How is the first year insurance calculated for a transferred vehicle?
2 Answers
The compulsory insurance for a transferred vehicle is calculated at the original price in the first year, while commercial insurance is calculated by the company. Here is an introduction to the insurance knowledge for transferred vehicles: 1. Introduction: If the transferred used car was not previously insured, the new owner must purchase compulsory insurance and commercial vehicle insurance according to the standards for new cars. If the purchased used car originally came with insurance, the new owner must complete the insurance policy transfer procedure after the vehicle transfer process. Except for the first year's compulsory insurance, which must be calculated and paid at the original price, subsequent vehicle insurance can be purchased according to the owner's choice. 2. Insurance types: Owners can choose a suitable insurance combination based on actual conditions: It is not necessary to purchase too many types of insurance. Depending on the actual condition of the vehicle and personal circumstances, try to choose an applicable combination that can cover the main types of insurance.
I just transferred ownership of a car, and the insurance premium for the first year is really not cheap. When calculating the premium, insurance companies mainly consider several factors: the current market value of the car (such as depreciation due to age), your own driving record (whether there have been any accidents), the region, and the type of insurance. In the first year after the transfer, because you are a new owner and the insurance company lacks your historical data, the premium is often higher, possibly even more expensive than what the previous owner paid. The compulsory traffic insurance part is set by the state, with fixed costs based on the number of seats, while commercial insurance varies greatly depending on options like car damage insurance and third-party liability insurance. I recommend getting quotes from several insurance companies soon after the transfer—you can also compare them using apps. Maintain a good record, and the premium will drop in the second year. Don’t forget about discounts, such as installing a GPS anti-theft system for a lower rate. In short, calculating insurance for a transferred car in the first year is quite complicated, but preparing in advance can save you a lot of money.
