Insurance for "Pool Car" for my kids.
Discussion
So 1 kid gets bought a brand new car, to use pretty much exclusively for 2 years
Then the 2nd kid gets a 2 year old car, which he has to share with his older brother when he's back from uni
Then the 3rd kid gets a 4 year old car, which he has to share with his 2 older brothers when they are back from uni
that's about as fair as gender selective abortion.
Then the 2nd kid gets a 2 year old car, which he has to share with his older brother when he's back from uni
Then the 3rd kid gets a 4 year old car, which he has to share with his 2 older brothers when they are back from uni
that's about as fair as gender selective abortion.
Thanks. I will nominate the eldest as RK so as not to restrict insurance co. yr1&2 , & then see how the land lies after that. I can only assume my broker was talking about a specific product, I haven't had a formal quote from them, I wanted a "ball park" for when we talk to the manufacturer about insurance (see below) and who to nominate as RK.
I wish I hadn't mentioned brand new, I included it because in a first draft I referred to the car coming with age limited 1yrs free insurance. The manufacturer has offered to quote for a 17 & 21yr old and we pay the difference. But, my post was preparing for the scenario where their quote was uncompetitive, and hence irrelevant.
I appreciate the comments about "spoilt generation" and that all cars are money pits. My parents paid for AA membership I covered everything else. But in this case, I have the means, and I feel my logic is sound. As for the diminishing returns to the younger 2, agreed, its a consequence of me insisting that I will buy 1 better "pool car" rather than get involved with up to 3 (even if they self fund), but as time goes on the elder will be eligible to drive the other vehicles at home and so sharing reduced if it becomes an issue.
I wish I hadn't mentioned brand new, I included it because in a first draft I referred to the car coming with age limited 1yrs free insurance. The manufacturer has offered to quote for a 17 & 21yr old and we pay the difference. But, my post was preparing for the scenario where their quote was uncompetitive, and hence irrelevant.
I appreciate the comments about "spoilt generation" and that all cars are money pits. My parents paid for AA membership I covered everything else. But in this case, I have the means, and I feel my logic is sound. As for the diminishing returns to the younger 2, agreed, its a consequence of me insisting that I will buy 1 better "pool car" rather than get involved with up to 3 (even if they self fund), but as time goes on the elder will be eligible to drive the other vehicles at home and so sharing reduced if it becomes an issue.
HotJambalaya said:
As mentioned above you certainly don't need to be the registered keeper to hold a policy. Off the top of my head Elephant and Admiral have no problems with it.
Direct Line are fine with it as well.Our legitimate situation is that I own all our cars (I paid for them), I'm the RK (because I make sure they are insured,MOTed serviced, and roadworthy), but my partner is the main driver of one of them, so she is the policyholder.
On her insurance certificate it says she is neither the owner or keeper. I am named on it though, and she is named on my insurance.
98elise said:
Direct Line are fine with it as well.
Our legitimate situation is that I own all our cars (I paid for them), I'm the RK (because I make sure they are insured,MOTed serviced, and roadworthy), but my partner is the main driver of one of them, so she is the policyholder.
On her insurance certificate it says she is neither the owner or keeper. I am named on it though, and she is named on my insurance.
Direct Line do not have an issue with the car being registered in the name of a spouse or partner (Who is not the policyholder). They're highly likely (As are many Insurers) to not be prepared to offer cover for a car registered in someone else's name eg a son or daughter who is not the policyholder as in the OP's case.Our legitimate situation is that I own all our cars (I paid for them), I'm the RK (because I make sure they are insured,MOTed serviced, and roadworthy), but my partner is the main driver of one of them, so she is the policyholder.
On her insurance certificate it says she is neither the owner or keeper. I am named on it though, and she is named on my insurance.
It's the way most Insurers operate in that they do not have an issue in partner / spouse, anyone else is normally an issue. It's possible they may accept someone else if they're asked and decide to accept it but officially they will only accept spouse or partner
If the broker is only talking about one product, they're not much of a broker.
A good broker will do the shopping around for you, and then come back with a suitable product.
There are also specialist brokers who do deals with certain insurance cos, in return for volume like the brokers who run car clubs' insurance schemes.
My advice is :
Buy them each a 1k car, when the time comes, give it them to sort out stuff themselves. If you want to give them an allowance to run it for 3 years then great, they're lucky to have you as a parent.
Get them to insure it with you and your wife on the policy but them as main drivers. Then they have NCB Build-up( fingers crossed) and a car at uni too. Which will mean they'll make more friends and will come home to visit more.
