What are the impacts of not transferring insurance after selling a car?
1 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.