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Use of Car Discontinued/Car Ownership Transfer/Car Bought on Hire-purshase

Facts that you may not know (1)

Use of Car Discontinued

The insured person may notify the insurer when he/she stops using the car to ask for the refund of the premium, but advance notice must be given, for example, when he/she has to travel abroad for a long period of time).  The refund will be based on a daily average.

No premium will be refunded in the following event:  Discontinuation during the repair period or discontinuation of use for less than 30 days.

Car Ownership Transfer

After the insured person has transferred ownership of his/her car to another person, the transferee shall become the insured person under such policy, and the insurance company will continue to be liable according to the insurance policy throughout the remaining term of the policy.  In the case that the name(s) of the driver(s) is (are) identified, the insured person must notify the insurance company about the change in the name(s) of the driver(s), so that the premium may be adjusted to be appropriate to the changing risks.  Otherwise, the insured person may have to be liable for initial damage payment according to the conditions set forth in the policy.

Car Bought on Hire-purchase

For insurance of a hire-purchase car, the insurance company shall prepare a policy that identifies the person who hire-purchases the car as the sole insured person.  For allocation of proportional benefits to the person buying the hire-purchase car, the insurance company shall refer to the appendix of the insurance policy.