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      02-19-2013, 01:21 PM   #1
sunscreemer
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Insurance

Just phoned my insurer to update my details ready for delivery of my new car and they seemed to have an issue with the ownership aspect. As I will be purchasing the car on a PCP (BMW Select) I understood from FLA guidance that BMW Finance will therefore be listed as the registered owner but I will be the registered keeper. The insurer however seemed to insist on listing me as the registered owner despite me explaining this.

Anyone else have similar issues?
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      02-19-2013, 03:02 PM   #2
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If you're buying the vehicle under BMW Select then BMW Financial Services (GB) Limited is the 'owner' of the vehicle until such time as you pay all sums due under the agreement.

I bought my E81 on BMW Select and had no such issues with the insurance company, they simply referred to me as the 'policyholder'.
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      02-19-2013, 06:22 PM   #3
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If it is a PCP then for insurance you are both the owner and registered keeping so you shouldn't have any problems at all.
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      02-20-2013, 02:10 AM   #4
sunscreemer
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Quote:
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If it is a PCP then for insurance you are both the owner and registered keeping so you shouldn't have any problems at all.
That's not what the FLA says though.
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      02-20-2013, 02:34 AM   #5
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What do you mean?

PCP is like any other hire purchase agreement in the sense of the finance companies interest in the car. You will be the registered owner and keeper.
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      02-20-2013, 03:12 AM   #6
sunscreemer
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Quote:
Originally Posted by RichardM View Post
What do you mean?

PCP is like any other hire purchase agreement in the sense of the finance companies interest in the car. You will be the registered owner and keeper.
Check out following link. As the finance is secured against the vehicle on a PCP the finance company is the legal owner until the conditions of the agreement are met (i.e. final payment made):-

http://www.google.co.uk/url?sa=t&rct...42661473,d.d2k
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      02-20-2013, 04:34 AM   #7
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That is the same with any hire purchase agreement mate.
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      02-20-2013, 10:52 AM   #8
sunscreemer
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That is the same with any hire purchase agreement mate.
I know, yes, but that's why when the insurer asks are you the legal owner the answer is "no" but are you the registered keeper the answer is "yes". Previously i've answered "yes" to both but then I saw articles referring to the previous attachment that say you should actually answer no and yes, which I did, which the insurer struggled with.
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      02-21-2013, 05:16 AM   #9
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Pick a different insurer mate. These kind of lease/purchase/finance deals are common these days so any insurance company that is struggling with the concept is obviously a bunch of morons and is a sign of trouble further down the line.

(Sorry, can you tell I don't have much love for insurance companies)
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      02-21-2013, 05:36 AM   #10
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Quote:
Originally Posted by RichardM View Post
That is the same with any hire purchase agreement mate.
Yes no different if secured on the car ownership passes after final payment, you need to tell your insurance company they are out of touch , and get a quote from another , as never had an issue with this
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      02-21-2013, 06:49 PM   #11
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Quote:
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Pick a different insurer mate. These kind of lease/purchase/finance deals are common these days so any insurance company that is struggling with the concept is obviously a bunch of morons and is a sign of trouble further down the line.
+1

Take the example of someone who has running a car on say a personal lease. Then you definitely don't own the car and the log book is most likely in the lease company's name. Are you saying you wouldn't be able to get insurance on the afore mentioned lease car because their name is on the log book? I don't think so else no-one would ever take out a personal lease on a car they cant insure.
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      02-22-2013, 02:18 AM   #12
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I have had trouble insuring lease cars in the past for that reason, but never a problem with PCP. If you go onto price comparison sites and select you are not the registered keeper (as in a lease) you will get back far fewer and more expensive quotes.
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      02-22-2013, 04:16 AM   #13
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I don't think it's actually a problem as such, but having read an article and finding out i've been answering the question incorrectly in the past, only to correct it and find the insurer didn't know what to do was bizarre!

It seems they only do it as if there's a total loss claim they will settle the legal owner, in this case the finance company's stake first. As the PCP is an agreement between me and BMW Finance I have obligations under that so i'd ensure I met my commitment with them anyway. The main thing is that the vehicle is insured fully comp.

Of course I intend to take out GAP as well, thanks for other feeds on here suggesting ala who look good value.
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      03-02-2013, 07:47 PM   #14
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wow.never heard of this issue.this is my 3rd pcp from bmw and never had problem with the insurance .just go online and buy it from there.
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      03-07-2013, 05:20 PM   #15
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I have not been challenged in this way before either with PCP cars and insurance. It is possible that the person you spoke with was just confused with possibly personal lease?
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