A good broker will do the shopping around for you, and then come back with a suitable product.
There are also specialist brokers who do deals with certain insurance cos, in return for volume like the brokers who run car clubs' insurance schemes.
My advice is :
Buy them each a 1k car, when the time comes, give it them to sort out stuff themselves. If you want to give them an allowance to run it for 3 years then great, they're lucky to have you as a parent.
Get them to insure it with you and your wife on the policy but them as main drivers. Then they have NCB Build-up( fingers crossed) and a car at uni too. Which will mean they'll make more friends and will come home to visit more.
Breadvan72 said:
This be true, but I don't tell fibs to myself about cars. All cars - new, old, classic, modern, broken, not broken are total money pits, and anyone who claims to be investing wisely or making sensible savings in relation to cars of any description (save perhaps for uber rare Ferraris et al that never get driven) is falling for their own BS.
I would normally tend to agree, however both my 993 and 1960's 911 have both risen about £10k each in the few years I have owned them, whilst only having cost around £2k each in maintenance/upkeep in that same time.Admittedly they are not daily drivers, but both have been enjoyed on a regular basis.
talksthetorque said:
If the broker is only talking about one product, they're not much of a broker.
A good broker will do the shopping around for you, and then come back with a suitable product.
There are also specialist brokers who do deals with certain insurance cos, in return for volume like the brokers who run car clubs' insurance schemes.
My advice is :
Buy them each a 1k car, when the time comes, give it them to sort out stuff themselves. If you want to give them an allowance to run it for 3 years then great, they're lucky to have you as a parent.
Get them to insure it with you and your wife on the policy but them as main drivers. Then they have NCB Build-up( fingers crossed) and a car at uni too. Which will mean they'll make more friends and will come home to visit more.
Buying a crap car is terrible strategy in my view. Having offspring zooming all round the country as well as the neighbourhood in unreliable sheds can be a real pita. All those I'm stuck, my car won't start calls are no fun at all. Been there done that.A good broker will do the shopping around for you, and then come back with a suitable product.
There are also specialist brokers who do deals with certain insurance cos, in return for volume like the brokers who run car clubs' insurance schemes.
My advice is :
Buy them each a 1k car, when the time comes, give it them to sort out stuff themselves. If you want to give them an allowance to run it for 3 years then great, they're lucky to have you as a parent.
Get them to insure it with you and your wife on the policy but them as main drivers. Then they have NCB Build-up( fingers crossed) and a car at uni too. Which will mean they'll make more friends and will come home to visit more.
I also think it's the ops money and he can do what he likes. I also think he doesn't need all the holier than thou s
te that pH dishes out these days. Not aimed at you BTW ttt.Bert
jellypig said:
OR..if I want to go down the route of me/wife being the policy holder, and consequently kids accrue 0 NCB each, then that would be "fronting" if I sequentially added them as Named Drivers.
Didn't anyone pick up on this? This is not fronting if you declare who will be the main driver. The policy is not rated on the policyholder but the main driver. Fronting is where you say that someone of a lesser risk is the main driver so it is rated lower than it should be. You can be the policy holder and state that child A is the main driver and this is a true declaration especially as in the event of a total loss you would want any pay out to be paid to you not the relevant offspring.Could you not just get them each a policy when the time comes for them to drive it, they would all then be building up no claims simultaneously, it could cost a little more in the end.
As far as I understand (and I am more than happy to be corrected...) Its fine to have multiple policies covering one vehicle - but if it were to be in an accident then you can only claim off one policy.
As far as I understand (and I am more than happy to be corrected...) Its fine to have multiple policies covering one vehicle - but if it were to be in an accident then you can only claim off one policy.
I'd need to double check it is Co Op, but have a similar thing with our shed. My eldest is accruing a NCB whilst I am owner, and RK. You need to make sure that whoever is the main driver is named as such to avoid looking like you're fronting the policy. It doubled with him as main driver, but then went down quite a bit by adding a nephew. Just fiddle with one of the online comparison searches until you find an acceptable compromise. Insuring a learner as main driver can be surprisingly cheap(relatively), as they won't be driving it much and will always have someone older with them.
B
Standing at the side of the road is character building
BertBert said:
Buying a crap car is terrible strategy in my view. Having offspring zooming all round the country as well as the neighbourhood in unreliable sheds can be a real pita. All those I'm stuck, my car won't start calls are no fun at all. Been there done that.
Bert
Breakdown coverBert
Standing at the side of the road is character building
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