Car Insurance question

zoominov

Does the policyholder have to be the registered keeper and owner the the car to be insured ?

I'm only 40 days into my insurance and had a accident , the settlement fee is going to the finance company and the difference is £300 which i will pay , As i am only 40 days into my policy the accident is deemed my fault as the other driver hit me and drove off , what my question is will i be able to get a refund or cancel it as i Can't afford a car at the moment got other priorities That i want to see to first , or once i buy a car can i go back to my policy for the record the policy is with privilege.

weejonnie

You won't be able to get a refund on the policy as the insurance company have paid out and won't get their money back.

The policyholder does NOT have to be the registered keeper and owner of the vehicle but must have an insurable interest in it. In the past we used quite often to insure cars that were owned by a company but given to a director, say, for their own personal use. It was merely noted that the vehicle was owned by the company. This is exceptional circumstances, however, and these days when there is no such thing as flexibility or underwriting in car insurance you will find cover difficult to find.

The problem you may have is that Priviege may regard the policy as used up if you don't get a replacement car (or even if you do!) as you have had a total loss claim. I am unfamiliar with the policy wording. This means that a new policy would be required when you bought a new car even if during the normal period of the policy.

zoominov

I rang up my insurance company yesterday they said the policy holder has to be the registered owner , so if i get a replacement car do i have to get a new policy and will be given a discount on the new policy ? , so whats the point of getting another car which i can't afford atm , so i've pretty much lost the money brilliant

Quentin

Check your policy wording to see what happens after a total loss payout. Some policies do end after a total loss.

If that is the case, then you will need a new policy if you get another car.

Whatever you discover, your claim means that you won't get any refund on the year's premium.

And no special discount when buying a new policy either.

You can expect a premium loading because of your claim, and unless you had it protected, a loss of 2 years NCD.

If you are able to continue the policy with a replacement car, then check that your chosen replacement is one they will cover before you buy it!

chanz4

I hope they are making a claim on the MIB , untraced driver

weejonnie

chanz4 wrote: »

I hope they are making a claim on the MIB , untraced driver

Unless I am mistaken I don't think that they can!

If the driver is untraced then all that can be claimed is personal injury. If the driver is uninsured then they can claim for material damage (subject to a £750 excess). This is to stop people damaging the car and then claiming an unknown driver did it, going through the MIB.

The claim doesn't come from the MIB either - the MIB appoint an insurance company (in rotation) to deal with the claim if they have the vehicle details then it will usually be the insurance company who last insured it being the closest insurer in actuality.

Quentin

weejonnie wrote: »

Unless I am mistaken I don't think that they can!

If the driver is untraced then all that can be claimed is personal injury. If the driver is uninsured then they can claim for material damage (subject to a £750 excess).....

You seem mistaken!

The MIB operates the "untraced driver scheme", whereby as long as the vehicle is identified you have up to 3 years to claim for injury and 9 months to claim for damage.

(The excess is £300.)

zoominov

chanz4 wrote: »

I hope they are making a claim on the MIB , untraced driver

They can't he drove off