Car Insurance re: legal owner of the car

girlinabox

Hi,

My car insurance renewal states that I am the legal owner and keeper of the car, however I am not the legal owner, just the registered keeper. When I obtained my insurance last year I told the IC over the telephone that the car is being paid for on a finance deal which is not in my name but that the registration documents are in my name and they said this is fine. I am just a bit worried in case something happens...should I call them and tell them this is incorrect? Am worried the premium will increase if I do, however if their calls are recorded they can surely prove I pointed this out to them last year....

...any thoughts?

Thanks!

dogbot

This sounds like a fairly standard situation. You have basicaly purchased a vehicle using a credit facility, so do remain the legal owner of the vehicle. Most people who purchase a new car in the UK do so using some kind of finance so I would not worry. If you are really worried, a 5 min phone call to your insurer's customer service department should suffice.

girlinabox

dogbot wrote: »

This sounds like a fairly standard situation. You have basicaly purchased a vehicle using a credit facility, so do remain the legal owner of the vehicle. Most people who purchase a new car in the UK do so using some kind of finance so I would not worry. If you are really worried, a 5 min phone call to your insurer's customer service department should suffice.

Thank you for your reply. The finance agreement is not in my name though. Basically my manager bought the car in his name which he pays for but which then comes out of my salary. Does this still apply?

BruceyBonus

Phone the insurance company and let them know anyway. It is better to be safe than sorry!

dogbot

OP, the car has still been purchased on credit, and that credit liability should be entirely separate to the ownership of the property on which it is secured. This does sound like a more complicated situation than standard so definatly call the insurer to explain, though I still don't think there should be an issue if your name is on the V5c.

Is this actualy a company car?! If so you need a business driver policy.

girlinabox

No it isn't a company car. My manager bought it to help me out as I had loads of car problems and I cannot get credit myself. It is my car to do with whatever I please so far as he is concerned.

dogbot

Fair enough, well, you should have no trouble, but make sure the insurer is aware of the situation.