INSURANCE FOR PCP BIKE

[JohnnyBoxer]

PCP is just HP, with a balloon

HP is deferred purchase

Tell that to CN and see what they make of that?

 

[Moose]

E-mailed Carole Nash about wether they would insure a bike bought via either PCP or HP and this is their reply:

"Thank you for your email.

Unfortunately we do not offer insurance on a vehicle where the individual is the registered keeper but not the owner of the bike.

We are only able to provide insurance cover where the vehicle is both owned and registered to the individual."

I followed up with CN after their original response, and obviously their team are not clear on this topic:

We are sorry for any confusion caused, if you have bought your vehicle on finance or a loan agreement you would be considered the owner the vehicle.

However if you maintain that you are not the owner of your vehicle, then we are unable to insure you.

 

[Fullchat]

Surely this is quite simple. Being the owner by whatever means is defined as the person who has financial responsibility for the vehicle. If purchased on PCP and it is a total loss - theft / write off, who has the legal responsibility for paying outstanding debt? Its the person who has entered into a contract whatever its dressed up as. So an insurance policy should be for that person to cover their financial responsibility. Simples.

 

[3bikesnospace]

Just to repeat my reply from page 5 of this thread ref CN

Just had this definitive reply from carole nash .

Thanks for your patience on this.

I got on to our product support manager about this immediately this morning. I’ve managed to get definitive clarification on the matter. We have no issues offering quotes to customers who have purchased their bikes via PCP. I have also been told we can list the purchaser as the registered owner and keeper of the vehicle, rather than the leaser.

Now this has been brought to our attention I have raised the incident to be acknowledged across the business. This is clearly something that everyone needs clarification on and we can now tackle.

I managed to find the thread you mentioned too and have shared this with management. Hopefully we can set up an account with the forum to try and share this information with the other participants of the conversation.

I really would like to thank you again for bringing this to our attention. As a high number of bikers use PCP to purchase their vehicles, I’m glad we are now able to clear up any confusion and offer all bikers the correct products from Carole Nash.

Kindest Regards,

Rosanna.

 

[Neil W]

If you read up online the car industry raised this issue regarding PCP purchases with insurance companies a couple of years ago and it was sorted , seems that the specialist bike brokers are either being particulalry clueless or lazy as to making enquiries with the insurance companies themselves

Just to repeat my reply from page 5 of this thread ref CN

Just had this definitive reply from carole nash .

Thanks for your patience on this.

I got on to our product support manager about this immediately this morning. I’ve managed to get definitive clarification on the matter. We have no issues offering quotes to customers who have purchased their bikes via PCP. I have also been told we can list the purchaser as the registered owner and keeper of the vehicle, rather than the leaser.

Now this has been brought to our attention I have raised the incident to be acknowledged across the business. This is clearly something that everyone needs clarification on and we can now tackle.

I managed to find the thread you mentioned too and have shared this with management. Hopefully we can set up an account with the forum to try and share this information with the other participants of the conversation.

I really would like to thank you again for bringing this to our attention. As a high number of bikers use PCP to purchase their vehicles, I’m glad we are now able to clear up any confusion and offer all bikers the correct products from Carole Nash.

Kindest Regards,

Rosanna.

 

[Tractors are go]

At Scottish Bike Show, I raised with MCE and CN manager's the issue on non insurance for pcp bikes. Both assured me that it is not an issue, that they are aware of problem and if there are any occurrences to email them, so that the member of staff can be identified and made aware of correct position.

Hopefully, what they have said is what happens !

 

[woody1707]

Well done 3bikesnospace having started this thread I was becoming increasingly concerned that I had highlighted an issue that was really starting to look as though a lot of bikes were not actually covered.

Sorry for any anxiety and thank you for getting a clear statement from Carole Nash on this.

They have lost my business and I was insured with them for 15 years on various bikes .

Once again thanks for persisting and getting us some clarity on the issue.

Great forum this.

 

[woody1707]

Important to note you have not been refused insurance they chose not to insure the bike you wanted to insure, the two are quite different.

I asked the same question when insuring with BMW and got the same answer. I had not been refused insurance CN and Bennett had just not wanted to insure this bike based on its ownership,it was nothing to do with me a as an insurance risk.

 

[3bikesnospace]

No problem woody got my 2008 insured with CN,not on pcp obviously. Find contacting companies via social media is easier and gets better results ,no hanging around on the phone

 

[The Enthusiast]

Still annoyed about this ! You ask the companies , you explain it and they go and check , come back to you with a definite NO.

So change companies and all the connected hassle and now , Oh no its ok after all !! Crap ! Well they have lost 6 customers already this week because of this . At Least Carole Nash and Bennetts have !

A friend checked with 'More Than' Car insurance and ' Admiral' and was told the same ! So its not just the bike companies. WTF ! Get your act together , it can't be that hard surely !

Well P...ed Off !