HELP - Insurance

For help finding/discussion about good insurance rates.

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HELP - Insurance

Postby Artaban » Sun 28.05.2017, 12:22

I know this doesn't relate exactly to Lotus insurance but theres such a wealth of knowledge on here I'm hoping someone can help.

The Problem
My son is emigrating to Australia next week and hasn't managed to sell his Porsche Boxster 3.2s 2006. It is financed with Motonovo with about £5k remaining. He's driving it down to me today and I'll sell it from Dorset with less of a time constraint. How do I insure it? I don't think I can insure a car that I don't own and am not on the V5. Whilst on my insurance I can drive other cars third party I don't think I'll be covered to drive it when he stops his insurance before he leaves the country.

Possible Solutions
Pay him a token amount and become the owner with him still as the registered keeper on the V5 (the two don't have to be the same). Insure it as the owner but then I'll have no claims to apply to it as thats on my other car and the cost is huge with no NCD. Is there anyway of adding it to my Footman James car policy that covers the Lotus. I don't know whether he needs to be UK resident to continue the insurance and if I'm added as a named driver I would have to state I was the one who was going to use the car the most. Any ideas are welcome as my brain hurts.

Thanks,
Andy
My wife's just divorced me because I wouldn't open the car door for her!
To be fair I panicked and swam straight for the surface.
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Re: HELP - Insurance

Postby Simon_P » Sun 28.05.2017, 13:41

No the insurers ask for the registered keeper, and as it is on finance you would actually have to buy it.

He should continue to insure it with you as a named driver. If he needs to cancel his existing policy to use the no claims, he could take out a collectors policy with limited milage. Check cancellation policy.

Change the registered address to yours so to avoid buyers being suspicious


If he is keeping his UK drivers license he should also change that address to yours - the DVLA will not send anything to a non-uk address.. Nothing!
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Re: HELP - Insurance

Postby par » Sun 28.05.2017, 16:17

Coincidently my daughter left just over a week ago to spend a year in Australia, my youngest daughter took over ownership of her car leaving her old one (a Toyota Aygo) to be sold.

I got temporary cover from my daily driver policy provider Hastings Direct for 28 days for £60 which includes the obligatory £25 admin fee specifically to cover the period to sell the car and didnt have to be the registered owner. Should be able to get something similar from your policy provider although the cost might be bit higher for a Boxster.
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Re: HELP - Insurance

Postby simonbuk » Mon 29.05.2017, 07:04

Various companies do short term insurance, even only a day minimum.

Are you sure you have to own it or be the registered keeper to insure it ?

If he hasn't got too much time left on his policy he might as well let it run, don't get much back cashing them in. Then add you as a named driver, might not make any difference in cost sometimes.
Simon - Black S2
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Re: HELP - Insurance

Postby tb10 » Mon 29.05.2017, 08:27

I insured a car that was owned by someone else so it can be done. There needs to be a declaration on the policy stating that the insured is not the legal owner.

regards

John
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Re: HELP - Insurance

Postby Pegsyno1 » Mon 29.05.2017, 22:05

I pay £20 a year for what my insurer calls "Driving Other Cars Benefit". It extends the existing policy so that it covers anyother car (as long as its not registered to my home address) upto a value of £20,000. I'd never heard of this before but find it quite useful.
Maybe your insurer offers something similar?
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Re: HELP - Insurance

Postby Artaban » Thu 01.06.2017, 19:25

Thanks to all for your help and insight. I tried various solutions but the best one turned out to be adding me to his policy and moving the car from central London to Dorset. The premium dropped from just over £100pm to £49pm so I'm well pleased with that. There was no problem with him being abroad and me driving the car whilst I go about selling it. I'll get all the London scratches and knocks properly painted before I sell it but hopefully it will go quick. The only solution on the finance seemed to be to just pay off the outstanding amount and recoup it on sale so at least I can sell it HPI clear.
Thanks again,
Andy
My wife's just divorced me because I wouldn't open the car door for her!
To be fair I panicked and swam straight for the surface.
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