Insurance in my name with son/daughter as RK
Discussion
Daughter is getting an EV and we want to hang on to her old car for a while in case of any initial issues.
She lives a couple of miles away and doesn't have space for another car so I thought I'd insure it and keep it here, but don't want to change from her as RK as the car has another year to run of a warranty / assistance package. She's also had the car from new and it seems a shame to add another RK.
Both her and us use LV= for insurance but they have refused to allow me to be policyholder on the car if she's RK. They'll insure with her as policyholder and the car kept here, but the premium is bonkers. She also doesn't have any spare NCD, whereas I do.
Short of changing the RK to me, has anyone had success in getting cover where their son/daughter is RK?
She lives a couple of miles away and doesn't have space for another car so I thought I'd insure it and keep it here, but don't want to change from her as RK as the car has another year to run of a warranty / assistance package. She's also had the car from new and it seems a shame to add another RK.
Both her and us use LV= for insurance but they have refused to allow me to be policyholder on the car if she's RK. They'll insure with her as policyholder and the car kept here, but the premium is bonkers. She also doesn't have any spare NCD, whereas I do.
Short of changing the RK to me, has anyone had success in getting cover where their son/daughter is RK?
Sheepshanks said:
MOMACC said:
The basic principles of insurance are formed around insurable interest, you don't have any in this scenario.
Yes I do - I own the car.BertBert said:
davek_964 said:
Although you've explained why you don't want to do it - if you own the car, and it's going to be kept at your address - how are you not going to be the registered keeper?
Why does the OP need to be the RK?He may want to avoid it because of warranty etc - but from the insurer point of view (who couldn't care less about that) - I'm not surprised that they find it odd that the owner, who keeps the car at their address - won't be the Registered Keeper.
davek_964 said:
BertBert said:
davek_964 said:
Although you've explained why you don't want to do it - if you own the car, and it's going to be kept at your address - how are you not going to be the registered keeper?
Why does the OP need to be the RK?He may want to avoid it because of warranty etc - but from the insurer point of view (who couldn't care less about that) - I'm not surprised that they find it odd that the owner, who keeps the car at their address - won't be the Registered Keeper.
So either +1 to the number of RKs on the logbook, or find a better insurer, or just pay up?
Rusty Old-Banger said:
davek_964 said:
BertBert said:
davek_964 said:
Although you've explained why you don't want to do it - if you own the car, and it's going to be kept at your address - how are you not going to be the registered keeper?
Why does the OP need to be the RK?He may want to avoid it because of warranty etc - but from the insurer point of view (who couldn't care less about that) - I'm not surprised that they find it odd that the owner, who keeps the car at their address - won't be the Registered Keeper.
So either +1 to the number of RKs on the logbook, or find a better insurer, or just pay up?
Sheepshanks said:
MOMACC said:
The basic principles of insurance are formed around insurable interest, you don't have any in this scenario.
Yes I do - I own the car.alscar said:
Probably a relatively unusual scenario but not unique.
Either LV don’t want the business or suspect there may be some form of fronting although can’t see how given your inf.
Maybe try a broker like Howdens ( previously A Plan ) and let them do the work.
Thanks for the suggestion - I tried them and they seemed amazed by LV's stance. We've had much of our insurance with LV for years and they've had to "check with the underwriters" on a couple of things in the past and it's always been fine, but I guess the new regime there (they're now Allianz) is less flexible.Either LV don’t want the business or suspect there may be some form of fronting although can’t see how given your inf.
Maybe try a broker like Howdens ( previously A Plan ) and let them do the work.
Anyway, Howdens quoted £638.
In comparison, LV are OK for daughter to have both cars in her name, with the old car kept at our house, and will do that for £502. That does also have an upside of making her new EV insurance a little cheaper too as she'd have a multicar policy.
If I change the RK to me, LV will insure for £263 (still with daughter named, with Class 1 biz use for her). Think I'll just have to suck it up and change the RK.
BertBert said:
davek_964 said:
He owns the car, and it will be at his address. Why wouldn't he be?
Because he doesn't want to be. You said he [b]had[/]b to be, but I don't think he does.I was simply questioning how - as the owner of a car he was keeping at his address - he could logically claim not to be the registered keeper, and hence why the insurers might question it.
Sheepshanks said:
alscar said:
Probably a relatively unusual scenario but not unique.
Either LV don’t want the business or suspect there may be some form of fronting although can’t see how given your inf.
Maybe try a broker like Howdens ( previously A Plan ) and let them do the work.
Thanks for the suggestion - I tried them and they seemed amazed by LV's stance. We've had much of our insurance with LV for years and they've had to "check with the underwriters" on a couple of things in the past and it's always been fine, but I guess the new regime there (they're now Allianz) is less flexible.Either LV don’t want the business or suspect there may be some form of fronting although can’t see how given your inf.
Maybe try a broker like Howdens ( previously A Plan ) and let them do the work.
Anyway, Howdens quoted £638.
In comparison, LV are OK for daughter to have both cars in her name, with the old car kept at our house, and will do that for £502. That does also have an upside of making her new EV insurance a little cheaper too as she'd have a multicar policy.
If I change the RK to me, LV will insure for £263 (still with daughter named, with Class 1 biz use for her). Think I'll just have to suck it up and change the RK.
alscar said:
£263 v £638 is indeed a big difference ( I assume you also considered getting the “ temporary old car “ a limited mileage to reduce the premium ?) and might also be worth considering that if the EV is more reliable than you are expecting then selling the old car and getting a refund on insurance might also be a reason to avoid changing the RK ?
Yes, set the mileage low on the old car.That's exactly the plan - see us through winter then sell the old car. The EV might be fine, but she's in a fairly rural area, lives on her own, and will be a bit stuffed if she gets up one morning and the charger has glitched and there wasn't much charge in the car the night before. As long as she could get to us - we're 3 miles towards work, she could just pick up her old car.
I also dumped my (mainly) work car during Covid and never replaced it. We're now both retired but occasionally it's a nuisance not having a second car, although my wife will only ever drive anywhere if she absolutely has to.
Sheepshanks said:
Yes, set the mileage low on the old car.
That's exactly the plan - see us through winter then sell the old car. The EV might be fine, but she's in a fairly rural area, lives on her own, and will be a bit stuffed if she gets up one morning and the charger has glitched and there wasn't much charge in the car the night before. As long as she could get to us - we're 3 miles towards work, she could just pick up her old car.
I also dumped my (mainly) work car during Covid and never replaced it. We're now both retired but occasionally it's a nuisance not having a second car, although my wife will only ever drive anywhere if she absolutely has to.
In which case I think biting the bullet and taking the lower premium whilst changing the RK is probably the the answer. Value wise I doubt it will make too much difference on the sale of the old car. That's exactly the plan - see us through winter then sell the old car. The EV might be fine, but she's in a fairly rural area, lives on her own, and will be a bit stuffed if she gets up one morning and the charger has glitched and there wasn't much charge in the car the night before. As long as she could get to us - we're 3 miles towards work, she could just pick up her old car.
I also dumped my (mainly) work car during Covid and never replaced it. We're now both retired but occasionally it's a nuisance not having a second car, although my wife will only ever drive anywhere if she absolutely has to.
I would still drive the old car occasionally though !
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