INSURANCE FOR PCP BIKE

[Stevie4scoops]

I think the guy you spoke with at CN doesn't know what he's talking about. How about calling back and speaking with someone else?

I had a similar thing with Hastings Direct who told me they didn't do multi bike policys. I arranged insurance elsewhere then called HD back to cancel the automatic renewal and was told that they did.

I suspect the person you spoke with was getting mixed up with registered keeper which you are and actual legal owner which is the finance company.

If insurers didn't insure cars which were bought/financed via PCP they would be closing themselves off from 80% of the new car market.

 

[Traffic893]

I went to BMW for my new GS on PCP. No issue less than 400 for the year.

 

[casbar]

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?)

just had a argument with IAM Surety, who placed me with Ageas. There was no exclusion on the policy about garage overnight, it just said "garaged overnight" yes. Today they sent me a new document with an exclusion added, which basically says if your bike is at home it has to be in the garage locked or it is not covered for theft, attempted theft or malicious damage. This is also the case if you are within half a mile of your residence. So if the shops or fuel station is within half a mile, don't leave your bike unattended. This is apparently standard on all Ageas policies. Not much of an issue, but would have liked to have been told when I took it out and not 2 months later

 

[wileeeeeey]

just had a argument with IAM Surety, who placed me with Ageas. There was no exclusion on the policy about garage overnight, it just said "garaged overnight" yes. Today they sent me a new document with an exclusion added, which basically says if your bike is at home it has to be in the garage locked or it is not covered for theft, attempted theft or malicious damage. This is also the case if you are within half a mile of your residence. So if the shops or fuel station is within half a mile, don't leave your bike unattended. This is apparently standard on all Ageas policies. Not much of an issue, but would have liked to have been told when I took it out and not 2 months later

At least this is where Carol Nash were alright about it, they told me up front and while I thought it was annoying at the time it does make sure I lock it up at night. Hopefully after 12 months I have more options as it was more than I was expecting. You're only allowed to list one lock on the Ageas policy so I put down an Abus detecto even though I also have an Almax with anchor and a second Abus. I use all three at home and sometimes when out depending on where I am. In the end I guess I was just happy for some cover.

 

[bowser]

CN are talking bollocks, you can insure anything as long as you have an insurable interest in it, ie a stake in the value of an entity or event for which an insurance policy is purchased to mitigate risk of loss. ... Entities not subject to financial loss from an event do not have an insurable interest and cannot purchase an insurance policy. So if the bike is nicked and you have to pay BMW the value then you have an insurable interest regardless of who is the owner.
An being the registered keeper is not the owner of a vehicle, states right at the top of the logbook, first words cover page right at front, "This document is not proof of ownership, It shows who is responsible for registering and taxing the vehicle"
Which since its in your name and your responsible for taxing then you must by the same token be responsible for insuring!!!!
I would go back to CN and ask to speak with somebody with some idea what they are doing.

 

[AP11 LAD]

CN are talking bollocks, you can insure anything as long as you have an insurable interest in it, ie a stake in the value of an entity or event for which an insurance policy is purchased to mitigate risk of loss. ... Entities not subject to financial loss from an event do not have an insurable interest and cannot purchase an insurance policy. So if the bike is nicked and you have to pay BMW the value then you have an insurable interest regardless of who is the owner.
An being the registered keeper is not the owner of a vehicle, states right at the top of the logbook, first words cover page right at front, "This document is not proof of ownership, It shows who is responsible for registering and taxing the vehicle"
Which since its in your name and your responsible for taxing then you must by the same token be responsible for insuring!!!!
I would go back to CN and ask to speak with somebody with some idea what they are doing.

He's insured with BMW now so too late. It's their loss for wrong info

 

[trebor]

just had a argument with IAM Surety, who placed me with Ageas. There was no exclusion on the policy about garage overnight, it just said "garaged overnight" yes. Today they sent me a new document with an exclusion added, which basically says if your bike is at home it has to be in the garage locked or it is not covered for theft, attempted theft or malicious damage. This is also the case if you are within half a mile of your residence. So if the shops or fuel station is within half a mile, don't leave your bike unattended. This is apparently standard on all Ageas policies. Not much of an issue, but would have liked to have been told when I took it out and not 2 months later

I started a policy with IAM Surety five years ago, within the hour I had received and read the policy document. When I saw the details of the garaging policy I immediately called IAM Surety and cancelled the policy. Every year since then they have telephoned me to see if I want a quote, each time I ask the question has the garaging policy changed, each time they check and say it hasn't (in fact when I spoke to their rep two weeks ago they told me you weren't covered if parked within a mile of the garage address). The rep I spoke to this time confirmed that there is a note on my file that says I won't insure with them whilst this garaging policy is in place.
However, I do have my car insured with them and have been very happy to date.

