INSURANCE FOR PCP BIKE

[woody1707]

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.

I am sure you are right there must be thousands of bikes on PCP's that they insure.

 

[Deleted account 180524001]

It would appear it does depend on what numpty you get put through when you call.

I find it hard to believe that a major insurer will refuse to insure a bike on PCP

Then again, if your PCP bike gets nicked and buried in the terms and conditions is something about you needing to be the legal owner, then the insurance company could refuse to pay out

I certainly would be checking with my insurance company now if I had a PCP bike. Get any answer in email or in writing. (Unless you know how to record phone calls). It sounds bonkers, but we are talking about bikes worth up to £17,000. Not a small sum.

 

[fatnfast]

I certainly would be checking with my insurance company now if I had a PCP bike. Get any answer in email or in writing. (Unless you know how to record phone calls). It sounds bonkers, but we are talking about bikes worth up to £17,000. Not a small sum.

I would agree with this. If your 17k bike gets stolen and the insurance company refuse to pay out because you declared you own the bike, surely you are then still obliged to continue your monthly payments and settle the final agreed value payment as well That's if the PCP company don't see this as a breach of your contract with them to correctly insure the bike and then demand full settlement of outstanding finance.
Also what would happen in an accident......

 

[Engineer]

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.

You can't get owt for nowt.

 

[bdastu]

You guys had me worried so I checked with my insurance company and they confirmed they cover my bike which I bought through a PCP deal.

I have my two bikes insured through Hastings Direct.

 

[Victor c]

I'm with Bennetts and have submitted an online query this evening. Will see what they say.

Just out of interest I put a quote through BMW insurance. They came out cheaper than Bennetts, so even with the cancellation £50 fee, it may be worth me changing anyway.

 

[EVskiy]

I am with RAC insurance and underwriter is ageas select


Sent from my iPhone using Tapatalk

 

[Andrew997]

This seems like a real can of worms, I am currently looking for insurance myself and have now been asking the question to insurers, there seems to be quite a few not prepared to insure the bike unless you own it. In reality how many people are buying any £10k+ bike without some sort of pcp or hire purchase? The way I see it there is no difference between the two, in terms of the registered keeper doesn't own it until its paid off. Until this thread popped up I would have just automatically ticked the yes box to the question 'are you the owner of this vehicle'

 

[scorp888]

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!

Would be interesting if a number of people tweeted them/posted on their facebook page....

 

[J.R.]

If you have a mortgage on your home, you don't own it until the mortgage is settled. How many times have you answered 'yes' when asked if you are the home owner?

 

[Andrew997]

Good point J.R. It almost seems like the insurance companies haven't thought of the technicalities of what 'owner' actually means, do they really just mean 'registered keeper'

 

[karlp]

If you have a mortgage on your home, you don't own it until the mortgage is settled. How many times have you answered 'yes' when asked if you are the home owner?

Maybe a subtle difference but it is my understanding that the mortgager (bank etc) has a 'charge' over the property i.e. you have put it up as security and if you do not pay the lender the property can be seized to pay the debt

 

[Gezaware]

Maybe a subtle difference but it is my understanding that the mortgager (bank etc) has a 'charge' over the property i.e. you have put it up as security and if you do not pay the lender the property can be seized to pay the debt

Karlp. I thought the same though you could argue that if you defaulted on PCP payments then BMW finance could also seize the bike in the same way?.

I too am interested in which companies do or don't insure a bike on PCP as looking to insure a new GSA, though it's hardly a new problem especially given they've been selling cars and bikes in this way for years now.

