Insurance When Selling Car Privately
Hi,
I am selling a used vehicle, and a potential buyer says he's ready to come and purchase it tomorrow evening. He has indicated he will bring his own temporary plates to affix to the car. I assume this is okay because I have read (on a non-official site) that "If you operate the motor vehicle within six days of purchase but have been unable to transfer the vehicle into your name for some reason (possibly it was purchased during a weekend), you must have affixed to the vehicle your own validated licence plates."
My questions are:
a) Is this true? Can the buyer use his own licence plates on the new car, prior to registering the car with the MTO?
b) What happens with my, i.e. the seller's, insurance coverage? Given that this is after-hours, and I won't be able to cancel my insurance until the following morning, does this mean that I am still insuring the car for this one-night period when I no longer own the car? And, in line with this, if the new owner gets into an accident, I will be responsible??
Any insight into this would be appreciated. None of the MTO sites on buying/selling used vehicles privately in Ontario seem to address the insurance side of things.
Thanks.