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Named driver on car insurance
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The budgeting guide on beatmydebt.com says car insurance is a permitted expense, but I don't understand how it works if the car belongs to someone else.
My wife has a car and I don't, so I'd like to be a named driver on her insurance. She pays annually up front. If she pays the extra right now to have me added, can I pay her back monthly and budget for that if I get a DRO? Or would it count as her lending me the money, meaning it had to be written off?
What about saving up in advance to be on next year's insurance, from November? Would I be allowed to include that in my budget, and how would I deal with not having an exact price yet? The insurer won't quote more than a month in advance. We know what they would charge us now for insurance starting in May, but prices might (no, will...) go up from there.
I should mention that I don't need the car for work at the moment, because I can cycle there :-) I might need to drive for a temporary summer job between June and September. Am I allowed to spend anything on a car if I don't need it to commute in?
My wife has a car and I don't, so I'd like to be a named driver on her insurance. She pays annually up front. If she pays the extra right now to have me added, can I pay her back monthly and budget for that if I get a DRO? Or would it count as her lending me the money, meaning it had to be written off?
What about saving up in advance to be on next year's insurance, from November? Would I be allowed to include that in my budget, and how would I deal with not having an exact price yet? The insurer won't quote more than a month in advance. We know what they would charge us now for insurance starting in May, but prices might (no, will...) go up from there.
I should mention that I don't need the car for work at the moment, because I can cycle there :-) I might need to drive for a temporary summer job between June and September. Am I allowed to spend anything on a car if I don't need it to commute in?
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Comments
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If you don't NEED the car, chances are it won't be included. I needed mine to get to work so it was permitted.
I am no expert but I would say the cost to her of adding you should be included, and for you to 'pay her back' each month. This isn't really a loan - just as if you purchased your own car insurance and paid in installments. You still sign a credit agreement but it is permitted under the IVA.
Saving for nex year's though - I don't think you'd get that permittedI am employed as a manager in a financial services institution. My views are entirely my own.0 -
A DRO is different from an IVA regarding a car!
You are allowed to have a car as long as its value is less than £1000, and David, you would need to include the amount you pay on the insurance per month in your SOA. As said, I dont think saving for next year would be allowed but im sure an expert will advise better on that:jEngaged 25/12/11 :j
:smileyheaMarried the man of her dreams and became Mrs M on 26th April 2013 :smileyhea0
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