Insurance - PCP Bike

[Casbar]

A snippet that has just come up on the UKGSER forum is a chap has bought a new GS on PCP and Carole Nash and Bennett have refused to insure him as he doesn't own the bike. So even if your are the registered keeper, that is not proof of ownership. BMW insurance will insure him though. There must be loads of people on bikes purchased on PCP who may find they are not actually insured if they haven't declared they don't actually own the bike. I bet there are also loads of bikes insured with CN and Bennett which are on PCP, so there will be fun and games if that is the insurers stance.

[B787MECH]

Umm, until recently I had an Aprilia on PCP insured with Carole Nash, no problem.


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[guest2360]

I can never remember being asked how I was paying for a vehicle when buying insurance.  I can remember swapping a car I owned outright for one on PCP and transferring the insurance across. No questions asked.

[Casbar]

Yes, I agree this is new.But the guy even spoke to the manager at CN and Bennett and they both refused to insure him, and he has been with CN for 10 years .


The exclusions are a blood nightmare. I have just had an argument with IAM Surety, because there was an excluding on my policy because I said the bike was kept in a locked garage, the exclusion says, if the bike is stolen, attempted theft or malicious damage on my drive or within half a mile of the house, the bike isn't covered. Fair one, but they never mentioned this fact when i took the policy out and have now 2 months later added it to my policy documents because they forgot to put it on. In all reality its not a major issue, but if I had to get fuel or go to the shops and they were within half a mile, I wouldn't be covered for theft. It also means as soon as I get home, I should put the bike away and lock the garage. This is standard with Ageas policies apparently. Just checked my last years policy with Aviva, and they cover if not in the garage between 2200 and 0600, but the excess goes up.

[Paggers]

I think it would be useful to see what the PCP contract actually says about ownership - because in truth PCP is just a financial instrument not that different from HP. In both cases the finance company has a lien on the vehicle but I can't see an insurance company refusing to insure a vehicle that has finance on it. Having said that, if the insurance company are going to refuse to insure you on a pretext then no amount of arguing is going to change their position.

[ds99]

90% of brand new car sales are via PCP


that means there's a lot of uninsured cars out there!


but really, insurance is just a giant rip off.

[Levisp]

but really, insurance is just a giant rip off.

Not sure it is really. Would you want to insure yourself ?

[richardbd]

but really, insurance is just a giant rip off.

...right up to the point where you need it.


:alas:

[Levisp]

Quite. Whats  a rip off is the price of BMW oil and brake pads. Neither items are made by BMW and neither are very special. Now thats a rip off. Sorry couldn't help myself.

[richardbd]

Quite. Whats  a rip off is the price of BMW oil and brake pads. Neither items are made by BMW and neither are very special. Now thats a rip off. Sorry couldn't help myself.

WHAT???


BMW don't make their own oil?


>:( >:(

[guest2360]

Or their audio kit, or ECUs, or lights, or luggage, or brakes.  But then what motor manufacturer does. I don't think you will find anything anywhere totally made by the name on it.  I own just one item and that's a Rolex.  Scale one of them up to bike size and its unobtainable unless your the king of Saudi Arabia.

[Casbar]

I own a Sub as well, which model do you have ?

[richardbd]

I own a Sub as well, which model do you have ?

I bet it's BMW branded :-))

[Levisp]

I own a Sub as well, which model do you have ?

U-Boat model.

[Casbar]

U-Boat model.

Nein