Buying and giving - Tax and Insurance

photodgm

I am picking up a new car in the next 7-10 days. I intend to give my existing car to my DD (whose home is a distance away and will not be able to come and sign the various bits of the V5C form for a couple of weeks). When the dealer does the first registration on the new car and informs me of the registration number I would normally arrange for my existing insurance to be transfered to the new car commencing on the day I intended to pick it up and leave my existing car as a part exchange. This time I will need to maintain insurance on the old car for a week or two to allow my wife or myself to drive the old car home from the dealer and to allow time for my DD to come and tax and insure the car in her name. What is best way of doing this? Also would it be useful to provide a letter to my DD, detailing the gift of the car to her so that when she comes to sell/dispose of the car she has proof of ownership as well as being the registered keeper?

Foxy-Stoat_3

Do the change of vehicle as normal and tell your insurers to keep your old car insured for a week or 2 to give you time to "sell" it.

It would be best to give the new owner a receipt for the car for the market value at the time or state that its a gift and confirm the approximate market value.

InsideInsurance

Transfer the insurance across and then add the old vehicle back on as a temporary additional vehicle or buy stand alone temp insurance

Some new cars come with 7 days free insurance which may help in this case if she can pickup the car in that timescale and arrange her own insurance

photodgm

Foxy-Stoat wrote: »

Do the change of vehicle as normal and tell your insurers to keep your old car insured for a week or 2 to give you time to "sell" it.

It would be best to give the new owner a receipt for the car for the market value at the time or state that its a gift and confirm the approximate market value.

InsideInsurance wrote: »

Transfer the insurance across and then add the old vehicle back on as a temporary additional vehicle or buy stand alone temp insurance

Thanks for the opinions - looks as though I'll need call to my current insurance company and see what they are prepared to offer.

skipness

Don't forget that when ownership is transferred any existing road tax is voided. The new keeper has to apply for new tax and any remaining full months are refunded to the previous keeper. Bear this in mind when notifying the date of change of ownership.

photodgm

skipness wrote: »

Don't forget that when ownership is transferred any existing road tax is voided. The new keeper has to apply for new tax and any remaining full months are refunded to the previous keeper. Bear this in mind when notifying the date of change of ownership.

I think I've got that bit - everyone fills in the appropriate bits of the V5C form and posts the relevant bits off. New owner taxes car on-line or by phone using the ref on the new keeper bit of the V5C then can arrange insurance (hopefully having found a reasonable quote in advance).

Shaka_Zulu

On the chosen day I would get your daughter to insure the car in her name with you or/and your wfie as named drivers fill in the paperwork and then drive to your daughters on 31 May and get her to sign the paperwork and complete the transfer.

AdrianC

Drive the car home now, and park it off the road.
SORN it.
Transfer the insurance to the new car. Your insurer may well allow you to overlap the new and old car for a week or so for free.

When daughter insures and taxes the car, she can collect it.

Alter_ego

AdrianC wrote: »

Drive the car home now, and park it off the road.
SORN it.
Transfer the insurance to the new car. Your insurer may well allow you to overlap the new and old car for a week or so for free.

When daughter insures and taxes the car, she can collect it.

This makes it impossible to drive to collect the new car. Have it delivered?

AdrianC

Alter_ego wrote: »

This makes it impossible to drive to collect the new car. Have it delivered?

Like I said...

Your insurer may well allow you to overlap the new and old car for a week or so for free.

Alter_ego

AdrianC wrote: »

Like I said...

You also said park it off road now and SORN it!