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gbrand42 |
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gbrand42 Could Be A Chat Bot
Joined: 23 Jul 2013 Karma :
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Posted: 19:16 - 18 Jun 2017 Post subject: New bike |
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I've kicked the old Deauville into touch and signed up to take delivery of one of these in a couple of weeks. 0% PCP so I thought fuck it you only live once. Demonstrator seemed quite sprightly in comparison to the old bike:
https://www.motorrad-bilder.at/slideshows/291/011559/honda-crossrunner-adventure-2015-7.jpg ____________________ Yamaha RD50M, Honda C90, Yamaha RS100, Yamaha RD125LC, Honda XL125 V9 Varadero, Honda NT700VA, Honda VFR800X, Honda CRF1000L, Honda ST1300 Pan European |
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owl |
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owl World Chat Champion
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gbrand42 |
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gbrand42 Could Be A Chat Bot
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owl |
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owl World Chat Champion
Joined: 21 Oct 2016 Karma :
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Posted: 19:44 - 18 Jun 2017 Post subject: |
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well if you now own one it's probably too late anyway ____________________ Observation is the greatest source of wisdom. |
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Alpineandy |
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Alpineandy World Chat Champion
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gbrand42 |
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gbrand42 Could Be A Chat Bot
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Snowdonia Rider |
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Snowdonia Rider World Chat Champion
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Posted: 19:34 - 19 Jun 2017 Post subject: |
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I had to zoom in on the pic to see 'Crossrunner'! I thought it was a CB500X ____________________ I want your clothes, your boots and your motorcycle.
Suzuki GP125 Suzuki GSX600F Suzuki SV650S KTM EXC250F SkyTeam Bongo 125
My YouTube channel: https://www.youtube.com/c/SnowdoniaRider |
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kgm |
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kgm World Chat Champion
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mtriderrob |
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mtriderrob Derestricted Danger
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Alpineandy |
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Alpineandy World Chat Champion
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Rogerborg |
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Rogerborg nimbA
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
Joined: 27 Apr 2011 Karma :
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Posted: 22:50 - 19 Jun 2017 Post subject: |
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Well, makes for some interesting reading on this matter.
Definitely seems like a grey area....
Poses questions on house insurance if you have a mortgage as well if that is the case, as you have to answer the question of "are you a home owner" - owner as in you live in it, yes. Owner as in you've cleared teh mortgage....unlikley. ____________________ Twitter is for people who can't STFU even when they're by themselves |
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Rogerborg |
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Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
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Posted: 23:01 - 19 Jun 2017 Post subject: |
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It's plausible, but it's an extraordinary claim that requires backing up.
I've never read a PCP contract so don't know whether you typically own it and the finance company has an interest, or they own it until you've paid it off. Either way, you can still have an insurable interest in it.
There's this thread from a couple of years back that confirms that Admiral for one do (or did) cover PCP, despite the typical skip licking from a front line phone monkey.
So Billy Bullshit called until [citation provided] ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
Joined: 27 Apr 2011 Karma :
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Posted: 23:05 - 19 Jun 2017 Post subject: |
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Rogerborg wrote: | It's plausible, but it's an extraordinary claim that requires backing up.
I've never read a PCP contract so don't know whether you typically own it and the finance company has an interest, or they own it until you've paid it off. Either way, you can still have an insurable interest in it.
There's this thread from a couple of years back that confirms that Admiral for one do (or did) cover PCP, despite the typical skip licking from a front line phone monkey.
So Billy Bullshit called until [citation provided] |
That's the thing. The insurance company would need to pay out the value of the vehicle irrespective of who technically is the owner. the owner would get the insurance payout - in PCP terms, the finance company. As you'd expect.
