Insurance not paying out - Screwed for the next 4 years, life is over

bmw330dconv · 02-09-2010, 05:43 AM

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

willhollin · 02-09-2010, 05:49 AM

Why are they saying you should be insured as the main driver?

bmw330dconv · 02-09-2010, 05:54 AM

Quote:

Originally Posted by willhollin

Why are they saying you should be insured as the main driver?

because its my name under the finance agreement

Neil McRae · 02-09-2010, 05:55 AM

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.

Neil McRae · 02-09-2010, 05:56 AM

Quote:

Originally Posted by bmw330dconv

because its my name under the finance agreement

That is utter nonsense and is no reason for them to refuse the claim.

Em135eye · 02-09-2010, 05:58 AM

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.

willhollin · 02-09-2010, 05:59 AM

Do you and your father live at the same address?

dxb335d · 02-09-2010, 06:05 AM

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.

SiKkBaSs · 02-09-2010, 06:09 AM

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.

bmw330dconv · 02-09-2010, 06:10 AM

Quote:

Originally Posted by willhollin

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

dxb335d · 02-09-2010, 06:14 AM

So 26k owed on car? You gonna have to pay that?!

xenon · 02-09-2010, 06:18 AM

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?

SiKkBaSs · 02-09-2010, 06:19 AM

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.

dxb335d · 02-09-2010, 06:22 AM

Quote:

Originally Posted by xenon

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.

bmw330dconv · 02-09-2010, 06:27 AM

Quote:

Originally Posted by dxb335d

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!

bmw330dconv · 02-09-2010, 06:28 AM

Quote:

Originally Posted by dxb335d

So 26k owed on car? You gonna have to pay that?!

yes

dxb335d · 02-09-2010, 06:30 AM

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.

bmw330dconv · 02-09-2010, 06:34 AM

Quote:

Originally Posted by dxb335d

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

willhollin · 02-09-2010, 06:39 AM

Can you tell us what insurance company it is?

KadeSdad · 02-09-2010, 06:43 AM

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?

bmw330dconv · 02-09-2010, 06:43 AM

Quote:

Originally Posted by willhollin

Can you tell us what insurance company it is?

BMW Insurance

xenon · 02-09-2010, 06:43 AM

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.

02-09-2010, 05:43 AM	#1
bmw330dconv Second Lieutenant 28 Rep 271 Posts Drives: E93 330D Convertible Join Date: May 2009 Location: London iTrader: (0) Garage List 2007 E93 [0.00]	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 __________________ E93 330D M Sport
	Appreciate 0 Tweet

02-09-2010, 05:49 AM	#2
willhollin Major General 268 Rep 9,915 Posts Drives: VW T5 Join Date: Apr 2008 Location: Worcestershire iTrader: (1) Garage List 2007 BMW E92 330d SE [10.00] 2010 Transporter T5 ... [0.00]	Why are they saying you should be insured as the main driver? __________________
	Appreciate 0

02-09-2010, 05:55 AM	#4
Neil McRae BMW Motorsport 235 Rep 2,225 Posts Drives: BMW ///M4 F82 / BMW ///M5 F10 Join Date: Jan 2009 Location: Surrey iTrader: (1) Garage List 2020 BMW M5 CP [0.00] 2015 BMW M4 [10.00]	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. __________________ -- Neil J. //McRae -- Alive and Kicking -- neil at DOMINO.ORG --///M ARMY M5 CP Alpine White -- M2 LBB -- M4 DCT CP Alpine White
	Appreciate 0

02-09-2010, 05:58 AM	#6
Em135eye Banned 175 Rep 4,302 Posts Drives: M135i Join Date: Jul 2009 Location: South West iTrader: (0) Garage List 2014 BMW M135i 5 door [0.00]	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.
	Appreciate 0

02-09-2010, 05:59 AM	#7
willhollin Major General 268 Rep 9,915 Posts Drives: VW T5 Join Date: Apr 2008 Location: Worcestershire iTrader: (1) Garage List 2007 BMW E92 330d SE [10.00] 2010 Transporter T5 ... [0.00]	Do you and your father live at the same address? __________________
	Appreciate 0

02-09-2010, 06:05 AM	#8
dxb335d The Tarmac Terrorist 945 Rep 29,345 Posts Drives: 997.2 GT3 Join Date: Mar 2007 Location: ''Fandango Towers'' iTrader: (3) Garage List 2010 Porsche 997.2 GT3 [9.50] 2003 BMW E46 M3 [6.00] 2007 BMW E92 335D [5.50]	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. __________________ 997.2 GT3
	Appreciate 0

02-09-2010, 06:09 AM	#9
SiKkBaSs GTR'in it 169 Rep 4,434 Posts Drives: Nissan GTR Black Edition Join Date: Jun 2008 Location: Kensington, London iTrader: (2) Garage List 2006 325i [0.00]	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.
	Appreciate 0

02-09-2010, 06:14 AM	#11
dxb335d The Tarmac Terrorist 945 Rep 29,345 Posts Drives: 997.2 GT3 Join Date: Mar 2007 Location: ''Fandango Towers'' iTrader: (3) Garage List 2010 Porsche 997.2 GT3 [9.50] 2003 BMW E46 M3 [6.00] 2007 BMW E92 335D [5.50]	So 26k owed on car? You gonna have to pay that?! __________________ 997.2 GT3
	Appreciate 0

02-09-2010, 06:18 AM	#12
xenon Major General 1394 Rep 8,081 Posts Drives: 2021 G21 330i M-Sport Join Date: Jun 2008 Location: Coventry iTrader: (0)	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? __________________ Ian Current: 2021 G21 330i M-Sport Previous: 2018 A6 Avant S-Line MMI+, 2014 F31 320d M-Sport, 2013 F10 520d M-Sport, 2011 F10 530d M-Sport, 2008 320i M-Sport Coupe, 2002 325i, 2001 318i valvetronic, 1998 318i, 1996 525i, 1990 Porsche 944S2
	Appreciate 0

02-09-2010, 06:19 AM	#13
SiKkBaSs GTR'in it 169 Rep 4,434 Posts Drives: Nissan GTR Black Edition Join Date: Jun 2008 Location: Kensington, London iTrader: (2) Garage List 2006 325i [0.00]	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.
	Appreciate 0

02-09-2010, 06:30 AM	#17
dxb335d The Tarmac Terrorist 945 Rep 29,345 Posts Drives: 997.2 GT3 Join Date: Mar 2007 Location: ''Fandango Towers'' iTrader: (3) Garage List 2010 Porsche 997.2 GT3 [9.50] 2003 BMW E46 M3 [6.00] 2007 BMW E92 335D [5.50]	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. __________________ 997.2 GT3
	Appreciate 0

02-09-2010, 06:39 AM	#19
willhollin Major General 268 Rep 9,915 Posts Drives: VW T5 Join Date: Apr 2008 Location: Worcestershire iTrader: (1) Garage List 2007 BMW E92 330d SE [10.00] 2010 Transporter T5 ... [0.00]	Can you tell us what insurance company it is? __________________
	Appreciate 0

02-09-2010, 06:43 AM	#20
KadeSdad Colonel 128 Rep 2,070 Posts Drives: E350 CDI Sport Cabriolet Join Date: Mar 2009 Location: UK iTrader: (3)	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?
	Appreciate 0