INSURANCE FOR PCP BIKE

[woody1707]

I got a new GS in December on a PCP first time I have done this but BMW were offering a very low interest deal and thought why not. In the past I have always just bought my bikes.

My Insurance is due for renewal and Carole Nash say as I don't actually own the bike I cannot renew with them.

I have a couple of weeks before renewal so would appreciate others experiences and recommendations of insurers who are O.K. with PCP bikes.

Thanks

 

[dinku]

Thats strange as all the bikes I have bought was via PCP and had no issues with insurance.

 

[woody1707]

I know I was really surprised I am going to try Bennetts and some others but notice on their web site as you fill in the details they do ask..."Do you own the bike".

Just wondered who others were insured with so I can try them.

 

[AP11 LAD]

Carole Nash are talking nonsense to say they cannot insure it. When you purchase on PCP it is correct that you are not the official owner of the bike but don't be alarmed. The legal owners are BMW finance and that will continue in this status until such time as you choose to repay the final large payment. Upon receipt of this BMW finance will transfer legal ownership to you.

You are in effect the registered keeper of the bike and as that is with BMW finances full approval, you are able and indeed expected to fully insure the bike. You MUST have fully comprehensive insurance and you can take it out with any provider you choose to including Carole Nash.

The vast majority of all new motor vehicles on the road are not owned outright by the driver/ rider. They bought on finance like you. In the event of a total loss settlement on an insurance claim, the settlement payment always has to go to BMW finance and once they are paid off, any surplus is then sent to you.

Although you do not own the bike you do have rights and also have responsibilities. You can and should read through the contract you have entered into. From date of purchase and signing the agreement, you do have the right to cancel the agreement within a few weeks.

Hope this helps you out.

 

[Big Red]

What bollox, if it is on a PCP it's no different to hp, a loan or however you pay for it. If you are on the V5c as the registered owner it's your bike.
Obviously if you want to sell it, it's stolen or written off then you have to settle the outstanding finance.

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[EVskiy]

I got a new GS in December on a PCP first time I have done this but BMW were offering a very low interest deal and thought why not. In the past I have always just bought my bikes.

My Insurance is due for renewal and Carole Nash say as I don't actually own the bike I cannot renew with them.

I have a couple of weeks before renewal so would appreciate others experiences and recommendations of insurers who are O.K. with PCP bikes.

Thanks

Utter bulshit. They basically don't want to insure you. I am on PCP and apiary from high premium cost no problems.


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[woody1707]

Thanks guys this is what I thought I explained to the bloke on the phone at CN but he was adamant that their insures would not cover me...I was particularly annoyed as I have been with the for over 10 years and numerous bikes.

Can I ask who others are insured with who have PCP's so I can try them.

Cheers

 

[JohnnyBoxer]

What bollox, if it is on a PCP it's no different to hp, a loan or however you pay for it. If you are on the V5c as the registered owner it's your bike.
Obviously if you want to sell it, it's stolen or written off then you have to settle the outstanding finance.

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No you aren't, you are just the registered keeper

 

[Neil W]

Ring up CN and demand to speak to a supervisor , phone monkey appears to be talking bollocks and mixing up the fact they will not insure a bike if it is not registered in your name, a pcp bike is

 

[AP11 LAD]

Thanks guys this is what I thought I explained to the bloke on the phone at CN but he was adamant that their insures would not cover me...I was particularly annoyed as I have been with the for over 10 years and numerous bikes.

Can I ask who others are insured with who have PCP's so I can try them.

Cheers

Woody, you can use any company pal. Take no notice of CN. ALL insurers including CN will have thousands of customers with same situation as you. CN have got you concerned which is understandable but they are wrong so shop around with another company.

 

[woody1707]

Just an update I spoke to a supervisor at CN and he confirmed they wont cover you unless you actually own the bike he fully understood what a PCP was and that I am the registered keeper with the V5 (which clearly says it does not constitute proof of ownership).

Bennetts are the same even though I explained it was a PCP and I had the option to purchase at the end.

BMW Motorrad are O.K. with it and a reasonable premium so I am going with them. but I am really surprised at this from 2 well known bike insurers and I bet there are people who have cover with them and don't realise they may find their policy invalidated as they are not the legal owner of the bike. All I can say is check your policy guys.

Bloody hassle wish I had just bought the bike now.

 

[EVskiy]

Thanks guys this is what I thought I explained to the bloke on the phone at CN but he was adamant that their insures would not cover me...I was particularly annoyed as I have been with the for over 10 years and numerous bikes.

Can I ask who others are insured with who have PCP's so I can try them.

Cheers

Currently through RAC and underwriter Motorcycles Direct (might be wrong spelling) 10 years NCB, 9k miles per year, inner M25, licence held for 17 months, bike not garaged but kept on private property, and isn't modified. Picked her up on Saturday. £747 to insure. Previous insurer (Bennetts) wanted over £1500 and £1250 combined excess. Feck off I said. Had a renewal letter from them on my last GS the other day and it was just under £200 more then a year before. Piss takers. Insurance seem to have gone up in the last 12 months.


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[vRSG60]

There must be plenty of car drivers in the same predicament too.

From Bennett's web site.

Also it's no different to buying on hire purchase. You don't own that vehicle either until you pay the loan off.

 

[AP11 LAD]

Glad you're sorted anyway. Still think they are both wrong and it's cost them your business. You can pay off your pcp at any time if you wish and don't have to wait until the end of the term. Now just get out and enjoy.

 

[woody1707]

Glad you're sorted anyway. Still think they are both wrong and it's cost them your business. You can pay off your pcp at any time if you wish and don't have to wait until the end of the term. Now just get out and enjoy.

I agree....threw me but as you I am going out for a de-stress ride

 

[trebor]

Just an update I spoke to a supervisor at CN and he confirmed they wont cover you unless you actually own the bike he fully understood what a PCP was and that I am the registered keeper with the V5 (which clearly says it does not constitute proof of ownership).

Bennetts are the same even though I explained it was a PCP and I had the option to purchase at the end.

I am very surprised at this attitude from the Insurers/brokers concerned. I hope they advise all their customers of this in writing as I wouldn't mind betting that over 80% are on PCP, it would be an interesting exercise just to see how much business they would lose and how quickly they changed their rules!

 

[sven]

I was always under the impression that PCP was the same as Hire Purchase as far as the insurance companies are concerned i.e. as you are purchasing the bike, the insurance companies view the policy holder as the owner, even though technically you're not until the final payment has been made.

If it's PCH (i.e. Personal Contract Hire), then the policy holder is simply hiring the bike from the owner

 

[woody1707]

I was always under the impression that PCP was the same as Hire Purchase as far as the insurance companies are concerned i.e. as you are purchasing the bike, the insurance companies view the policy holder as the owner, even though technically you're not until the final payment has been made.

If it's PCH (i.e. Personal Contract Hire), then the policy holder is simply hiring the bike from the owner

Me too but I explained to both that it was a PCP and I have the right to buy at any time during the contract and at the end but both still said no.

 

[JohnnyBoxer]

Piss takers. Insurance seem to have gone up in the last 12 months.

WC GS/GSA's are very nickable at present, keep an eye out for yours

That's why insurance has gone up as the risk is higher than last year

 

[wileeeeeey]

I am on PCP for a TB GSA and insured with Carol Nash. New policy started in November. They have put me with Ageis (spelling?)