Admiral won't insure a car bought with PCP ?

The_Governor

It's also annoying because the bad advice might force me to cancel my policy and have to pay more elsewhere, just because someone doesn't know their job.

InsideInsurance

I think you have answered a question wrong to them. There is nothing in the standard questions that would reveal it is a PCP as you are the owner and registered keeper.

They certainly had no issues with insuring my car on PCP - though with no new car replacement it is a weak policy for a brand new car. When I was considering a Lease rather than PCP the advisor did have to go away and check as their system initially declined it but subsequently said it would be ok as long as the lease extended beyond the end of the policy.

Penelopa.Pitstop

There's no problem with insuring with Admiral the car which is on PCP or lease. When you go to the online form, you have options to choose: the owner, registered keeper and privately leased.

Maybe person you talked to, thought about PCO licence, that would explain all the talk about car for hire and transporting other people.

Go to Admiral website and check online form and read their T&C. More than 60% of new cars are sold on finance and there's no problem with insuring them.

The_Governor

InsideInsurance wrote: »

I think you have answered a question wrong to them. There is nothing in the standard questions that would reveal it is a PCP as you are the owner and registered keeper.

They certainly had no issues with insuring my car on PCP - though with no new car replacement it is a weak policy for a brand new car. When I was considering a Lease rather than PCP the advisor did have to go away and check as their system initially declined it but subsequently said it would be ok as long as the lease extended beyond the end of the policy.

Actually that's not correct, under PCP you are the registered keeper but not the owner (at least not with BMW Select)... you don't become the owner until payment of the final balloon payment.

The_Governor

Penelopa.Pitstop wrote: »

There's no problem with insuring with Admiral the car which is on PCP or lease. When you go to the online form, you have options to choose: the owner, registered keeper and privately leased.

Maybe person you talked to, thought about PCO licence, that would explain all the talk about car for hire and transporting other people.

Go to Admiral website and check online form and read their T&C. More than 60% of new cars are sold on finance and there's no problem with insuring them.

That's true, although if you pick the selection so that you're the keeper but not the owner, you won't get an online quote but get told to call in. That said, I still firmly believe they do cover PCP it's just a question of finding someone who knows what they're doing...

InsideInsurance

The_Governor wrote: »

Actually that's not correct, under PCP you are the registered keeper but not the owner (at least not with BMW Select)... you don't become the owner until payment of the final balloon payment.

That isnt how PCP normally works but how HP works.

With PCP you are normally the legal owner but the finance company has a registered interest in the vehicle. Indeed speaking to a local BMW dealership on live chat they advice the BMW Select PCP works in the same way.

The_Governor

InsideInsurance wrote: »

That isnt how PCP normally works but how HP works.

With PCP you are normally the legal owner but the finance company has a registered interest in the vehicle. Indeed speaking to a local BMW dealership on live chat they advice the BMW Select PCP works in the same way.

That's interesting, thank, which means the guy I asked at the BMW dealer also doesn't know!

Wouldn't it be nice if the world was populated with people who knew how to do their jobs!

mgdavid

The_Governor wrote: »

..........Wouldn't it be nice if the world was populated with people who knew how to do their jobs!

No, because it would take away the advantage of those of us who do!

Penelopa.Pitstop

The_Governor wrote: »

That's true, although if you pick the selection so that you're the keeper but not the owner, you won't get an online quote but get told to call in. That said, I still firmly believe they do cover PCP it's just a question of finding someone who knows what they're doing...

I didn't have to call Admiral, I chose all the options online. In case of my previous car it was operational leasing so I wasn't the owner nor the keeper. I just chosed privately leased and that was all.

neilmcl

InsideInsurance wrote: »

That isnt how PCP normally works but how HP works.

With PCP you are normally the legal owner but the finance company has a registered interest in the vehicle. Indeed speaking to a local BMW dealership on live chat they advice the BMW Select PCP works in the same way.

That's not what the BMW Select PCP paperwork states. It clearly states that BMW Finance are the legal owners of the vehicle until which time the finance has been cleared.