MG4 Insurance Issues

[WonkoTheSaneUK]

LV are now providing quotes for the MG4.

Yay! Around £10 less than my Zoe was for this year.

 

[vini]

LV are now providing quotes for the MG4.

yes and that's the cheapest quote I've had so far...

 

[siteguru]

Ditto ... using same details as previously LV= give me £284.45 ... £80 cheaper than what Admiral Multicover previously quoted me. (Although I've not requoted with them yet so the price may have come down).

 

[EVsince2016]

All the comparison sites now have the MG4 but still not Direct Line

 

[HJC]

LV not showing up on Confused.com or GoCompare for me. Quoting directly with LV I get £750, whereas Quote Me Happy is offering £580 on Confused.com.

 

[bear1]

Just got insurance with LV. Paid a hefty premium because of the short notice. But the move from a seven year old Fabia to the MG4 didn't make a great deal of difference.
Had previously been with Direct Line. Have to say, for the last five years they've provided a renewal quote cheaper than anyone else.

 

[lfc958]

Just done a quote on quote me happy, they have the MG4 as FWD, its RWD.

 

[siteguru]

I think that's already been mentioned earlier in this thread. I think someone took out the insurance and made sure to let them know, but it seems the website is slow to update.

 

[colsky]

I'm picking up my Orange this Saturday, and have just been online with Admiral changing my insurance to the MG4 from the ZSEV. A cost to me of £9.89, and that includes their £9.50 admin fee, so I'm happy with that!

 

[Sloucher]

I'm due to pick up my Trophy in two weeks time but have an issue regarding car insurance that I hope can be resolved by the more knowledgeable brains here ( ? ).

I've just sold my existing car today and want to transfer the insurance to the MG4, however.....
First - I'll be purchasing the car with PCP, and when I go to my existing insurer's website (Aviva) the first problem I run into is that when I enter "Company" as the legal owner (as I'm led to believe I have to do), it refuses to insure me - they don't insure company cars - but it's not a company car as such?!! Their webchat bot is about as much use as a chocolate teapot and if you ring them, there's no option to actually pursue the question of ownership. So, other than changing insurance company, what do I do?
Second - As I sold my existing car today, I'll need to cancel the existing cover - but I really want it transferred to the MG in two weeks time. Again, I can't seem to find out if this is possible. Will I just have to cancel the existing policy, then start from scratch? If so, it looks like it won't be with Aviva if they won't insure a PCP financed car!

 

[siteguru]

Q1: never had PCP so I'm speculating ... but PCP is just a form of finance; if you had a bank loan secured on the car, or HP sourced through the dealer (also secured on the car), would you still use Company?

Q2: speak with your insurer; they'll usually put a policy on hold for a short period. Your situation is nothing new

 

[WonkoTheSaneUK]

My current car is on PCP, and LV wanted my name on the policy, not the finance company's.

 

[Sloucher]

@siteguru Thanks for the reply.
By all accounts, I'll be the registered keeper, but the finance company own the car until the balloon payment has been settled. In the case of a bank loan, then the money has been loaned to you and, presumably, has no link to the car. HP is another grey area, are you hiring the car from the finance company whilst repaying them, therefore they would be the legal owner until the final payment?
I'd love to speak to the insurer, but unfortunately Aviva are one of those companies that hides behind chatbots, automated phonelines and no-win questions (like when was the car registered, do you own the car etc.) I have come to the conclusion that there is not a single human being on their payroll
@WonkoTheSaneUK Aviva just have a drop down menu for owner options, and as I mention above, I can't get any indication from them how to explain the circumstances.
I've sent an email to them, basically saying "Do you insure vehicles being purchased via PCP. If so - who's the owner then? If the answer is no, then bye bye".

