How do insure car on pcp ownership question

motorguy

DullGreyGuy said:

Goudy said:

When you fill all these details in for a car insurance quote it also asks you if you are a home owner.
How many click no because they have a mortgage? No one I bet.

Because you do own your home if you have a mortgage on it, the mortgage company just has a charge on the property. Shiah mortgages can be different because of their rent/gift setup that some use to get around the haram issue of interest

motorguy said:

DullGreyGuy said:

motorguy said:

DullGreyGuy said:

Goudy said:

DullGreyGuy said:

flashg67 said:

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

Tends to get you marked as a fraudster on a total loss claim when they do the full checks.

A couple of months ago there was someone on here who made a false declaration on the owner and had their policy voided, had no cover for their own vehicle damage and was having to personally pay the third party's claim.

What was the false declaration? I seem to remember this one and I'm certain it wasn't ownership.

Back in 2018 I had a car stolen on finance.
I only had it a few months and I have always marked myself down as owner when it comes to insurance if I had a car on finance, either HP or PCP.

When it came to settlement they just asked if it was on finance, when I said yes they asked me to get a settlement figure and email it to them.

That was it, they settled the finance and paid me the difference the next day.


I have copied this from a well know agitator site.

"What's the difference between owner and registered keeper?

If your name is on the V5C vehicle registration certificate (often called the logbook), you're the registered keeper.

If you bought the car, or received it as a gift, you will own it too.

Sometimes a company (such as a leasing company) or another person might own a car and be the registered keeper of the car, so please make sure you check your V5C".

To me it reads if it's leased/a company car and someone else's name is on the V5C, you aren't the owner.

If it was a gift or you bought the car, either cash or on finance and your name is on the V5C, then you are the owner as far as the insurance companies concerned.

Yes if it's on finance the finance company have legal ownership rights over it, but you have agreed to buy it by signing a contract that states that, so it's your purchase not a lease.

I wonder what all those with mortgages put down on their home insurance, would home owner be incorrect?

If you are in any doubt at all, contact the insurance company.

The quoted poster had said that despite the car being owned by the finance company they just declared it as being owned by them because it was going to be eventually. Obviously when total losing the vehicle a standard step is to look for secured finance at which point it becomes obvious it's not the posters car. 

The bold text is explaining the difference between owner and keeper, insurers ask for both as separate questions and both need to be accurate. 

If I am 100% honest, the other poster cannot remember if it was owner, keeper or both but it was all a muddle with the person claiming to have "forgotten" which option they went to in the end when considering if to get the vehicle personally or via their company. 

Again - non issue.

A well trodden path and the insurance company will settle any finance first.

No one will be burned at the stake / branded as a fraudster / have their insurance cancelled.

https://www.financial-ombudsman.org.uk/decision/DRN1780460.pdf

The ombudsman disagrees... ok in this case the daughter rather than a finance company is the legal owner but the policy was void for misrepresentation when the policyholder stated he was the owner. He has been loaded to counter fraud databases saying he lies on applications. 

Oh now come on - thats not even remotely the same.  Thats a case of the father insured it, but the daughter owned it.

Almost certainly done to get a cheaper insurance premium for his daughter.

In fact the last sentence verifies what i said "It provided evidence that it would not have offered cover to Mr C for a vehicle not owned by or registered to him and as such"

"Not owned by or registered to him as such".

You dont have to own it to get insurance, it can be registered to you.

With PCP the car is registered to you

Hows it not remotely the same that A claimed to own it and in reality B owned it and had A declared B owned it the insurer wouldn't have covered it?

There is nothing in the decision that says the daughter ever drove the car, you are assuming it is fronting but you cannot make that inference. There are plenty of other cases around the topic of fronting and they explicitly call out fronting in them

Because the scenario described there is classic insurance fronting - bought by the daughter (quote possibly financed by the daughter), registered in the daughters name, insured by the father.

Neither the insurance company (nor us on here) have to prove the daughter drove the car, they just have to show that it breaches their conditions (which prevent fronting).  The wording is highlighted above - "it would not have offered cover to Mr C for a vehicle not owned by or registered to him and as such".  Even from that it implies they would have had no particular issue if the car was registered to him (which IS the case with PCP or HP).

This is an absolute non issue.  It is massively common for people to have a PCP'd or HP'd car.  Has been for tens of decades.  Do you really think this has never come up before and the insurance company's are going "sorry, not insured because it was on HP" and noone has heard about it?

motorguy

Just plugged wifes car through MSE's car insurance comparison tool...



Insured's name and address on the V5C?  Yes.

Insured person bought the car?  Yes.  And an invoice in her name to prove it

(a moot point in her case, as the car isnt on finance, but the point still stands - the V5C is in her name and her name is on the purchase invoice when it was bought).

There is nothing there that asks is the car on finance.

This question is clearly aimed at fronting and that is where the ombudsman "evidence" fails -

Insured's name and address on the V5C?  No.  His daughters name and address is on it.

Insured person bought the car?  No.  His daughters name and address is on it.

Not hard to see why they had issues.