Sold car but remaining Registered Keeper - do I need to notify insurance?

mpreed

Apologies if this has been answered elsewhere, but Google doesn't seem to have an answer to my quandry ...

My current car is leased (PCP) and the lease expires on 1st March.

My new car, however, won't be delivered until the end of March.

The garage that I am buying my new car from, has paid off the lease and therefore owns it from 1st March, but is letting me still drive it for a month until my new car arrives.

As they will not be registering it until I get my new car, do I need to inform my insurance company, or does the fact that I am remaining the Registered Keeper mean I can just carry on as before for the gap month?

Parking_Trouble

Doubt you can insure it if it's owned by someone other than your spouse.

You will no longer have a financial stake in the car if the garage owns it.

The experts on here will soon point out if I am wrong.

Try a dummy quote to see if your insurer quotes for a car not owned by you.

antrobus

Parking_Trouble wrote: »

Doubt you can insure it if it's owned by someone other than your spouse.

You will no longer have a financial stake in the car if the garage owns it.

The experts on here will soon point out if I am wrong.

Try a dummy quote to see if your insurer quotes for a car not owned by you.

Well, I'm not an expert, but I would point out that, given that the car was leased, the car has always been owned by someone else.:)

David_InsDef

antrobus wrote: »

Well, I'm not an expert, but I would point out that, given that the car was leased, the car has always been owned by someone else.:)

Yes, but the lease in the OP's name would have given them insurable interest in the car - which they no longer have.

You should talk to your insurer, but I'd suggest they'll be seeking to cancel the policy.

Take a look at some of the 'temporary' insurance providers and see if they can provide cover for your scenario.

mpreed

Thanks for the responses - I suspected my naive optimism would be in vain.

I'll give the insurers a call and see what they say. And if they tell me to do one, I'll try the temp insurers.

Worst case scenario, I'll get on my bike for a month!

ripplyuk

My car is under a PCP in my mum's name. I found that insurers only cared about who was the registered keeper. Since that will still be you until you get your new car, I don't think you'll have any problems. I'd still let them know though.

I managed to get the car insured when I was neither the owner, nor the registered keeper, and not sharing the same address but it narrowed the choices massively and the price was higher.

System

David_InsDef wrote: »

Yes, but the lease in the OP's name would have given them insurable interest in the car - .

Surely only if the keeper was responsible for the capital value of the car in the event of loss? Is that the case with car leasing?

InsideInsurance

David_InsDef wrote: »

Yes, but the lease in the OP's name would have given them insurable interest in the car - which they no longer have.

You should talk to your insurer, but I'd suggest they'll be seeking to cancel the policy.

Take a look at some of the 'temporary' insurance providers and see if they can provide cover for your scenario.

There will still be a duty of the OP to the owner should they trash the car and thus an insurable interest.

Insurers historically didnt like anyone that wasnt immediate family for private vehicles but as lease and PCP becoming increasingly common for private customers then insurers are becoming more comfortable with finance companies etc being the owners and in some cases also the registered keepers.

Some insurers may not be happy with a non-financial institute being the owner but assuming they have already been aware of it being owned by a company then they are less likely to have an issue with it now being owned by a different company.

David_InsDef

Clifford_Pope wrote: »

Surely only if the keeper was responsible for the capital value of the car in the event of loss? Is that the case with car leasing?

I believe so. Isn't there a clause in these leases that says, 'You must maintain fully comprehensive insurance blah blah...'?

mpreed

Thanks again for all the responses - I'm mainly happy to have asked a question that doesn't seem to have been asked before. I presumed I was using Google one in not getting a clear cut answer ...

It's sounding more positive, and I'll call my insurers to get their take.

Touch wood.

Ta again.

mpreed

Just called my insurer and explained the situation - their response was that it was fine and my insurance wasn't affected by the dealer taking over ownership of the car but me staying the Registered Keeper.

Much relief.

Thanks all for the responses.