Missold car insurance

Sadiepaw

Hi there,
I wondered if anyone could help. Our landrover was stolen this week and we have a trade policy in my dads name with myself and mum on as named drivers. We were told that all cars were insured - they have dets of cars we currently drive, and we are insured to drive other vehicles as we buy and sell a few cars.
Now been told that the Landrover isnt insured as its registered in my name rather than my dads?! I am confused - never told this before and had we of known we either wouldnt have gone with this policy or would have made sure everything was in my dads name....
I think we were missold the insurance - we went through a broker and have spoken to them who say that the registered keeper is not an issue.....someone somewhere is in the wrong.

Any help, advice, similar stories would be welcomed.

ILW

Was the stolen car on the list registered with the insurance co?

Sadiepaw

yes it was and has been registered to our address since 2004 but was in my name rather than my dads

dunstonh

As you used a broker you have greater consumer protection as the broker has to make sure the policy is suitable to your needs and point out any key risks. Any decent broker would also be acting on your behalf where the insurer is not correct and is creating an issue. What is your broker doing about it?

Sadiepaw

we have contacted the broker who have said that we are insured but have left it to us to call the insurance company. I was also thinking that they should be doing more and should be chasing this up for us - after all that is surely what we have paid them for?

dacouch

It's a common requirement with most Road Risk Motortrade Policies which by the sounds of it you have.

Any broker with any reasonable knowledge would know this, there would also be a big notice about this on the form your father completed.

The motortrade Insurer intend to cover your fathers vehicles and his stock vehicles, the reason for the exclusion is to prevent the named drivers such as yourself covering their own personal vehicles on the motortrade policy.

How long have you had the motor trade policy for ?

Which one of the following delightful Insurers is it with MMA, Tradex, Motortrade Solutions, Tradewise or Chaucer

Sadiepaw

Thank you for your posts.
We have had a motortrade policy for several years however have recently changed to LV. We have had the car since 2004 and is used by myself and father but I am the registered keeper - this is purely in name as we both live at the same address and both use the vehicle.
They have a list of cars that we own and this is one of them. They are saying that it is insured but not for theft as not in my fathers name. We were not advised of this in taking out the policy, had we known all the cars would be in my dads name...is this just a loophole so they dont have to pay out?

Sally_A

Looking at the LV (Highway policy) website and key facts summary, it appears they only cover Business Asset vehicles. Personally owned vehicles can be covered but only if they are the property of the policyholder (ie your Dad), and they must be disclosed.

foggytown

Sally_A wrote: »

Looking at the LV (Highway policy) website and key facts summary, it appears they only cover Business Asset vehicles. Personally owned vehicles can be covered but only if they are the property of the policyholder (ie your Dad), and they must be disclosed.

All of which should have been known by the broker and taken into account by him. Sounds like a potential E&O claim against the broker but best to get a solicitor's opinion. This should also be a cautionary example for those in here who continually trumpet the "you have only yourself to blame if you don't use a broker" tune.

Loughton_Monkey

The primary purpose of a Motor Trade policy is to cover all vehicles owned by (but not registered in the name of) the policyholder.

Quote

Loughton_Monkey wrote: »

The primary purpose of a Motor Trade policy is to cover all vehicles owned by (but not registered in the name of) the policyholder.

Explain please.