How to Transfer Insurance When Buying a Used Car?

[Rodney]

When purchasing a used car, you can choose to either change the policyholder or apply for cancellation and transfer of insurance. Below are the relevant details regarding used car insurance transfer: 1. Changing the policyholder: First, prepare the necessary documents including ID cards of both parties involved in the transfer, the new vehicle license, the motor vehicle registration certificate, and the original insurance policy. Then, visit the previous insurance company to fill out a 'Vehicle Transfer Application Form' to complete the transfer process. 2. Applying for cancellation: If the new owner is dissatisfied with the previous owner's insurance company or finds the transfer procedure too cumbersome, they can directly apply for cancellation to terminate the original insurance policy. 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 amount. After cancellation, the new owner can select a new insurance company and purchase a new policy for the vehicle.