After identifying the license plate, selling a used car will get a refund of the motorbike insurance premium.
The motorbike insurance certificate has the license plate number. So, when selling the motorbike, can the seller transfer the insurance?
Mr. Nguyen Anh The in Nam Dinh asked, I have an old motorbike that I want to sell. Currently, my motorbike has a 3-year motorbike insurance (about 200,000 VND). Now I want to sell the motorbike to Mr. Tran Thanh Lam. So, can I transfer the motorbike insurance to Mr. Lam to avoid having to buy new insurance?
Discussing this issue with Lao Dong, lawyer Nguyen Thu Trang, Hung Dao Thang Long Law Office, said that first of all, according to the provisions of Circular 24/2023/TT-BCA, effective from August 15, 2023, when buying and selling a vehicle, the parties must carry out the procedures for revoking the registration certificate and the procedures for registering the vehicle's name change. Vehicles that undergo the procedure for registering the name change will be subject to the revocation of the registration certificate and license plate.
Regarding motorcycle insurance regulations, Clause 3, Article 9, Decree 67/2023/ND-CP stipulates that when there is a transfer of ownership of a motor vehicle, if the validity period stated on the insurance certificate is still valid, the old motor vehicle owner has the right to terminate the insurance contract according to regulations.
Article 11 of Decree 67/2023/ND-CP, the compulsory motor vehicle liability insurance contract will terminate from the time the vehicle's vehicle registration certificate and license plate are revoked.
Thus, currently, when buying a used motorbike, the new owner can no longer inherit the vehicle insurance.
After selling the car and completing the procedures to revoke the registration and license plate, the insurance contract that the previous owner purchased for the car will terminate.
At this time, the insurance company is responsible for refunding the insurance premium paid to the insurance buyer corresponding to the remaining term of the insurance contract from the time the contract terminates.
According to Clause 3, Article 9 and Article 11 of Decree 67/2023/ND-CP, when selling the vehicle and completing the repossession procedure, the vehicle owner will be refunded the insurance premium paid by the insurance company corresponding to the remaining term of the contract.
For example: Mr. The bought motorbike insurance for 3 years with a premium of nearly 200,000 VND. However, after only 1 year of use, Mr. The sold the motorbike to Mr. Lam. At this time, Mr. The will be refunded 2 years of insurance premium.
