Will the Insurance Premium Increase After a Car Transfer?

[Amber]

Will the Insurance Premium Increase After a Car Transfer? The insurance premium for a car will increase after the transfer. After the vehicle is transferred, the original discounts on insurance premiums will be canceled. The compulsory traffic insurance will revert to its original price in the first year, and the commercial insurance can only be discounted by up to 95%. Change of Policy Holder: The new owner of the used car should bring the transfer receipt, a copy of the vehicle registration certificate, the original insurance policy, their ID card, and the ID card of the original policy holder to the original insurance company. They need to fill out a transfer application form to complete the policy amendment and transfer. Application for Policy Cancellation: To apply for policy cancellation, only the premium from the start of the insurance period to the cancellation date needs to be paid. The remaining premium will be refunded by the insurance company accordingly. Policy Process: The insurance transfer for a used car essentially involves changing the beneficiary and license plate number on the original insurance endorsement after the used car transaction.