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Do I need to re-register my CTP insurance when buying a car
Motorists often wonder what to do with their insurance policy after completing a car purchase and sale transaction, and whether they need a new document. The law on compulsory insurance makes mention of this. In particular, it states that, despite a change of ownership, an agreement with an insurance company concluded for a particular car may remain in force until the original expiry date. But this requires the mutual consent of both parties. Let's take a look at the nuances of renewing a CMTPL policy.
Transfer of the policy to the next owner
This is the easiest way to transfer the right to own a policy. The fact is that when you change the owner of a car, its VIN code (body, chassis and frame numbers) does not change. This is how you can identify the insured car, even if you decide to change the number plates.
If the former owner of the vehicle wants to transfer the insurance for use, he simply gives it back during the transaction. The procedure takes place by agreement (free of charge or for a fee). According to Ukrainian law, this is permitted, as the CMTPL covers all drivers of the vehicle, regardless of the name registered in it. In addition, the new owner of the insurance can be an heir (after the insured's unexpected death) or a legal successor if the company ceases to exist.
After the document expires, the next insurance is issued in the name of the new owner.
Transfer of the balance
Sometimes, for some reason, the owner does not want to transfer the MTPL insurance to the buyer, but plans to transfer it to a new car. In this case, you should contact the insurance company with an application. The manager will make a recalculation, deduct the cost of the previous period, and issue a new document free of charge.
This option is suitable if you simultaneously terminate the old contract and enter into a new one. Do not forget that the transfer will be possible only for policies for which there have been no payments.
The buyer of the car will have to buy a new MTPL insurance policy in their own name.
Termination of the contract with the balance in hand
If there are no plans to buy a car in the near future, and the new owner does not need the previous insurance for some reason, you can terminate the contract with the insurance company yourself. In this case, it will be possible to return a small amount for the unused period. However, you need to take into account several nuances:
- the balance will be refunded only if there were no payments for insured events;
- as a rule, the insurer reserves the right to withhold up to 20% of the remaining funds for case management and recalculation.
To terminate the contract and receive the money in hand, it is enough to simply contact the nearest office of the insurance company.
Knowing about these methods, the owner of an MTPL policy can easily choose the best option for himself (transfer the contract, reissue it for a new car or take the balance) and save his money.
