What are the impacts of not transferring insurance after selling a car?
2 Answers
The impacts of not transferring insurance after selling a car are as follows: 1. No traffic accident occurs: After the vehicle is sold, the insurance period is only one year, and it must be repurchased upon expiration. If no insurance incident occurs during this period, there is basically no impact when purchasing insurance yourself after it expires. 2. A traffic accident occurs: Regulations stipulate that commercial insurance must be transferred. The motor vehicle insurance clauses stipulate that during the insurance period, if the insured vehicle is sold, transferred, gifted to others, or its purpose is changed, the insured must notify the insurance company in writing and apply for endorsement. Otherwise, the insurance company has the right to refuse compensation. 3. Insurance company claims: As long as the accident is not caused by illegal driving, the insurance company can still settle the claim within the scope of liability. The trouble is that the insurance company stipulates that the compensation must be paid to the insured, which means the insured's ID card and bank card must be provided. 4. Insurance company refuses to settle the claim: The most important thing is that once personal injury, death, or disability occurs, the consequences of the accident are serious, and huge compensation is required. If the new owner is unable to compensate, the original owner will bear joint liability.
As a seasoned driver with over a decade of experience, I sincerely advise you not to forget transferring the insurance when selling your car. I learned this the hard way: after selling my car without transferring the insurance, the new owner sped and hit a pedestrian. The police traced it back to me, and the insurance company refused to cover the new owner's accident. I had to pay nearly 50,000 yuan in medical and legal fees! What a rip-off. Not only that, my insurance premiums kept being deducted for nothing, and the new owner drove an uninsured vehicle, having to pay for any accidents out of pocket. Transferring is simple—just bring your ID, insurance policy, and sales contract to the insurance company. It takes less than half an hour. Safe driving isn’t just about behavior on the road; it’s also about these small but crucial details to prevent future troubles.