How to Transfer Commercial Insurance for Used Cars?

[SanDominic]

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.

[StLandon]

When buying a used car, transferring the commercial insurance is something I pay special attention to. The basic steps are: the new owner brings their ID, vehicle registration certificate, and goes to the insurance company with the original owner to complete the procedures. Bring the original policy and fill out the transfer application form. After the insurance company reviews it, they will update the policy under the new owner's name, and the premium may be adjusted. I found timing is crucial: it's best to complete this within a week after the transaction to avoid difficulties in claiming compensation in case of an accident during the gap period. Some cities support APP pre-booking, saving queuing time. If the transfer isn't completed and an accident occurs, the insurance company may refuse to pay because the names don't match, and the original owner could also face trouble. It's advisable to specify this responsibility in the contract when buying and selling, reminding both parties to execute it. Don't find it troublesome—a small procedure ensures great safety.

[HarmonyFitz]

With a limited budget, I aimed for cost and effort savings when transferring commercial insurance. First, contact the insurance company to confirm policies: some regions allow the original owner to authorize the new owner to handle the transfer alone, saving trips for both parties. Bring necessary documents: ID card, vehicle license, and a copy of the original policy. The process is straightforward: submit the materials, sign the paperwork, and it’s usually free or costs a small fee of a few dozen yuan. I learned a lesson: check the original policy’s validity period and discounts; if it has more than six months left and the rate is low, transferring and retaining it can save hundreds compared to buying a new policy. But don’t risk major losses for minor savings—failing to transfer means paying out of pocket for any incidents, which is far more expensive. Advice for new buyers: transfer immediately after purchase to avoid coverage gaps, and consider temporary insurance to cover risks if needed. Don’t delay—safety comes first.

[McKhloe]

As a car owner, I emphasize the legal responsibility of transferring commercial insurance. Take prompt action after the transaction: both owners should go to the insurance company with their ID cards, vehicle documents, and policy. After completing the procedures, the policy will be transferred under the new owner's name. The key is to ensure the names match to avoid claim rejection in case of an accident. The risks are significant—failure to handle it may result in the original owner being sued and the new owner bearing the losses. I recommend reviewing the 'Insurance Law' before buying or selling and keeping the transfer receipt afterward. Complete this before driving on the road—don’t overlook it.