How to Buy Insurance for a Second-hand Car That Has Just Been Transferred?
2 Answers
After the original owner of a second-hand car that has just been transferred completes the cancellation procedures for the insurance, the new owner can then go to any insurance company to reapply for car insurance. Below are the relevant details: 1. Required insurance: Compulsory traffic insurance must be purchased as it is a mandatory insurance stipulated by national law. Additionally, commercial insurance such as vehicle damage insurance, third-party liability insurance, and no-deductible insurance are highly recommended. 2. Regulations: The new "Insurance Law" stipulates that the new owner can directly inherit the insurance of the original owner without having to go to the insurance company to complete the transfer procedures. It also stipulates that after the vehicle is transferred, the original owner or the new owner should promptly notify the insurance company. Since the transfer of the vehicle may increase the risk level, the insurance company can increase the insurance premium or terminate the contract within 30 days according to the contract agreement.
I've bought three used cars, and the most important thing after transferring ownership is to purchase insurance promptly and bring all the required documents. Remember to bring the vehicle registration certificate, new license plate, your ID card, and a copy of the previous owner's ID card straight to the insurance company. Compulsory traffic insurance follows the car, not the owner, so it must be transferred immediately. For commercial insurance, you can cancel and repurchase it. The insurance company will ask you to sign a transfer application form—remember to request a check on the car's previous claim records. Last time, I went for a cheap deal without checking the records and later found out the car had been in a major accident. The next year, my premium went up by 30%. A word of advice: after the transfer, it's best to recalculate the coverage amount for commercial insurance. Insuring a used car at the price of a new one is a huge rip-off.
