How to Transfer Commercial Insurance for Used Cars?
1 Answers
Methods for transferring commercial insurance in used car transactions: After the vehicle ownership transfer is completed at the vehicle management office, the new owner of the used car should bring the transfer invoice, copy of the vehicle license, original insurance policy, their ID card, and the original policyholder's ID card to the original insurance company. By filling out a transfer application form, the endorsement transfer can be completed. Below are relevant details about transferring used car insurance: 1. Changing the policyholder: First, prepare the ID cards of both parties involved in the transfer, the new vehicle license, the vehicle registration certificate, the original insurance policy, and other required materials. Then, visit the original insurance company to fill out a 'Vehicle Transfer Application Form' to complete the transfer. 2. Applying for policy cancellation: If the new owner is unsatisfied with the previous owner's insurance company or finds the transfer process too cumbersome, they can directly apply for policy cancellation to terminate the original insurance. When applying for cancellation, only the premium from the start of the insurance period to the cancellation date needs to be paid, and the insurance company will refund the remaining fees. After cancellation, the new owner can choose a new insurance company and repurchase insurance for the vehicle.