Bob

 

[casbar]

got a call back from the boss this evening, he is phoning Ageas, nothing will change. But I found at least two other brokers who sell Ageas bike policies, all with different garage exclusions. One had a 500 yard exclusion, the other had an excess uplift if the bike wasn't in the garage, which is acceptable, so Ageas have different exclusions for he same policy IAM sell. I have my car with IAM as well, and will keep the bike with them for the year, but then move on. My point though was, they didn't tell me about the garage process and it wasn't an exclusion on my documents until today, when they realised they hadn't told me about the exclusion and it wasn't on my documents.

 

[Glen]

Hastings Direct-

If your claim is settled on a Total Loss basis and your Motorcycle belongs to someone else, or you’ve bought your Motorcycle by hire purchase, your Insurer will pay any money owed to that person/company first and then pay any remaining money to you. If your Motorcycle is on lease or contract hire, your Insurer will pay the lease or contract hire company either the Market Value of the Motorcycle, or the amount required to settle the contract, whichever is less.

 

[fatnfast]

PCP and difficulty sorting out insurance as your not the legal owner has always been there. Might be worth folks checking their policy if they were not aware of this. Insurance company's will no doubt try to wriggle out of any claim given the opportunity. I seem to recall all my proposals asking 'do you own this vehicle?'.
http://www.parkers.co.uk/car-finance/advice/2015/pcp-and-insurance/

 

[snaponphil]

Hastings direct.. didn't have a claim but what an ass company to deal with, had a few cars & vans, & a couple of bikes with them a couple of years back, had to change policies a few times during the year, always a drama & loaded policies (change vehicles etc)
Vowed would stay away from them in future.

 

[EVskiy]

Has anybody had any dealings with Axa underwriters?


Sent from my iPhone using Tapatalk

 

[sven]

I've just played it safe (after 8 years of BMW HP and PCP on three different bikes) and settled my finance this morning rather than waiting until 10 April

 

[woody1707]

Seems to me that all policies have their nuances and have to read carefully , when you come to claim if they can assume they will wriggle out of paying up, most appoint loss adjusters whose job is to reduce or avoid the claim.

The BMW policy seems reasonably benign . The locked garage clause says the bike must be kept locked in the garage if within 500 Metres. If not and its stolen they double the excess.

Thanks for all your comments and help, appreciated.

 

[woody1707]

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?)

It was Aegis I was with through Carole Nash. When I got the documents it states that you are the owner of the bike AND the registered keeper. I called and explained I was on a PCP so technically I was not the owner until the last payment (option to purchase payment) had been made. I made it absolutely clear that I was the registered keeper and sole user and responsible for insuring the bike.

When the guy checked with a supervisor he was adamant that unless I was the legal owner they would not cover me. Maybe I should have not said anything but I have previous experience of dealing with a loss adjuster on a commercial property claim and they scrutinise all the paperwork and if they can find anything they don't pay up.

I was just trying to be thorough and make sure they understood the situation I did not expect for a second they would not cover the bike.

Up to you but you may want to check.

Hope I have not upset any ones day and caused unnecessary concern but frankly I was totally surprised. Hope I just got a numpty at Carole Nash.

BTW BMW Motorrad were cheaper by a significant margin so in the end a result.

 

[Engineer]

So which insurance companies do PCP policies and which ones don't?

 

[woody1707]

So which insurance companies do PCP policies and which ones don't?

I found Carole Nash and Bennetts will not.

BMW Motorrad (Devitts) will.

 

[Neil W]

If more Insurance companies (not Brokers) follow suit it will be interesting to see if they discriminate against motorcycles and allow PCP insurance on cars.

If they also decide to make it policy NOT to cover any vehicles on PCP deals then will this adversely effect PCP sales if you are restricted to a smaller number of companies providing cover (at a cost).

 

[Deleted account 180524001]

Mmmm.. this certainly is very odd. another reason not to go PCP then.

this is interesting

https://www.theguardian.com/money/2...s-driving-us-towards-the-next-financial-crash

i always wondered how seemingly "normal" people managed to be cruising around in brand new £20,000 cars. they're all in massive debt. they used to call it "on tick" or "on the never never". it was always much frowned upon by my parents when I was growing up. this is probably why i'm riding around on a 26 year old bike.

 

[wileeeeeey]

I found Carole Nash and Bennetts will not.

BMW Motorrad (Devitts) will.

I wouldn't say Carole Nash don't. They didn't for you but you might have gotten through to an idiot. Not ideal but in those situations I hang up and redial - usually works.

As I said before I'm with Carole Nash for a GSA on PCP since Nov 2016.