Insurance recommendations

[scottie1979]

I'm with NFU also. From their website it says:

"New vehicle replacement if it’s less than two years old, is stolen or written of, and you’re the owner"

My understanding was I am the registered owner and keeper of the vehicle on a PCP (unlike a lease, where the finance company is the owner) and the finance company simply retains an interest in the vehicle. Therefore for insurance purposes I am the owner?

Similar to the fact I am the owner of my house, even though its on a mortgage?

The problem is that you are not the owner - you are the registered keeper not owner in the eyes of NFU.
this is where the confusion stems from i believe.
however so long as you have the option to become an owner then all 'should' be well, which you do under PCP.

[Moonmonkey831]

Have just rung NFU to ask for a quote on my wifes car - and they have just said they no longer cover new for old for 2 years when there is a finance interest in the car and thats what GAP insurance is for. He said he didn't really understand and there was a lot of ambiguity. I did say we have the option to become the owner at the end, but he said that wasn't guarenteed therefore this policy isn't offered any more.

Good to know we have our RS6 covered under an ambiguous policy - although he did say anything covered previously would be ok as calls are recorded - but it doesn't feel particularly reassuring.

[Ian_C]

Have just rung NFU to ask for a quote on my wifes car - and they have just said they no longer cover new for old for 2 years when there is a finance interest in the car and thats what GAP insurance is for. He said he didn't really understand and there was a lot of ambiguity. I did say we have the option to become the owner at the end, but he said that wasn't guarenteed therefore this policy isn't offered any more.

Good to know we have our RS6 covered under an ambiguous policy - although he did say anything covered previously would be ok as calls are recorded - but it doesn't feel particularly reassuring.

How the fcuk do they know? For example, if you take a high street loan out for at 3% or wack it on your mortgage for 2% (versus Audis comical 10%) then the loan doesn't have the car VRN against it? Its an unsecured loan - the loan is not secured against the car. The car will show HPI and finance clear. If you sell on the car to a dealer, they will pay you in full, you have the money in the bank and can then chose to pay off your loan, or buy another car etc?

[Moonmonkey831]

Yep totally agree. Just doesn’t sound like they know what they talking about


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[scottie1979]

so i have contacted them again to get something in writing as i was annoyed by their inconsistent answers to me and others.
they have said

We will offer the new car replacement option where the car is being purchased under PCP provided the finance company agrees to this. If they are not prepared to do this, then we are unable to offer the new car replacement and will instead pay the finance company to clear the outstanding finance.

I can see their point but at least the above confirms that there is coverage for those on finance as part of the policy. hopefully put minds at rest now.

[Moonmonkey831]

Thanks for following that up with them - appreciated.