How to Transfer Compulsory Traffic Insurance for a Transferred Vehicle?
1 Answers
First, complete the transfer procedures at the vehicle management office. Then, bring the compulsory insurance change documents: the vehicle registration certificate after the transfer, the used car transaction invoice, the compulsory insurance policy, the ID cards of the original compulsory insurance policyholder and the new owner, and request the transfer at the insurance company where the policy is held. Compulsory insurance has a validity period. If it expires, it must be renewed promptly. Failure to pay compulsory insurance will result in administrative penalties. If the police find that a motor vehicle has not been insured with compulsory insurance as required, the public traffic management department will impound the vehicle, notify the owner to purchase insurance, and impose a fine of twice the premium amount for the minimum liability coverage. The liability limits in the compulsory insurance contract refer to the maximum compensation amount the insurer will pay for personal injuries, deaths, and property losses of all victims in each accident involving the insured vehicle. The liability limits are divided into death and disability compensation limits, medical expense compensation limits, property loss compensation limits, and compensation limits for the insured's no-fault in road traffic accidents. The no-fault compensation limits are further divided into no-fault death and disability compensation limits, no-fault medical expense compensation limits, and no-fault property loss compensation limits.