 

[Sloucher]

Well, just received a reply from Aviva, and I quote:

".......I can see that Personal Contract Purchase (PCP) agreement, the lending company remains the owner of the car....."
".....I can confirm that we can only insure a vehicle that the registered owner is the Policyholder, Spouse or Private Lease"

Well, up yours then Aviva, I'll just have to find out if it's actually possible for me to insure this car with one of your competitors then and transfer my business that I've had with you since your inception

I have emailed them with my thoughts..........

 

[tsedge]

Well, just received a reply from Aviva, and I quote:

".......I can see that Personal Contract Purchase (PCP) agreement, the lending company remains the owner of the car....."
".....I can confirm that we can only insure a vehicle that the registered owner is the Policyholder, Spouse or Private Lease"

Well, up yours then Aviva, I'll just have to find out if it's actually possible for me to insure this car with one of your competitors then and transfer my business that I've had with you since your inception

I have emailed them with my thoughts..........

But there is no such thing as a registered owner - just a register of keepers. There is no ownership register.

I think this is terminology confusion. I have had loads of PCP cars and always insured in my name.

 

[RichardC]

@siteguru Thanks for the reply.
By all accounts, I'll be the registered keeper, but the finance company own the car until the balloon payment has been settled. In the case of a bank loan, then the money has been loaned to you and, presumably, has no link to the car. HP is another grey area, are you hiring the car from the finance company whilst repaying them, therefore they would be the legal owner until the final payment?
I'd love to speak to the insurer, but unfortunately Aviva are one of those companies that hides behind chatbots, automated phonelines and no-win questions (like when was the car registered, do you own the car etc.) I have come to the conclusion that there is not a single human being on their payroll
@WonkoTheSaneUK Aviva just have a drop down menu for owner options, and as I mention above, I can't get any indication from them how to explain the circumstances.
I've sent an email to them, basically saying "Do you insure vehicles being purchased via PCP. If so - who's the owner then? If the answer is no, then bye bye

But there is no such thing as a registered owner - just a register of keepers. There is no ownership register.

I think this is terminology confusion. I have had loads of PCP cars and always insured in my name.

Same here and one of them was with Aviva!

 

[Sloucher]

The problem is with all this is that it would simply take one phone call to a human being to sort out, but Aviva don't seem to want simplicity. It was quite obvious from the email response from their "customer support" that English wasn't the advisor's first language, so even that service is outsourced.
I may just go through Beam insurance, which is an AA owned broker, as they came out the cheapest on Compare the Market. At least they publish a phone number!!

 

[tsedge]

The problem is with all this is that it would simply take one phone call to a human being to sort out, but Aviva don't seem to want simplicity. It was quite obvious from the email response from their "customer support" that English wasn't the advisor's first language.
I may just go through Beam insurance, which is an AA owned broker, as they came out the cheapest on Compare the Market. At least they publish a phone number!!

Good idea. You definitely want it in your name (or whoever is the main driver).

 

[tsedge]

Good idea. You definitely want it in your name (or whoever is the main driver).

Just in case anyone else is wondering about this:

• The V5C records the registered keeper.
• Insurers care about the main driver which is normally the registered keeper (some companies insist they are the same).
• If you have an accident, insurance pays you, you still owe the PCP payments either way.
• Insurance may pay out less than the new price of a replacement (depends on the policy), this is what GAP insurance is for.
• You prove ownership through your receipts for purchase, bank statements, possession of the keys etc…

Edit: This is my understanding, please correct me if I am wrong about any of this.

 

[Sloucher]

Well, I've just had another email response from Aviva.
What do you make of this;

Hello Bernard,

Thank you for contacting us.

I have reviewed your query and can confirm that the policy holder, spouse, private lease would need to be the registered keeper noted on your vehicle policy.

We will decline to insure your vehicle if the lending company is noted as the registered keeper and legal owner of the vehicle.

I can appreciate that the information I have provided is not the information you were hoping for however it is the correct information.

Should you have any further questions, please contact us via email.

Do you think they are saying, no we won't insure you if you be honest about who is the "registered owner ", or are they indirectly telling me to lie and tell them that I'm the owner?