non registered insurance

TEKILA · 21-01-2008, 03:10 PM

hi guys, just a quick question relating to insurance.
if i have a car not registered in my name, but in some body elses, am i able to insure it under my name?
cheers brad

Powdered Toast Man · 21-01-2008, 03:20 PM

Short answer. Yes. My mate has 3rd party on his car but the car is actually registered in my name (he bought it off me).

Fully comp I'm not sure since you will be claiming money for a car you dont legally own in the event of a write off.

TEKILA · 21-01-2008, 03:24 PM

yea thats sweet then, its registered in my mates name but i insured it in mine coz i drive it. 3rd party too!

Taxman · 21-01-2008, 10:39 PM

Sorry Boys

The Insurance Coy will nearly always take your money but try to make a claim and see how fast they run in the opposite direction.

One of the most important concepts when getting insurance is that you MUST have an "Insurable Interest" to get coverage. If the policy is not taken out by the person who is the registered owner of the vehicle then the person taking out the policy has no insurable interest (how can you insure something you don't own because if something happens to it what are you going to lose - nothing) and as such if you try to make a claim just watch how fast they drop you. You will be like a shag on a rock - hung out to dry.

JC · 21-01-2008, 11:17 PM

Quote:

Originally Posted by Taxman

Sorry Boys

The Insurance Coy will nearly always take your money but try to make a claim and see how fast they run in the opposite direction.

One of the most important concepts when getting insurance is that you MUST have an "Insurable Interest" to get coverage. If the policy is not taken out by the person who is the registered owner of the vehicle then the person taking out the policy has no insurable interest (how can you insure something you don't own because if something happens to it what are you going to lose - nothing) and as such if you try to make a claim just watch how fast they drop you. You will be like a shag on a rock - hung out to dry.

If you are taking out Third Party property though, Taxman, then the insurable interest is in protecting yourself in an "at fault" accident, as third party (prop) doesn't cover the car you are driving. Pretty sure this would be OK.

fmc351 · 22-01-2008, 12:01 AM

Quote:

Originally Posted by JC

If you are taking out Third Party property though, Taxman, then the insurable interest is in protecting yourself in an "at fault" accident, as third party (prop) doesn't cover the car you are driving. Pretty sure this would be OK.

Im not sure as Ive never tried, but I would assume you could take out insurance to pay the owner if the vehicle you are driving was damaged and you were at fault, or to cover in case of an uninsured driver at fault. Might be easier to get the owner to take out insurance and list you as a driver though.

Oh, and registered owner and vehicle owner arent necessarily the same thing.

LTDHO · 22-01-2008, 08:11 AM

Quote:

Originally Posted by Taxman

Sorry Boys

You are!

Quote:

Originally Posted by Taxman

The Insurance Coy will nearly always take your money but try to make a claim and see how fast they run in the opposite direction.

Very incorrect. Have you never heard of the insurance contacts act? Or are you still on the early 90's?

Quote:

Originally Posted by Taxman

One of the most important concepts when getting insurance is that you MUST have an "Insurable Interest" to get coverage. If the policy is not taken out by the person who is the registered owner of the vehicle then the person taking out the policy has no insurable interest (how can you insure something you don't own because if something happens to it what are you going to lose - nothing) and as such if you try to make a claim just watch how fast they drop you. You will be like a shag on a rock - hung out to dry.

You have insurable interest as a driver, to cover damage caused to either or both properties. Pretty simple really.

'what how fast they drop you'
Ha ha, are you for real?
Unless you are commiting fraud (which a lot of claims clearly are) then it it very hard to deny (not pay out) a claim. Only other time is when the policy is unpaid.

Nickxb · 22-01-2008, 01:44 PM

Quote:

Originally Posted by LTDHO

You are!

Very incorrect. Have you never heard of the insurance contacts act? Or are you still on the early 90's?
unpaid.

Insurance contracts act is from 1984

:

Anyway

I would either get the rego trasfered and you can insure it no worries

or

put your mates name on the policy as well as yours and then it is legit.

Nick

FGII-XR6 · 22-01-2008, 02:39 PM

it is "legit" if you fully disclose the ownership at the time you take the policy out. you have a duty of disclosure and if you comply with that and they accept you policy then you are covered simple as that. the trick is to be up front from the start and hide nothing

Quote:

Originally Posted by Nickxb

Insurance contracts act is from 1984

:

Anyway

I would either get the rego trasfered and you can insure it no worries

or

put your mates name on the policy as well as yours and then it is legit.

Nick

Kryton · 22-01-2008, 05:55 PM

why not let your mate take out the insurance contract and have you as the Nominated driver.
how easy is that!

yift · 22-01-2008, 08:03 PM

ok guys here you go.
i own and xr6t registered under my name and also a xy fairmont registered under my name.

BOTH cars are INSURED in MY WIFES NAME FULL COMPREHENSIVE. i am a secondary driver as i have a work supplied vehicle.

clear and simple you can insure a car under your name even if your not the owner, BUT THE OWNER WILL RECIEVE ANY MONIES FROM A CLAIM EG. STOLEN OR WRITTEN OFF BECAUSE THE OWNER OWNS THE CAR AND NOT THE PERSON WITH THE INSURANCE POLICY. IT HAPPENED TO ME WITH A PREVIOUS CAR I OWNED INSURED UNDER MY WIFES NAME.

sorry for the caps but some people just dont understand.