Does Vehicle Transfer Include Insurance Transfer?

[Teddy]

Vehicle transfer does not include insurance transfer. When completing the transfer procedures for a motor vehicle, only the vehicle ownership transfer is processed. The vehicle's insurance, such as compulsory traffic insurance (CTI) and commercial insurance, must be separately transferred at the insurance company and cannot be processed together with the vehicle transfer. To transfer motor vehicle insurance, both parties only need to bring their valid identification documents and the vehicle registration certificate to the insurance company to complete the insurance transfer procedures. The process can typically be completed within one business day. If the insurance is not transferred, it may cause inconvenience for future use. After selling a motor vehicle, commercial insurance can be directly canceled. The premium will be deducted based on the number of days used, and the remaining amount will be refunded to the original owner. When selling a vehicle, it is important to note that if commercial insurance is not canceled, the transfer procedures must be completed. Compulsory traffic insurance (CTI) must follow the vehicle, not the owner. After selling a car, the CTI will automatically be transferred to the new owner's name. It is important to note that CTI must be paid mandatorily until the vehicle is scrapped. Even if there are missed payments, they must be settled during the transfer or scrapping process. Unlike CTI, which is mandatory and follows the vehicle, commercial insurance allows the owner to either cancel the policy or transfer it to the buyer. To change the policyholder of commercial insurance, both the original and new owners must bring their ID cards, vehicle registration certificate, driving license, transfer documents, and the original insurance policy to the insurance company to apply for the transfer.