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Trying to buy a car but insurance is impossible!

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  • 10-12-2016 11:41pm
    #1
    malaga1986
    Registered Users Posts: 4 ✭


    Hi all!

    My mum wants to buy a car for me as I am starting work in Dublin and comuting every day in public transport would be around 2 hours and a half to go to work and 2 hours an a half to come back :/

    She wants to get the car financed but she can only register in her name if she does that.
    I am going to be the main driver in the car so if she insures it in her name and puts me as named driver that would be fronting.

    The other problem we face is that if she registers it under her name (mandatory because she is the one that got the financing approved) I cannot get insured in it as a main driver as I do not own the car..

    I cannot get the car myself because I'm starting my first job in 1 week and I can't get financing with that. I'm over 18 and live with my mum.

    Has anyone been in the same situation? Is there a way I could get around this?


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    #2
    TitianGerm
    Registered Users Posts: 28,119 ✭✭✭✭TitianGerm


    malaga1986 wrote: »
    Hi all!

    My mum wants to buy a car for me as I am starting work in Dublin and comuting every day in public transport would be around 2 hours and a half to go to work and 2 hours an a half to come back :/

    She wants to get the car financed but she can only register in her name if she does that.
    I am going to be the main driver in the car so if she insures it in her name and puts me as named driver that would be frosting.

    The other problem we face is that if she registers under her name (mandatory because she is the one that got the financing approved) I cannot get insured in it as a main driver as I do not own the car..

    I cannot get the car myself because I'm starting my first job in 1 week and I can't get financing with that. I'm over 18 and live with my mum.

    Has anyone been in the same situation? Is there a way I could get around this?

    Can your mother take out a car loan from the Credit Union and go to the dealership with you and hand over the cheque?


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    #3
    D0NNELLY
    Closed Accounts Posts: 1,387 ✭✭✭D0NNELLY


    malaga1986 wrote: »
    Hi all!

    My mum wants to buy a car for me as I am starting work in Dublin and comuting every day in public transport would be around 2 hours and a half to go to work and 2 hours an a half to come back :/

    She wants to get the car financed but she can only register in her name if she does that.
    I am going to be the main driver in the car so if she insures it in her name and puts me as named driver that would be frosting.

    The other problem we face is that if she registers under her name (mandatory because she is the one that got the financing approved) I cannot get insured in it as a main driver as I do not own the car..

    I cannot get the car myself because I'm starting my first job in 1 week and I can't get financing with that. I'm over 18 and live with my mum.

    Has anyone been in the same situation? Is there a way I could get around this?

    Where are you commuting to/from?


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    #4
    bazz26
    Registered Users Posts: 51,253 ✭✭✭✭bazz26


    What car are you trying to buy and what age are you and what driving experience/license type do you have?


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    #5
    malaga1986
    Registered Users Posts: 4 ✭malaga1986


    I'm 30. It's my first job in Ireland ( I worked in France before but that does not count for financing purposes ).

    She wants to buy a Toyota Yaris Hybrid with the PCP financing plan

    I would be comuting from Kildare Town to Sandyford... its madness the time it takes to get there :/

    I've exchanged my full EU license for a a full Irish license. I've had my license since 2008. Was named driver on my mums insurance but that was before I moved to France 6 years ago so it doesn't count. I'm starting from cero again :/


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    #6
    malaga1986
    Registered Users Posts: 4 ✭malaga1986


    Hi!

    My mum is trying to buy me a car but as she is financing it she needs to register it in her own name.

    I am going to be the name driver and I won't to insure it under my name. I've read a bit about insurable interest. As she is my mum and we live in the same address can I get insured as main driver?

    :)


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    #7
    bazz26
    Registered Users Posts: 51,253 ✭✭✭✭bazz26


    Your problem is that your mother is financing a brand new car and giving it to you. Insurance companies don't like this and will insist on the policy holder being the registered owner so that they have an insurable interest in the car. Yes PCP deals are attractive but no good to you if you cannot insure the car.

