Insurance - Owner and Keeper

[duncanh]

I gave my old car to my daughter. I kept it registered in my name as I could see no point in adding another owner (she lives at the same address).

When she came to insure it (with Admiral) she told them she was not the registered keeper, they insured it in her name with no problem.

I suppose it depends on the insurance company. We found Admiral by far the cheapest for an inexperienced driver.

 

[jeremytaylor]

MB Agility is not a lease, it is just a type of unsecured personal loan. You are the owner and keeper of the car. If you default they can't repossess the car (which they could if it was a lease and they were the owner), they would just take you to court for defaulting on the loan.

 

[mbenz76]

MB Finance retain title to the car though if I have read the paperwork correctly. And I recall them going over when and if the car could be repo'd when they went ove finance at the dealer.

Might give MB Finance a call tomorrow to clarify so my insurance is correct.

 

[fuzzer]

MB Agility is not a lease, it is just a type of unsecured personal loan. You are the owner and keeper of the car. If you default they can't repossess the car (which they could if it was a lease and they were the owner), they would just take you to court for defaulting on the loan.

They Can in england unless you have paid a certain percentage , half comes to mind. Once you have paid half they then have to go to court to get a repo order. Before that they can just appear with a spare set of keys and take it back.

In Scotland however , they cannot take it ever without a court order saying so and i believe it would have to be sherrifs officers that carried out the repo.

 

[Shude]

A friend of mine at uni was the policyholder for his parents insurance. He didn't have a license at the time but his folks were over 50 and had clean driving records. The policy stated that the policyholder was not entitled to drive the car. I think on paper the car might actually have been his! The premiums were naturally quite cheap.

When he graduated and got around to taking his test and buying his own car he took 4 years no claims with him and his folks got their own policy again. Again cheap insurance all round.

Sounds like a scam but there is no legal requirement for the owner or keeper of the car to be the policyholder and if they are there is no legal requirement for the policyholder to have a driving license if they are not actually insuring themselves to drive. Any rules or regulations preventing these situations from happening is entirely down to the insurance company's internal policies.

 

[mbenz76]

I called MB Finance and asked the question.

As I thought they advised that they are the legal owner and I am the registered keeper and that this is what I should inform my insurance to avoid any problems.

And while I forgot to ask them, I was always under the assumption that Agility was a lease.

On the subject of repo - when my dealer was going through all the paperwork they said they can't repo without a court order once 1/3 of payments have been made.

 

[m2287]

never even thought about this before, surely the insurance wouldnt pay out just because the vehicle is registered to you but is on hp????!!!

 

[mbenz76]

never even thought about this before, surely the insurance wouldnt pay out just because the vehicle is registered to you but is on hp????!!!

I like to err on the side of caution. You never know what insurance companies will pull out of the hat to get out of paying up so I find it best to cover every angle off.

 

[Primo]

It's illegal to have more than one policy in place per vehicle (for just this reason), I believe.

Not true. Lots of specialist temporary insurance sites around.