Admiral won't insure a car bought with PCP ?

InsideInsurance

neilmcl wrote: »

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.

If thats what the paperwork says then thats evidently what to go by. It certainly isnt the normal way PCP works and isnt what the sales manager at a randomly selected BMW dealership believes as he was very adamant that only on a lease does BMW Finance own the vehicle.

neilmcl

InsideInsurance wrote: »

If thats what the paperwork says then thats evidently what to go by. It certainly isnt the normal way PCP works and isnt what the sales manager at a randomly selected BMW dealership believes as he was very adamant that only on a lease does BMW Finance own the vehicle.

Really, do you have any evidence of this. I'm happy to be corrected but I'd rather suspect, most if not all PCP finance agreements will state that ownership is retained by the finance co.

InsideInsurance

neilmcl wrote: »

Really, do you have any evidence of this. I'm happy to be corrected but I'd rather suspect, most if not all PCP finance agreements will state that ownership is retained by the finance co.

Only circumstantial of having owned many vehicles on PCP and all have been owned by me and having total losses many PCP cars on insurance claims and all having been owned by the claimant and not the finance company - though in many cases the settlement amount was below the outstanding finance so all the money went to the finance company anyway.

neilmcl

InsideInsurance wrote: »

Only circumstantial of having owned many vehicles on PCP and all have been owned by me and having total losses many PCP cars on insurance claims and all having been owned by the claimant and not the finance company - though in many cases the settlement amount was below the outstanding finance so all the money went to the finance company anyway.

I would suggest you look a bit closer at your finance agreements then. Unlike what you stated earlier PCP is very much like HP, the only difference is you're not paying off the full price of the car over the finance period. Ownership is only transferred once you've paid the GFV as agreed.

angel00079

Wonder if the advisor thought it was for PCH. I think I have heard that some insurers have a problem with PCH because it can be used for people who hire cars for other people to drive.

The_Governor

angel00079 wrote: »

Wonder if the advisor thought it was for PCH. I think I have heard that some insurers have a problem with PCH because it can be used for people who hire cars for other people to drive.

I think that's very likely, but getting someone to admit they've made a mistake once they've made it is very difficult because they dig their heels in


In the end I called the complaints team as the staff in those department usually have a bit of brains to deal with out of the ordinary things.

They looked at the notes etc from the calls and confirmed that yes, Admiral absolutely do cover PCP because they'd be nuts not to.

Just prior to calling them I got an email from them saying they didn't, when the complaints team reviewed the notes, they said they can't understand why someone emailed that, because the underwriters had clearly stated they do cover PCP, but when the advisor emailed me as a result, they transposed that to they don't cover it!!!


All sorted now, have an official note from Admiral and a good contact in complaints, I did make the point that the repeated poor advice could have caused me to cancel the policy an incur additional costs of getting a new one out, it was only because I pursued it as I knew I was being steered badly that it got sorted.

The lady in complaints was great though