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      02-09-2010, 06:43 AM   #1
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Insurance not paying out - Screwed for the next 4 years, life is over

As some of you may know, my car was stolen on the 1st of February.

It was up for sale and I had a call from a buyer who came to see the car, then snatched the keys off me, pushed me to the ground and drove of with the vehicle.

The police are out there looking for suspect and vehicle...we all know it will never be found.

The insurance have called me today saying they wont pay out because the finance is in my name and the car is registered and insured under my dads name with me as 2nd driver which makes it void because they are saying the insurance should have been me as the main driver.

The car is shared with me and my dad, we both drive it equally...my dad is 58 and retired, there was no way we could get it financed on his name so I got the loan agreed on my name. So basically the insurance is void, im left without a car, a finance of 26k still outstanding on the car and the mental scars of being car jacked.

At a point in my life where depression is not the correct term, its far worse.

I hope nothing like this ever happens to any of you guys out there
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      02-09-2010, 06:49 AM   #2
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Why are they saying you should be insured as the main driver?
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      02-09-2010, 06:54 AM   #3
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Quote:
Originally Posted by willhollin View Post
Why are they saying you should be insured as the main driver?
because its my name under the finance agreement
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      02-09-2010, 06:55 AM   #4
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mate that sounds like total insurance company nonsense. Who is the insurer?

so there are a few points on this:

1: Have you contacted a lawyer to challenge this decision?
2: Who has finance on the car should have no relevance to an insurance pay out, you are named as a second driver it has nothing to do with anything who owns it or finances it, unless you have a really crazy policy that states this but I'd find that startling.
3: You are a named driver so having the keys is an acceptable situation and them being taken off you has no bearing on the fact the car is financed in your name - hell why even tell them that its financed thats an issue between you and the bank.


There are some other things to be clear about:
1: Being a named driver on a car that is yours and you drive the most is a false economy, I reckon as much as a quarter of all cars on the road are in this situation.
2: NEVER EVER MEET WITH A TOTAL STRANGER ON YOUR OWN. ARRANGE TO MEET LEAVE THE CAR IN A PLACE YOU CAN SEE IT, SUSS THE GUY OUT BEFORE GOING ANYWHERE NEAR IT WITH THE KEYS. IF HE LOOKS DODGY WALK AWAY AND GET THE CAR LATER.
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      02-09-2010, 06:56 AM   #5
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Quote:
Originally Posted by bmw330dconv View Post
because its my name under the finance agreement
That is utter nonsense and is no reason for them to refuse the claim.
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      02-09-2010, 06:58 AM   #6
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Name and shame, contact trading standards, Watchdog, local papers, motoring pres, the Insurance Ombudsman, everyone and everything you can think of.

This is both BS and bullying and possibly fraudulent.
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      02-09-2010, 06:59 AM   #7
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Do you and your father live at the same address?
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      02-09-2010, 07:05 AM   #8
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This is terrible. I didnt see the original thread that the car was stolen, This however is far worse a thing than it being stolen in the first place.

I feel this is initial scare mongerins, Hoping you will just go ''Oh ok'' and sulk off in the corner.

The car was insured with both of you on the policy. I cant see how they cant pay put.
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      02-09-2010, 07:09 AM   #9
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This happened to one of my mates from school. He had a lawsuit made and all was sorted. I suggest you do the same. The grounds on which you have laid out purport to me, to enable you to carry out an action with ease...agree with the name and shame and contact trading standards.
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      02-09-2010, 07:10 AM   #10
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Quote:
Originally Posted by willhollin View Post
Do you and your father live at the same address?
yes we do, that side of the insurance is fine, its just the finance part and the legal owner, apparently if the BMW Finance is on my name I should be the legal owner and insurer of the car with my dad as 2nd driver

I am insured with BMW Insurance
The finance is with BMW Finance
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      02-09-2010, 07:14 AM   #11
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So 26k owed on car? You gonna have to pay that?!
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      02-09-2010, 07:18 AM   #12
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This is terrible. My insurance specifically says that I must me the legal owner or finance recipient and / or the registered keeper.

who is the registered keeper on the V5, you or your dad?
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      02-09-2010, 07:19 AM   #13
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Am I not right in thinking that when BMW did the finance agreement that both names should be correct (as mains) for both the Finance and Insurance policy. Is this not negligible in their case and therefore asking you to pay out on their negligence is fraudulent??

I suggest a lawyer mate tbh or some legal advice. There's only so much you can do yourself.

It sounds to me like BMW are just trying to get out of paying...simple as that.
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      02-09-2010, 07:22 AM   #14
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Quote:
Originally Posted by xenon View Post
This is terrible. My insurance specifically says that I must me the legal owner or finance recipient and / or the registered keeper.

who is the registered keeper on the V5, you or your dad?
That seems strange, how would they even know you financed it. Could have bought it cash.


He said his father is on the V5.
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      02-09-2010, 07:27 AM   #15
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Quote:
Originally Posted by dxb335d View Post
That seems strange, how would they even know you financed it. Could have bought it cash.


He said his father is on the V5.
they asked me if it was still under finance, i said yes and they asked for the paperwork which shows me as the finance borrower.

Dad is on the insurance and V5, im a named driver.

26k is just the early settlement figure, the outstanding amount is around 30k with interest.

I am going to speak to a solicitor/lawyer about this and see what the case is, but I already know by asking around and reading other ppls comments online that its voided my insurance, cant beleive it, we pay 2100 annual insurance, I bet they wont even refund that!
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      02-09-2010, 07:28 AM   #16
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So 26k owed on car? You gonna have to pay that?!
yes
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      02-09-2010, 07:30 AM   #17
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OMFG. Thats enough to screw you for life.

I really think you should contact a solicitor. I dont understand why they are not paying out?! Are they suggesting that only yourself has been driving the car.
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      02-09-2010, 07:34 AM   #18
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Originally Posted by dxb335d View Post
OMFG. Thats enough to screw you for life.

I really think you should contact a solicitor. I dont understand why they are not paying out?! Are they suggesting that only yourself has been driving the car.
basically they think I am the only main driver and I should have been the main driver with my dad as 2nd driver.

it was a 5 yr plan, i have 4 yrs left from May 2010
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      02-09-2010, 07:39 AM   #19
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Can you tell us what insurance company it is?
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      02-09-2010, 07:43 AM   #20
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I can't believe that, you really need to seek legal advice asap.

I just called my insurer (Admiral) as my second car is owned and financed in my name but my wife is down as the main insurer with me the named 2nd driver, thankfully they are fine with this.

I also explained your situation to the person I spoke with and they found it very odd indeed unless there is something deep in the T&C's she said?
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      02-09-2010, 07:43 AM   #21
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Can you tell us what insurance company it is?
BMW Insurance
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      02-09-2010, 07:43 AM   #22
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They obviously believe it to be a fraudulent policy. Essentially you own and pay for the car (as far as they're concerned) but you have put your dad as the main driver and you as a secondary driver perhaps because (in view of your age?) it was cheaper that way. However, if they have reason to believe that you are in fact the main user and you used this method as a way to get cheaper insurance then they will try not to pay out.

However, they would need to prove this and in any event it seems incredibly harsh. Definately get legal advice.
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