article 20 of the Insurance Law stipulates that the policyholder and the insurer can negotiate to modify the contract terms. The insurer shall endorse the policy or other insurance certificates with the amendments, or the policyholder and the insurer shall enter into a written agreement for the modifications. 3. Written notification to the insurance company and application for endorsement are required: If the insured vehicle is sold, transferred, gifted to others, or its use is changed, the insured must notify the insurance company in writing in advance and apply for endorsement. Once the insured vehicle is transferred, the original policy becomes invalid. Additionally, after the transfer of ownership of a used vehicle, the insurance policy must undergo endorsement procedures for the insurance company to continue covering the insured vehicle.
