Insurance for "Pool Car" for my kids.
Discussion
Hi, I have 3 teenage kids at (approx) 2yr centres, they are quite bright & certainly the elder 2 are making noises about university.
I've ordered, but not collected a brand new car for them to use as a learnermobile (rest of family "daily" fleet are autos and I get a bit Charlton Heston "cold dead hand" about the keys to my manual weekend car).
Because of the Uni thing, it will notionally be each kid's car for approx 2yrs. ie become 17, have it for 2years, clear off for uni just about the time the next in sequence is 17, rinse and repeat. (over uni breaks they can share, or once they have a bit of experience, added to the family car policies) I am happy with the idea of a "pool car" for the kids, and consequentially buying 1No better one, than a fleet of bangers for lots of reasons, even total cost.
I will rarely drive it, though I will be paying for it, and paying the insurance premium.
Being a parent, I always try to be "fair" - so in terms of insurance, I could provide them with
a) 2yrs NCB each (assuming..hahahaha, big assumption) or
b) 0yrs NCB, them just being named drivers added sequentially.
Initial speaks with my broker, and they are telling me that if I want to do 2yrs with each of them as policyholder in turn, they will each need to be registered keeper. So... when we come to sell the car it will have 3 (or possibly 4) RK's - that strikes me as daft.
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.
Any suggestions?
I see it as daft that we'd end up with so many registered keepers of the same car that would remain at the same address just passed between siblings.
I can, even now, write out a list of who will be the main driver between 2015 and 2021 with quite a high degree of precision.
I am trying to be completely truthful, honest and fair.
And yeah, I appreciate I am talking about insurance from now to nearly 6yrs hence, but shortly VW (I presume) are going to ask me to nominate a RK for yr1 which starts shortly, so am trying to ensure I dont do anything irreversible.
Surely this isn't too unusual a scenario for "insurance world" ?
Thanks
I've ordered, but not collected a brand new car for them to use as a learnermobile (rest of family "daily" fleet are autos and I get a bit Charlton Heston "cold dead hand" about the keys to my manual weekend car).
Because of the Uni thing, it will notionally be each kid's car for approx 2yrs. ie become 17, have it for 2years, clear off for uni just about the time the next in sequence is 17, rinse and repeat. (over uni breaks they can share, or once they have a bit of experience, added to the family car policies) I am happy with the idea of a "pool car" for the kids, and consequentially buying 1No better one, than a fleet of bangers for lots of reasons, even total cost.
I will rarely drive it, though I will be paying for it, and paying the insurance premium.
Being a parent, I always try to be "fair" - so in terms of insurance, I could provide them with
a) 2yrs NCB each (assuming..hahahaha, big assumption) or
b) 0yrs NCB, them just being named drivers added sequentially.
Initial speaks with my broker, and they are telling me that if I want to do 2yrs with each of them as policyholder in turn, they will each need to be registered keeper. So... when we come to sell the car it will have 3 (or possibly 4) RK's - that strikes me as daft.
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.
Any suggestions?
I see it as daft that we'd end up with so many registered keepers of the same car that would remain at the same address just passed between siblings.
I can, even now, write out a list of who will be the main driver between 2015 and 2021 with quite a high degree of precision.
I am trying to be completely truthful, honest and fair.
And yeah, I appreciate I am talking about insurance from now to nearly 6yrs hence, but shortly VW (I presume) are going to ask me to nominate a RK for yr1 which starts shortly, so am trying to ensure I dont do anything irreversible.
Surely this isn't too unusual a scenario for "insurance world" ?
Thanks
Also, as you are evidently not skint, why are you worrying about the trifling effect of having a few keepers on a car's resale value? The fact that the car will quite likely have been dented and thrashed by inexperienced drivers may be more relevant to its later value, but, even then, who cares? Buying cars is not about saving money.
. 
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.
Defcon5 said:
They don't need to be the RK.
Problem solved
Thanks, was asking because: Problem solved
My broker via email said:
The car will need to be registered in each drivers name in turn as they start to drive.
I dont know if that was relating to a particular policy or a general guidance, I didnt expect it to be true, but thought I'd ask. Breadvan72 said:
Also, as you are evidently not skint, why are you worrying about the trifling effect of having a few keepers on a car's resale value? The fact that the car will quite likely have been dented and thrashed by inexperienced drivers may be more relevant to its later value, but, even then, who cares? Buying cars is not about saving money.