Just checked my policy docs for the car, and nowhere on there does it make any reference to the financial owner of the car. Refers to me and where I live as the insurer of the vehicle. Details the car and value, where it's kept, how it will be used etc. Nothing on the policy schedule, certificate that says "Owner of the car" to be me. ____________________ Twitter is for people who can't STFU even when they're by themselves
Last edited by FirebladeRuss on 23:17 - 19 Jun 2017; edited 1 time in total |
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mtriderrob |
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mtriderrob Derestricted Danger
Joined: 31 Jan 2013 Karma :
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
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Rogerborg |
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Rogerborg nimbA
Joined: 26 Oct 2010 Karma :
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Posted: 09:45 - 20 Jun 2017 Post subject: Re: new bike |
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Mates-of-a-mate-of-a-mate? What's that, 4th hand?
MCN were fretting about it recently: https://www.motorcyclenews.com/insurance/2017/march/motorbike-insurance-pcp/
But given that it's MCN, I'd assume by default that they're full of it. They found a professional insurance broker in $CURRENT_YEAR who didn't know what PCP is? Do me a favour.
However, I do believe that this is all plausible and have been saying so for years. Buried deep in BMW's PCP finance site is the statement that "they" remain the owner of the vehicle until it's all paid up.
The usual advice applies. Read and understand anything that you're signing, and answer all insurance questions as honestly as you can.
If you're not the owner, don't say that you're the owner.
If you're not asked, pas de problème, or it shouldn't be once your complaint gets to the FOS.
The thought occurs, how would I show to an insurer that I'm the owner of any of my vehicles?
I have various hand-written scraps of paper, which I could have written myself. For one car and one bike, I have actual dealer contracts for the purchase, but how does that show that I'm still the owner? ____________________ Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike |
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Alpineandy |
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Alpineandy World Chat Champion
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
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Rogerborg |
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Rogerborg nimbA
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FirebladeRuss |
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FirebladeRuss Spanner Monkey
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Posted: 12:17 - 20 Jun 2017 Post subject: |
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Rogerborg wrote: | FirebladeRuss wrote: | it's not a lease as such and with a PCP you are classed as the owner and keeper. |
It's nice of them to "class" you as such, but BMW finance disagree: "We remain the owner of the vehicle during the [PCP] agreement "
This insurance mongery is exactly what makes me suspect that OP may be on to something. The facts appears to be that you don't own a PCP'd BMW until you've paid off every penny, and the actual policy underwriter isn't going to give a stuff what some sales monkey thinks. |
That's what I thought to, and hence I looked into it and made some enquiries.
The basics still apply though:
- Keeper of the vehicle - person insuring it, as appears on V5C
- Vehicle kept at the address shown on the V5C, or whever the person insuring it says it is kept
- Insurance is in the name of the person insuring it
- Value of the vehicle - same regardless of who "owns" it as long as it's declared that value at the time of insuring (and hence the GAP insurances exist to cover when the insurance say the market value is less than what the actual value on finance is)
- Person insuring it is who has to declare their points and disqualifications - again, who "owns" it is irrelevant for this element of the insurance
- With a PCP the "owner" (BMW or whoever) don't maintain it or tax it, the registered Keeper (the person insuring it) does. The financer is not responsible at all for ensuring the car is safe and roadworthy.
The only time the legal "owner" being the dealer in question may come into play was if the vehicle got written off, and the Finance owner would then receive the payment - but even if the insured ended up getting the payout, they'd still have to clear the finance anyway?
Without a doubt, it's worth checking with whoever is insuring if it makes a difference - but I can' see as how it would in most cases. As you say, I'm sure there are one of 2 places that might try find some loophole, but (not that I'm legally trained in any way) I can't see how it'd stand up if it ended up in court. ____________________ Twitter is for people who can't STFU even when they're by themselves |
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Alpineandy |
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Alpineandy World Chat Champion
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mtriderrob |
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mtriderrob Derestricted Danger
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Rogerborg |
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Rogerborg nimbA
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Old Thread Alert!
The last post was made 6 years, 313 days ago. Instead of replying here, would creating a new thread be more useful? |
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