INSURANCE FOR PCP BIKE

[Wapping]

and interestingly I've just "actually" read the policy document (It's a multibike policy and other bikes are owned outright) and the Owned box is ticked!!

Suppose I had better speak to them!!

T

I really wouldn't worry about it. There is no suggestion that you have purposely mislead your insurer with the intention to defraud or to obtain a lower premium, nor has your risk exposure increase. You have paid the premium and the contract is in force. All this thread is, is a bizarre conversation between chimps.

 

[Deleted account 250319001]

I really wouldn't worry about it. There is no suggestion that you have purposely mislead your insurer with the intention to defraud or to obtain a lower premium, nor has your risk exposure increase. You have paid the premium and the contract is in force. All this thread is, is a bizarre conversation between chimps.

I dont think being told by your insurer that you are in fact not insured is chimp language .

 

[Wapping]

I dont think being told by your insurer that you are in fact not insured is chimp language .

Depends on the chimp doing the telling and the listening.

 

[Norfolk Tiger]

That's the problem with chimps always lacking in the finer points

 

[Deleted account 250319001]

I read this thread, then phoned my insurer to see if it was indeed chimps ....
Two advisers from my insurer (Bennetts) confirmed to me i was not insured.

It seems the chimps have done a U turn on their policy.

However, phoning my insurer certainly made sense. Unlike a chimp maybe ?

 

[Wapping]

Bennett is a broker (in the widest sense of the word) stacked full full of chimps.

Your insurer is the insurance company, named on the policy document. They generally have less chimps but are not entirely chimp free.

 

[Deleted account 250319001]

you're great you are
Thanks

 

[Deleted account 180524001]

6 pages of discussion.

and we haven't even talked about what tyres are the best yet.

 

[Deleted account 250319001]

6 pages of discussion.

and we haven't even talked about what tyres are the best yet.

I still need to know what oil is best too !

 

[Deleted account 180524001]

surely we must also talk about if your BMW warranty is valid if you don't use BMW oil/filter

 

[twizzle]

I really wouldn't worry about it. There is no suggestion that you have purposely mislead your insurer with the intention to defraud or to obtain a lower premium, nor has your risk exposure increase. You have paid the premium and the contract is in force. All this thread is, is a bizarre conversation between chimps.

Thanks Wapping - called them this PM - and they confirmed ( after escalation) that as long as my name is on the V5 they are happy !!

 

[Deleted account 250319001]

Us silly chimps......

Just got off the phone from a Bennetts manager.
They have identified a knowledge gap and are implementing it now !

Me, Im £102.00 up !
A cheque within 7-10 working days

Thank you bennetts.

Not bad for a chimp

 

[The Enthusiast]

Hi there

My partner and myself have fallen foul of this "Owner' clause . Spoke to Bennetts today as a 'potential' customer with BMW on PCP. When I explained that BMW Finance are the legal owners until you decide to use the option to buy at the end of the agreement, the rep said he thought it would be fine and will check with manager to be sure. Apparently the answer from their underwriters is No. They will not insure on PCP although HP and other forms of finance are ok. Therefore if you are already insured with them, the policy is invalid and you are not Insured as the information at declaration is false. Same with Carol Nash , Although Harley Davidson 'wing' insure Harleys on PCP but not other makes on PCP as add ons. There are two policies now cancelled. Fortunately BMW Insurance is fine with PCP as is Bikesure at reasonable prices.
Their loss , but how many people nationwide are driving/riding blissfully unaware they have no insurance till vehicle is stolen or total loss !

Check with your companies guys ! This needs to be publicised.

Cheers

 

[sven]

Here's an extract from the Bennet's policy document

 

[Deleted account 250319001]

Hi there

My partner and myself have fallen foul of this "Owner' clause . Spoke to Bennetts today as a 'potential' customer with BMW on PCP. When I explained that BMW Finance are the legal owners until you decide to use the option to buy at the end of the agreement, the rep said he thought it would be fine and will check with manager to be sure. Apparently the answer from their underwriters is No. They will not insure on PCP although HP and other forms of finance are ok. Therefore if you are already insured with them, the policy is invalid and you are not Insured as the information at declaration is false. Same with Carol Nash , Although Harley Davidson 'wing' insure Harleys on PCP but not other makes on PCP as add ons. There are two policies now cancelled. Fortunately BMW Insurance is fine with PCP as is Bikesure at reasonable prices.
Their loss , but how many people nationwide are driving/riding blissfully unaware they have no insurance till vehicle is stolen or total loss !

Check with your companies guys ! This needs to be publicised.

Cheers

Bennets will now retrain their staff to advise PCP is covered. Its been a knowledge gap in their training. Bennets DO cover vehicles purchased on PCP.

 

[The Enthusiast]

Yes quite

any payment may at the insurers discretion be made to the owner described in the agreement and such payment will fulfil ..... etc.

 

[The Enthusiast]

If it makes no difference by putting yourself down as owner and not the PCP Owner them I'm very pissed off with Bennetts and likewise Carole Nash . !!

I only spoke to them a few hours ago !!

CHIMPS is Right !

Still....saved a few bob I suppose.

 

[vRSG60]

Just a thought but isn't it the underwriters that insure the bike so it's their decision. Bennetts & CN are only the brokers.

 

[The Enthusiast]

Apparently they checked with underwriters while waiting on the phone .

Both company reps told me their underwriters will not cover PCP. They put me on hold to check with Manager.

They need to sort this out as a quick poll amongst my friends and there are 6 in the same boat, none realised it was an issue like myself. I did not believe it either until I checked.

Not taking the chance and waiting for them to sort it out. I don't trust insurance companies to try to wriggle out of paying , or am I just being cynical ....maybe they are lovely people out to just make life easier for us at lowest possible cost.

All of a sudden they will be finding people cancelling policies left right and centre. Those people reinsuring with companies that clearly cover PCP .

I am paranoid of course but now comfortable with my Insurance policies. ! Lol

 

[Deleted account 180524001]

What a mess.

If CN or Bennetts are reading this then I would they need to put out a statement ASAP