    Could you or your mother look at buying a less expensive slightly older car maybe about 5 years old through a regular car or personal loan? Repayments may not be as attractive as PCP but at least it might get you insurance and on the road until you can afford to buy new at a later stage when insurance is half respectable.


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    #8
    malaga1986
    Registered Users Posts: 4 ✭malaga1986


    bazz26 wrote: »
    Your problem is that your mother is financing a brand new car and giving it to you. Insurance companies don't like this and will insist on the policy holder being the registered owner so that they have an insurable interest in the car. Yes PCP deals are attractive but no good to you if you cannot insure the car.

    Could you or your mother look at buying a less expensive slightly older car maybe about 5 years old through a regular car or personal loan? Repayments may not be as attractive as PCP but at least it might get you insurance and on the road until you can afford to buy new at a later stage when insurance is half respectable.



    If I live in the same house as my mum does that not work ok for the insurable interest?

    I will try and see if she can get a personal loan and then register the car in my name.

    I've heard of many friends that her parents bought them cars or their grannies did the financing but they were still able to register the car under their own name...

    I spent hours on the phone yesterday ringing insurance companies and brokers and most of them won't insure me because I've lived abroad for the past 6 years. Firstime.com gave me a quote of 2200€ and I'm willing to pay that amount but now I have the problem of the car not being registered in my name 😭


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    #9
    maninasia
    Registered Users Posts: 4,620 ✭✭✭maninasia


    Legal extortion bloody disgrace.


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    #10
    bazz26
    Registered Users Posts: 51,253 ✭✭✭✭bazz26


    malaga1986 wrote: »
    If I live in the same house as my mum does that not work ok for the insurable interest?

    I will try and see if she can get a personal loan and then register the car in my name.

    I've heard of many friends that her parents bought them cars or their grannies did the financing but they were still able to register the car under their own name...

    I spent hours on the phone yesterday ringing insurance companies and brokers and most of them won't insure me because I've lived abroad for the past 6 years. Firstime.com gave me a quote of 2200€ and I'm willing to pay that amount but now I have the problem of the car not being registered in my name 😭

    No it doesn't. I could be renting a room in your house too but that doesn't mean I have an insurable interest in you or your mam's car. You need to own the car in order to incur financial loss if it were damaged or destroyed.


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    #11
    Bigus
    Registered Users Posts: 4,943 ✭✭✭Bigus


    Get a 45 Kmh electric bike until insurance becomes practical.

    https://www.cyclesuperstore.ie/shop/pc/viewPrd.asp?idproduct=101614


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    #12
    Dia1988
    Banned (with Prison Access) Posts: 2,252 ✭✭✭Dia1988


    Nissan are doing an offer of 2 years free insurance.
    Anyone know what the conditions are?

    Sure wish someone was buying me a car or anything at all.


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    #13
    bazz26
    Registered Users Posts: 51,253 ✭✭✭✭bazz26


    Dia1988 wrote: »
    Nissan are doing an offer of 2 years free insurance.
    Anyone know what the conditions are?

    Sure wish someone was buying me a car or anything at all.

    http://www.nissan.ie/offers/new-vehicles/2017-free-insurance


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    #14
    Summer wind
    Closed Accounts Posts: 2,285 ✭✭✭Summer wind


    I don't know much about pcp but maybe your mam could apply for the finance in her name and when the car is being registered both of your names could go on the logbook? The dealer would probably know if you could do this.


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    #15
    Blut2
    Registered Users Posts: 3,038 ✭✭✭Blut2


    bazz26 wrote: »
    No it doesn't. I could be renting a room in your house too but that doesn't mean I have an insurable interest in you or your mam's car. You need to own the car in order to incur financial loss if it were damaged or destroyed.

    Some insurance companies used to let you insure cars owned by your immediate family IIRC (ie parents/siblings/partner). I don't think it would be too uncommon for a family member to loan a car to another for an extended period of time. I would think this would cover insurable interest - if you're using a car every day you'd have an economic interest in it not being damaged or destroyed.

    Did the brokers say no insurance company would allow this OP? Maybe its changed in the last few years...


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