 

[3bikesnospace]

Just has a twitter reply from carole nash saying yes they DO cover vehicles on pcp !! my bikes not on pcp but thought I'd ask the question anyway .replied back to them telling them about advisers saying otherwise but still waiting for reply on that one .The plot thickens

 

[AP11 LAD]

I think that when responses come and and people check around it will be a case that all insurance companies will and indeed do cover bikes on pcp. As stated before, the vast majority of vehicles of all types in the U.K. Are bought on some finance or another and pcp is far far the most widely used. The adviser at CN has cost them at least one customer - the op

 

[Deleted account 250319001]

Read this. and phoned Bennets.
Spoke to two advisors. Both confirmed to me I was not the owner of the bike as it is on PCP and that i wasn't insured. Two years i have been riding without insurance.
This morning phoned BMW motorrad insurance and at the cost of £450 re insured my bike.
Instantly i phoned Bennets to cancel my un insured insurance policy to be told "Yes you are insured" as long as my name is on the log book as the registered keeper.
What a load of old bull. I now have to phone BMW back to get my £450 back.
I've put in a formal complaint to Bennets.
PCP is covered on your Bennets policy.

 

[wileeeeeey]

Read this. and phoned Bennets.
Spoke to two advisors. Both confirmed to me I was not the owner of the bike as it is on PCP and that i wasn't insured. Two years i have been riding without insurance.
This morning phoned BMW motorrad insurance and at the cost of £450 re insured my bike.
Instantly i phoned Bennets to cancel my un insured insurance policy to be told "Yes you are insured" as long as my name is on the log book as the registered keeper.
What a load of old bull. I now have to phone BMW back to get my £450 back.
I've put in a formal complaint to Bennets.
PCP is covered on your Bennets policy.

I would put in a complaint too. That's wreckless advice from the earlier two advisors

 

[Deleted account 250319001]

The girl at BMW Motorrad hadn't heard of "PCP.
30 seconds to take my £450, up to three days to get it back !

 

[AP11 LAD]

I would put in a complaint too. That's wreckless advice from the earlier two advisors

+ 1. Outrageous !!

 

[Victor c]

Read this. and phoned Bennets.
Spoke to two advisors. Both confirmed to me I was not the owner of the bike as it is on PCP and that i wasn't insured. Two years i have been riding without insurance.
This morning phoned BMW motorrad insurance and at the cost of £450 re insured my bike.
Instantly i phoned Bennets to cancel my un insured insurance policy to be told "Yes you are insured" as long as my name is on the log book as the registered keeper.
What a load of old bull. I now have to phone BMW back to get my £450 back.
I've put in a formal complaint to Bennets.
PCP is covered on your Bennets policy.

I had this response from Bennetts earlier


Inbox1 of 6
[ No Subject ]
[email protected] <[email protected]>
To [email protected]
Wednesday, March 8, 2017 12:03 PM
Click to View Full HTML
Good Morning,

Thank you for your email.

I can confirm that as long as the bike is registers in your name, we would be able to cover you.



Kind Regards



Neil Bentley


Bennetts Customer Support




Bennetts, Sherbourne House, 1 Manor House Drive, Coventry, CV1 2FX
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---------- Original Message ----------

Subject: ReCP cover
Date: 08/03/17 10:03
From: [email protected]
To: [email protected]

Thanks for the reply Neil The issue I may have is with PCP (personal contract purchase). I will not own the bike until I make the final payment at the end of my agreement term, however I am the registered keeper with the V5 document. Could you confirm I would be covered. Many thanks Mark -------------------------------------------- On Wed, 8/3/17, [email protected] wrote:

Subject:
To: [email protected]
Date: Wednesday, 8 March, 2017, 9:32

Good
Morning,

Thank you for your enquiry.

I can confirm that as long as the bike is owned and
registered in your name, we would be able to offer insurance
cover for you.

If you would like to obtain a quotation, please visit
www.bennetts.co.uk or call a member of our sales team on
0330 018 1618.

Kind Regards

Neil Bentley

Bennetts
Customer Support

Bennetts, Sherbourne House, 1 Manor
House Drive, Coventry, CV1 2FX





---------- Original Message ----------

Subject: Insurance
Date: 07/03/17 17:03
From: [email protected]
To: [email protected]

Data send by Contact Form

Name: Mark Crumb

Email: [email protected]

Telephone: 01745887118

Subject: Insurance

PolicyNumber:

Query: {query}

Message: Hi

Do you cover motorcycles on PCP?

Regards
Mark

So Bennetts do insure PCP bikes