Best owner of vehicle

TonyM19

Hi

I have a car that I am am going to let my 27 yo daughter drive - essentially I will be leasing it to her.  She lives about 30 miles away.  It's a long complocated story why we are setting up this arrangement. Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.  Just wondering if she could save a few bob on her insurance.

If there's anything else I'm missing with this set up, I'd be grateful to hear about it now

Cheers

AdrianC

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

jimjames

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

That's not how I read it. You can insure a car that is in someone else's name. It's only lying if you fail to declare it.

@T@TonyM19 we've done both options and there wasn't a lot of difference price wise so worth calling insurance company to check. If the registered keeper and owner are different it may complicate things but just declare on the insurance quote that the policyholder isnt the registered keeper or owner.

oh_really

So are two different people to have an insurable interest in it?

ontheroad1970

As long as you declare the car's usual place of inhabitance and tell the insurance co that you will stay as registered keeper, most companies will accept this. It will raise an eyebrow though, so the address and main driver should be whoever is actually the main driver and address where it will be kept more often than not.  Otherwise this could get very messy very quickly.

Don't be tempted to keep yourself as main driver at your address on it.  You can be a named driver, with your daughter as main driver and the main address where the vehicle is kept is at her home for example.

user1977

TonyM19 said:

It's a long complocated story why we are setting up this arrangement. Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

In what sense would it be "yours" if somebody else owns it?

Bigphil1474

The OP clearly means transfer registered keeper to his daughter while he remains the owner of the vehicle. 

McKneff

Why complicate things. Why not just sell it to her. 

Herzlos

The correct thing to do, if she's in possession of it, is for her to insure it and tell the insurer that the car is owned by you. Job done.

lemondrops69

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

BOWFER

If you've taken the car on lease or PCP yourself, be very wary.
They usually insist the same person who takes the finance is the main driver.
Dealers will lie and say it's fine for you to lease/PCP a car in your name and give it to your daughter, they don't care as long as they sell a car.
But there are cases of the finance companies becoming aware of a car being bought in one name and driven by another, then the people involved have to settle in full or return the car.
I've been through this recently where I wanted to PCP a car for our daughter.
Two VW dealers saying it would be fine, it's not!
So we had to finance in her name and give her the money every month.