[thequick]

Hi Guys, I hope that maybe someone might some information, tips about this small problem

I bough my Astra on 0% Finance - paper says I'm not a legal owner till I fully repay the credit.
My insurance asked if I'm a legal owner, I said yes, not seeing paper work about credit.

Should I go back to my insurance provider and tell them that credit provider is a legal owner?

 

[Razormatt]

Even though your not the legal owner on paper until you have finished making payments for insurance purposes I would say you are the legal owner and keeper of the car

The car finance company say this so in the event you stop making payments for what ever reason they can take the car back

 

[thequick]

Thanks mate, that clears it. Did make a call to insurer and yes, they confirm it as well

 

[MarcR]

Hi, for the purposes of insurance I wouldn't worry about this. The invoice/receipt is in your name and the V5 will be also. Only thing you need to think about is if you have Gap insurance is not to accept a total loss offer from an insurer without referring to the Gap insurer first.

PS don't by the Gap cover from the dealer, it is way too expensive and try to get what is known as Purchase Price Cover. This means that you will get the difference between what the motor insurance pays and the full price of the car that you paid (even if this is greater than the amount of outstanding finance!)

 

[thequick]

Thanks Marc, have you use anyone before for GAP and can recommend?

 

[MarcR]

On the members discount section there is details of a company that can do it. I have not used them or spoken to them so cannot tell you if it is any good.

I have used a company called Jackson Lee Underwriting and they are pretty good.