Am not "worrying", just fact finding before I nominate the first RK. And no, not skint. Ordered new because it made sense to me for many reasons, of which cash was only one.
Some insurers do want the driver to be the RK,you will have to shop around.
When selling,just show the 3 V5s ,all with the same address,to the buyer,if you have to go down that route, most will see the 3 names but same address and understand, but will,quite sensibly,be more concerned about it being thrashed by 3 kids.
When selling,just show the 3 V5s ,all with the same address,to the buyer,if you have to go down that route, most will see the 3 names but same address and understand, but will,quite sensibly,be more concerned about it being thrashed by 3 kids.
Definitely just broker nonsense ref registered keeper - for years we've had all cars registered in my name and at various stages have had insurance in different names. It's turned out to be less hassle overall to have everything in my name but to be entirely clear when taking out the policy over who will be doing what with each car.
So long as the insurer knows that 1 or more of the kids is the main driver for that policy year it really shouldn't be an issue, aside from the inevitable 4 figure bill!
As above I'd see it as an advantage if the parents are the RK as they'll retain a financial and responsibility overview of what's happening with it.
So long as the insurer knows that 1 or more of the kids is the main driver for that policy year it really shouldn't be an issue, aside from the inevitable 4 figure bill!
As above I'd see it as an advantage if the parents are the RK as they'll retain a financial and responsibility overview of what's happening with it.
desolate said:
Your broker is mistaken.
You don't know which insurer provided the quote, so you can't say that with 100% certainty.Many don't insist on the policyholder being the RK but, where the other person is not a spouse, some do.
Including one of the major players in the market - http://www.pistonheads.com/gassing/topic.asp?t=127...
desolate said:
I'd look for another one.
That is always an option for the OP.Red Devil said:
desolate said:
Your broker is mistaken.
You don't know which insurer provided the quote, so you can't say that with 100% certainty.Many don't insist on the policyholder being the RK but, where the other person is not a spouse, some do.
Including one of the major players in the market - http://www.pistonheads.com/gassing/topic.asp?t=127...
desolate said:
I'd look for another one.
That is always an option for the OP.I was responding specifically to the question of whether the RK and the policy holder had to be the same person. You said the broker was mistaken in saying they had to be. I said it depends on the insurer and gave you an example of one that does insist on it.
You've now moved onto a different issue. What you appear to be suggesting puts the OP squarely in the firing line for fronting for his kids. A bad idea which he is clearly aware of because he mentioned it in his first post.
You've now moved onto a different issue. What you appear to be suggesting puts the OP squarely in the firing line for fronting for his kids. A bad idea which he is clearly aware of because he mentioned it in his first post.
I suppose the "correct" thing to do is for the owner to insure it. The owner is not necessarily the registered keeper.
If I was you I would be looking for a family fleet policy.
Otherwise insure the car in your name, with the relevant child noted as the main driver - other people as additional drivers.
Or
Transfer ownership to Kid 1 and insure in his name and after 2 years transfer ownership to next kid.
Any reasonable insurer will accept that the policyholder and RK do not need to be the same in these circumstances, but in this instance I can't see how changing the V5 make any difference to the admin process - It's just one more form to fill in.
(DLG do not qualify as a "reasonable" insurer")
But as it sounds like you have a few cars, the flexibility of a family fleet can be great. I get any driver on mine, and comprehensive driving other cars. Plus one renewal date and one point of contact for dealing with all insurance matters.
If I was you I would be looking for a family fleet policy.
Otherwise insure the car in your name, with the relevant child noted as the main driver - other people as additional drivers.
Or
Transfer ownership to Kid 1 and insure in his name and after 2 years transfer ownership to next kid.
Any reasonable insurer will accept that the policyholder and RK do not need to be the same in these circumstances, but in this instance I can't see how changing the V5 make any difference to the admin process - It's just one more form to fill in.
(DLG do not qualify as a "reasonable" insurer")
But as it sounds like you have a few cars, the flexibility of a family fleet can be great. I get any driver on mine, and comprehensive driving other cars. Plus one renewal date and one point of contact for dealing with all insurance matters.
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