Car insurance and NCD
Discussion
I am trying to insure my car with NFU. Car is, I suppose jointly owned with my wife, I am the registered keeper and main driver.
NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
You are correct, which is why most insurers will have no problem with you insuring a car which is in your wife's name, or vice versa. However ultimately it's up to them what business they accept- if they don't want you as a customer for some strange reason you can't force them to take you on. If they won't budge you can either transfer the registration or take your money elsewhere.
andygo said:
I am trying to insure my car with NFU. Car is, I suppose jointly owned with my wife, I am the registered keeper and main driver.
NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
a) There is insurable interest, any reasonable company/broker would accept that provided you are named on the policy, a question I would ask is whomever is the main user on the vehicle i.e >50% driving of the car be the main policy holder. Might not have been the smartest cookie you were talking to.NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
b) V5 is not proof of ownership (tell the not so smart cookie to look at the front of any V5 document), therefore, an invalid measuring tool. As a proposer, you give a statement of fact, which the broker (the NFU) is to rely on.
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver.
d) Are you telling the full story.
experience (ex insurance broker)
Rtype said:
a) There is insurable interest, any reasonable company/broker would accept that provided you are named on the policy, a question I would ask is whomever is the main user on the vehicle i.e >50% driving of the car be the main policy holder. Might not have been the smartest cookie you were talking to.
b) V5 is not proof of ownership (tell the not so smart cookie to look at the front of any V5 document), therefore, an invalid measuring tool. As a proposer, you give a statement of fact, which the broker (the NFU) is to rely on.
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver.
d) Are you telling the full story.
experience (ex insurance broker)
Yes, thats the story with no omissions.b) V5 is not proof of ownership (tell the not so smart cookie to look at the front of any V5 document), therefore, an invalid measuring tool. As a proposer, you give a statement of fact, which the broker (the NFU) is to rely on.
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver.
d) Are you telling the full story.
experience (ex insurance broker)
The girl at NFU even rang up the underwriters to confirm that the policy had to be in the name of the person on the V5.
I have called my current insurer, SAGA, who said it makes no difference at all which of us is the registered keeper. As far as ownership goes, we paid for the car (a new Golf R) cash from our joint account so by any criteria can be classed as a joint asset.
Odd.
Edited by andygo on Tuesday 20th August 16:36
Rtype said:
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver
experience (ex insurance broker)
Ooh top tip, some of the secrets of NCB revealed! experience (ex insurance broker)
(f
king ridiculously managed scheme imo)andygo said:
Rtype said:
a) There is insurable interest, any reasonable company/broker would accept that provided you are named on the policy, a question I would ask is whomever is the main user on the vehicle i.e >50% driving of the car be the main policy holder. Might not have been the smartest cookie you were talking to.
b) V5 is not proof of ownership (tell the not so smart cookie to look at the front of any V5 document), therefore, an invalid measuring tool. As a proposer, you give a statement of fact, which the broker (the NFU) is to rely on.
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver.
d) Are you telling the full story.
experience (ex insurance broker)
Yes, thats the story with no omissions.b) V5 is not proof of ownership (tell the not so smart cookie to look at the front of any V5 document), therefore, an invalid measuring tool. As a proposer, you give a statement of fact, which the broker (the NFU) is to rely on.
C) does it matter if it is in your wifes name or yours? Your wife is able to 'relinquish' her NCD to you by signing it across provided you have been a named driver.
d) Are you telling the full story.
experience (ex insurance broker)
The girl at NFU even rang up the underwriters to confirm that the policy had to be in the name of the person on the V5.
I have called my current insurer, SAGA, who said it makes no difference at all which of us is the registered keeper. As far as ownership goes, we paid for the car (a new Golf R) cash from our joint account so by any criteria can be classed as a joint asset.
Odd.
Edited by andygo on Tuesday 20th August 16:36
andygo said:
I am trying to insure my car with NFU. Car is, I suppose jointly owned with my wife, I am the registered keeper and main driver.
NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
I worked in the General Insurance industry for over 30 years and wouldn't be comfortable with that scenario! NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
As the "registered keeper" and "main driver" why would you want to insure the car in your wife's name using her NCD? Unless you have some "history" or minimal NCD.
Motor Insurers really aren't interested in your potential division of assets should you part company by the way!
Mr Tidy said:
I worked in the General Insurance industry for over 30 years and wouldn't be comfortable with that scenario!
As the "registered keeper" and "main driver" why would you want to insure the car in your wife's name using her NCD? Unless you have some "history" or minimal NCD.
Motor Insurers really aren't interested in your potential division of assets should you part company by the way!
We used to have 2 cars of our own. I sold the car which was covered on my own policy and kept the policy going that happened to be in my wifes name. This was several years ago and I just kept the policy in my wifes name going.As the "registered keeper" and "main driver" why would you want to insure the car in your wife's name using her NCD? Unless you have some "history" or minimal NCD.
Motor Insurers really aren't interested in your potential division of assets should you part company by the way!
What's the problem with that?
Mr Tidy said:
andygo said:
I am trying to insure my car with NFU. Car is, I suppose jointly owned with my wife, I am the registered keeper and main driver.
NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
I worked in the General Insurance industry for over 30 years and wouldn't be comfortable with that scenario! NFU are saying I cant have the policy in her name (which it has been for some time over the years with at least 2 different insurers using her NCD) as the V5 is in my name. The reason for that is, they say, as there is no insurable interest. My point is that as a married couple, assets are jointly owned so there is an insurable interest.
Is that correct?
As the "registered keeper" and "main driver" why would you want to insure the car in your wife's name using her NCD? Unless you have some "history" or minimal NCD.
I have never know any insurer ever be remotely concerned about husbands insuring wife's cars and visa versa.
Forums | Speed, Plod & the Law | Top of Page | What's New | My Stuff