Is it necessary to purchase insurance for a used car by oneself?
1 Answers
Insurance for a used car is similar to that for a new car. After the vehicle is transferred, the insurance follows the transfer, and the insurance renewal can be processed directly with the insurance company where the policy is held. The original owner usually cancels the commercial insurance but retains the compulsory traffic insurance, as the compulsory insurance cannot be canceled in principle. After cancellation, the new owner can re-insure with any insurance company. Below is additional information: 1. Transfer of used car insurance: The transfer of used car insurance mainly involves two methods—changing the policy details or canceling the existing policy and obtaining a new one. The former involves changing the insured and owner while keeping the insurance content unchanged. The latter involves canceling the original car insurance and paying the premium for the period from the start of the policy to the cancellation date. 2. Reasonable purchase of insurance: One of the reasons buyers choose used cars is to save costs, and the selection of car insurance should follow this principle. When insuring a used car, owners should not blindly purchase insurance but should eliminate coverage that is meaningless for a used car. However, they should not just go for the cheapest option; it should be based on their actual needs—what suits them best.
