Car Insurance transfer?
Right.
I'm looking to buy a car now to learn in, that means my mum taking out a policy, and then me being a named driver.
When i pass, it might be cheaper for me to go on my own insurance. so, what happens?
It would be as if my mum has sold the car to me, so she wouldn't need the policy, but i'd need a new one. What would happen to her old policy?
I'd be paying in full for the first lot of insurance, so, would they refund the remaining amount to me?
Thanks guys!
Comments
You are buying a car which means that YOU need to insure it not her
To do otherwise will be fraud as seen here
http://www.bbc.co.uk/news/10241769
When you pass you then tell the insurer immediately who will amend the policy and charge you loads more money.
It is as simple as that - go your way and you could both even end up in jail and/or have some very big compensation bills to pay
Hello
OK as far the buying your car that is not a problem.
But the law states that the Main Driver must be the Policy Holder. So whilst you are learning to drive you mum will have to drive it more than you or that would be illegal, It is called Fronting and you could both be charged for it. When you have passed your test it sounds as though you mum is going to stop driving ?
If so you might as well then cancel her Policy and you would get a refund. If she has any No Claims Bonus it will only be valid for 2 years from the date you cancel the Policy and if not transferred to another she will lose it completely.
At that point you then start your Policy and add your mum as a Named Driver, You will not be able to use her NCB but having her as a Named Driver should reduce the price of your a bit but check with the Company first.
Andy C
Your mum would have to cancel her policy and you make a new one, insurance for first time drivers is very expensive.
If the currant insurance has been paid in full then it will go back to your mum not you. If you want to arrange the money to be transferred to your policy then your mum has to be present to verify.
Yes, the bottom line is that the vehicle owner has to be also the insurance policy holder. If you mom, at some point, transferred ownership of the vehicle to you you would then have to open your on policy for vehicle coverage. Her insurance coverage for the vehicle would simply need to be canceled once ownership was transferred. Refund for coverage? No. You would be wise to time the transfer close to the date which the policy would be do for renewal.