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Question Re: Ownership and Insurance

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  • 22-03-2004 10:52pm
    #1
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭


    Quick one.

    I bought my wife a car a few ago. I registered it in my name as I was going to be the main user of the car. Now we have decided to let her use the car, and want to take out insurance for her. The car has not been used before when I got it - so never insured on my name.

    Question:

    Does the car have to be in her name? When we called 123.ie - they said its a legal requirement that a person could only insure one car. This means that would could only insure the GTI once we had removed cover from the Punto. Is this true?

    Also - does No Claims carry over from company to company? We are about to terminate the Punto cover, go to a new crowd, but at 10 months into the policy. Thoughts?


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    #2
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,715 Mod ✭✭✭✭Seth Brundle


    NCB does carry from company to company but as you are not through a full year then this does not increment your NCB. You are better off waiting the two months if it is really important.


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    #3
    IrishRover
    Closed Accounts Posts: 602 ✭✭✭IrishRover


    Originally posted by Chaz
    When we called 123.ie - they said its a legal requirement that a person could only insure one car. This means that would could only insure the GTI once we had removed cover from the Punto. Is this true?
    That's not true. One person can have separate insurance policies for different cars.
    However, any No Claims Bonus is tied to the car, so if you take out another policy, you would start from scratch on the new policy. You could choose to transfer the NCB to the new policy though. The cheapest would be to transfer the NCB to the GTi and start from scratch with the Punto.
    This means that would could only insure the GTI once we had removed cover from the Punto. Is this true?
    No. You could also transfer the insurance from the Punto to the GTi.
    Also - does No Claims carry over from company to company?
    Yes. You need to get a letter confirming your NCB from your existing company and send it to the company you are going to take out a policy from.

    Why don't you just transfer ownership of the GTi to your wife, let her insure it, and then you continue your policy with the Punto? Then you don't have to be insuring two cars yourself.


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    #4
    pedro ferio-vti
    Registered Users Posts: 396 ✭✭pedro ferio-vti


    Originally posted by Chaz
    When we called 123.ie - they said its a legal requirement that a person could only insure one car. This means that would could only insure the GTI once we had removed cover from the Punto. Is this true?

    This is a load of balls, you can only use ur NCD for 1 car but you could insure as many cars as you would want as long as you or your spouse/partner owns the car. There shouldn't be any need for change of ownership forms as long as the cars are either in yours or your wifes' name.

    Pete


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    #5
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Thanks for the answers. Lemme explain.
    The Punto is in her name, and insured in her name. The GTI is in my name - as I was orginally going to drive it. Hassels with my expired license from South Africa, means I cannot drive nor benefit from a NCB until im sorted.

    The GTI was bought when her Punto broke down - and between me/her driving it - we rushed into this to get her mobile. We then got missled with an insurnace quote - I will accept partial blame for not sorting out the insurance 100% before taking the car. The quote was in her name. The thing is - we need to pay the year up front.

    Since then - she has indicated that she was 3 months on the Punto till its 1 year NCB. If we sell the Punto now - we loose this - as the new insurance is from another company. AXA (her current insurer) woulnt cover her on the GTI. We only have 1 payment left, have 2 free months thereafter - what would be best to benefit from that year?

    Else what we need to do is wait the three months, then insure the GTI. Problem is - I have a buyer for the Punto now.


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    #6
    IrishRover
    Closed Accounts Posts: 602 ✭✭✭IrishRover


    Try getting a quote from someone other than AXA. They don't like to insure any car that might even vaguely think about getting to sixty before you die of old age. ;)


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    #7
    pedro ferio-vti
    Registered Users Posts: 396 ✭✭pedro ferio-vti


    to kill the final 3 months without it costing you anything you could firstly do a temporary substitution onto the GTi for which the max time is 1 month I do believe. After which you could suspend the policy leaving you with F&T Cover for the remainder........ btw what type of GTi is it? MK2 golf?


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    #8
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Golf4 GTI

    I dont think they will cover the car for a month. They woulnt even quote on us changing from the Punto to the GTI. Hence why I found someone that would. My wife has 0 NCB with a full license. We are 30 - so it helps. Im quiet willing to pay the E2300 - just dont want to loose and get snared into something.

    As it is already - I think we only have 3rd party on the Punto. We got screwed with that intial policy. Its all fairly new to us - insurance is not mandatory in South Africa.


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    #9
    pedro ferio-vti
    Registered Users Posts: 396 ✭✭pedro ferio-vti


    its because of the group the GTi is in, with axa its in Group 6 or 7 and the criteria for the group/s is that the customer has to be over 25, full license and a full EARNED NCD which your GF doesnt have unfortunately. If its existing business you could transfer onto a higher powered car as long as its not more than 3 groups higher than the original car but unfortunately it is in this case as the punto is only in group 2. if she had of been insured on a group 3 or 4 car it would have been done........

    Pete


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    #10
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Any ideas where I could see this 'group' thing and the rules related?
    Is that bound to AXA? Why would some quote on the GTI, and some not at all?


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    #11
    pedro ferio-vti
    Registered Users Posts: 396 ✭✭pedro ferio-vti


    You can't see it unfortunately as its a different group structure with each individual company. In the UK they use a standardised grouping system wherby each company groups cars exactly the same as any other wheras over here all companies group cars differently based on their particular claims experience or whatever, hence the reason y some cos. will quote her and others won't.


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    #12
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Thanks for the info All. Much appreciated.


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    #13
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Whats the feasibilty of selling the Punto, but keeping it insured until the end of the year term (3 months) to get the NCB? Its basically paid up - not really a money thing.


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    #14
    pedro ferio-vti
    Registered Users Posts: 396 ✭✭pedro ferio-vti


    It is quite feasible providing:

    a) the new owner doesnt insure the car with AXA because when the reg no is put in it will come up on the system as being insured with your good self

    And

    b) the person who buys the car doesn't crash in the next 3 months.........

    You can do it alright but I wouldnt be advising you to do such naughty things (disclaimer).......

    Pete


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    #15
    Chaz
    Closed Accounts Posts: 1,275 ✭✭✭Chaz


    Got the proposal form from www.brittoninsurance.com today. Guess who its thru? AXA.
    Now, I understand there are 2 or 3 different AXAs. But 'our' one wont quote on a GTI, this one does via a broker. ODD.


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    #16
    Blitzkrieger
    Registered Users Posts: 6,660 ✭✭✭Blitzkrieger


    Oh sweet jesus! A GTi! You must be some sort of raving maniac!!!!!

    Or at least insurance companies seem to think you are if there's any letters on your car's badge.

    tbh, insurance is so cheap for women I'd probably bite the bullet, cancel the insurance on the Punto and insure the Golf in her name.

    I can't see any easy way you could keep the 1 years NCD on the Punto. Especially if you sell it now. If I were going to keep the NCD, I'd hold onto the Punto for three months (another buyer shouldn't be too hard to find for such a popular car) and insure the Golf with whoever's cheapest. After three months I'd sell the Punto, cancel the policy on the Golf and take out a new policy on the Golf with the 1 year NCD. You'll lose money by cancelling the premium, so I'd say it'd hardly be worth your while.

    I'd really just cancel the insurance on the Punto, insure the Golf, forget the NCD and save myself the hassle.


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