Difficult car insurance problem ..... any ideas?

posh_scouse

WE currently have:

1. Toyota Prius - Owned by and V5 in partners name - insured for him as main driver plus me as additional driver

2. MErcedes SLK - Owned by partner, V5 in my name - insured in my name - him as additional driver

We also *own* a third car - a Chrysler 300C. I say *own* as its a bit complicated. Was bought on finance in his ex girlfriends name but is his car and has his name on the V5. I assume legally she is the owner. We pay the finance. Its currently SORN.

what we'd like to do is SORN the SLK for the winter and put the chrysler back on the road (more suited for winter conditions). When it was insured in his name, with me as an additional driver, no problems. But because of the finance issue, if we declare *other* as the owner - no one will insure us with me as the driver - or even him now she's an ex.

Its not car finance just a personal loan for the money - so does that actually make her the owner - or could she sign over the car to him - hence removing the issue for insurance

hglossop

If it's just a personal loan for the money then his ex would likely be the registered owner, meaning she could just sign the car over to him if she is willing to do so.

Insurers only tend to insure a car where you have an insurable interest in the car - such as owning it. Also means there isn't a question as to who to pay should the car be written off - policy holder vs owner.

Saying that they are usually happy with a close relation such as parents or a spouse being the owner. Currently my mum is the owner of my car and only adrian flux had an issue with that when getting quotes.

phill99

From what you are saying, the finance was a personal loan and not car finance (which is secured against the car). He would appear to own it and she is paying off a personal loan which coincidentally was used to buy the car.

I think the only complex thing us your lack of understanding of car finance versus personal loans.

posh_scouse

phill99 wrote: »

From what you are saying, the finance was a personal loan and not car finance (which is secured against the car). He would appear to own it and she is paying off a personal loan which coincidentally was used to buy the car.

I think the only complex thing us your lack of understanding of car finance versus personal loans.

Well that was my understanding - but having just managed to find said loan papers - which we have BTW not her - I fear it may be car finance.

Either way we pay it. the money goes into her account the day before the finance goes out.

the reason for it being in her name was at the time, his car died, he was in an IVA so couldnt get finance in his name, so she offered. He thought it was a personal loan, I think it may be car finance.

Personally I'd like to sell my SLK and the Chrysler (there is a deficit over what is owed to what we could trade it for) and just get a CLK that serves all purposes.

Sadly neither me nor him would get finance over and above the prius so we are stuck for now.

If it were car finance - woudl that make a difference because it doesnt change the reality of the situation

InsideInsurance

It all depends, normally if it is car finance then the finance company is the owner of the car and he is the registered keeper.

Don't always take websites on trust on what an insurer wont do. A certain insurer of naval background's website said it wouldnt insure a past car because it was leased but a quick call to them and their checking with their technical team and it was insured at standard rates.

Whilst insurable interest is certainly an important concept I wish some people would actually learn it rather than just quote the words. You do not have to be the owner of something to either have an insurable interest or buy insurance on it.

mikey72

phill99 wrote: »

From what you are saying, the finance was a personal loan and not car finance (which is secured against the car). He would appear to own it and she is paying off a personal loan which coincidentally was used to buy the car.

I think the only complex thing us your lack of understanding of car finance versus personal loans.

A bit naive. Even if it was a personal loan, it doesn't prove ownership. Even the audit trail for the money doesn't proves it wasn't a gift. If it's on finance, it's unusual for the v5 not to be in either the finance companies name, or the "owner" paying the finance.

hglossop

InsideInsurance wrote: »

Whilst insurable interest is certainly an important concept I wish some people would actually learn it rather than just quote the words. You do not have to be the owner of something to either have an insurable interest or buy insurance on it.

I was just going off what some insurers have said to me - some are fine with me not owning a car, others refuse to quote unless i own it giving off a spiel about insurable interest etc.

Annoying how things can vary so much between insurers sometimes