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Registered owner on Insurance Claim when Financing new car


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Hi,

Finally getting my new Corolla next week, its arrived today at the dealers.

I was looking at insurance and where it asks for the registered owner there is no option of PCP/HP or finance company as legally the finance company is the owner until till the end of the agreement and final payment.

Can anyone who has got the car on finance please tell me what they put for registered owner ? 

Also I have been given the 3 day toyota drive home insurance, can I have both the temp 3 day drive home insurance and the actual insurance I will get on the same car or do I need to wait for the 3 days insurance to finish then get the other one ?

Thanks

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The registered keeper (registered owner in your terms) is different to the legal owner.

The registered keeper is named when the car is first registered for use on the road by the selling dealer, and is the named person on the V5C (logbook). So if the car is being bought or leased by you (PCP is a form of lease), then usually you would be the registered keeper, and, if you are insuring it in your name, you will be the registered keeper (owner).

None of this alters the fact that the finance company is the legal owner until the final payment on the HP or the balloon payment on the PCP is made.

On our new cars, we usually insure the car from when we collect it. - which is the way we prefer to do it - but it is your choice as to whether you take advantage of the Toyota drive home insurance or not.

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When we have had drive home insurance I’m sure there is a clause that allows dual policies.

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Our insurance company (LV) allowed both the part ex car and the new car we were collecting, to be insured together at the same time on the day of collection, as Mike says, you are the registered keeper (owner) of the car

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I worked on the post office counter for several years and taxed thousands of cars.  As Mike says the registered keeper is you.  If a garage were to take a part ex for example and registered it to the garage before selling it on that would increase the number of previous owners on the registration document by 1.  Dealers who pre-register new cars to meet manufacturer quotas for bonus and then sell them with delivery mileage make them a 1 owner vehicle before you buy it, making you the second owner.

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That's definitely safer as you know it's done - I was driving around uninsured for a day because my dealer set up the drive-away insurance but didn't actually activate it!

(Thank goodness I checked via https://ownvehicle.askmid.com !)

 

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Thanks everyone.

 

Just another question.

On comparison websites there is another question in regards to if my car has a tracking device fitted. I have selected yes to that as I assume new Corollas especially MY22 with toyota smart connect have got a tracking device that is how the My T app can track the car etc ?

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I would suggest that they are different to the security tracking devices that the Police are able to track.

If in doubt ask the question of the insurer.

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FB, good point.  The MY19 (I think that year) also has a tracker but it only tells you where it has been and where it is when it is stopped.  I guess it is also dependent on the car power supply and Sim. 

Looking on eBay, for less than a fiver, you can buy a GPS tracker, independent power and Sim, and it is activated by dial up so only active on command.  Unlike the Toyota locator it can be hidden anywhere.  

Obviously, at a fiver? (for 2) you get what you pay for. 

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Thatcham doesn't list any Toyota as ever having a factory fitted tracking device.

That info is according to the latest March 2022 security list.

 

 

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So I guess the myt doesnt track the car in motion?

The Fordpass app, if you had it open and refreshed it, it would get the current position but it wasnt active tracking in that sense.

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1 hour ago, Roy124 said:

FB, good point.  The MY19 (I think that year) also has a tracker but it only tells you where it has been and where it is when it is stopped.  I guess it is also dependent on the car power supply and Sim. 

Looking on eBay, for less than a fiver, you can buy a GPS tracker, independent power and Sim, and it is activated by dial up so only active on command.  Unlike the Toyota locator it can be hidden anywhere.  

Obviously, at a fiver? (for 2) you get what you pay for. 

I bought one of these a few years ago to fit to my sons 125cc motorcycle. Although it worked quite well as a tracking device, it chewed the Battery. If the bike stood for more than a day without being used, we had to charge the Battery, or jump start (with a push or second battery).

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I believe the only Tracker system that can be scanned by the police is the original one which I had fitted to two of my cars around 15 years ago and is Thatcham Accredited.  

Vehicle Tracking Solutions | Personal & Business | Tracker

There are however a number of systems that are available that will track any such equipped vehicle real time but there are a few points to be aware of.  Firstly many use a SIM, sometimes this is supplied with along with the tracking unit but with others it has to be supplied by the purchaser.  Most such trackers are subscription based but some of the trackers with the supplied SIM include this in the subscription so there is only one amount to pay each year.  The others require a subscription but the SIM charge is additional.

Another factor to be aware of it that many of the tracker systems are 3G based and with the 3G network set to close at some point in the short to medium future that could turn the tracker into a very expensive paper weight.

There are different versions available, permanently wired or Battery powered and some with both.  Those permanently wired are easily defeated by driving the car to a location and disconnecting the Battery.  This does not work on the Battery powered ones but the battery must run out at some point however, with battery technology today, that could be many hours.

I am not sure if any these would be seen as suitable for a discount on insurance or what the police would do if you reported your car stolen and gave them the location of where it was.

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Big D, that £5 one had its own Battery.  I guess it was little different from a mobile phone on standby. 

The advert suggested putting in on a rucksack or whatever. In a car I guess it could be wired in through a charging point to keep it fully charged.  If the car Battery was disconnected the tracker would still work for a couple of days provided it was not discovered. 

As for police reacting to a report, who knows. 

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It was a good few years ago since we fitted this to his bike. Technology has moved on. I saw a couple of interesting tracking units a few months ago but can't seem to find them now. I'll keep looking.

 

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20 hours ago, Scout117 said:

Thanks everyone.

 

Just another question.

On comparison websites there is another question in regards to if my car has a tracking device fitted. I have selected yes to that as I assume new Corollas especially MY22 with toyota smart connect have got a tracking device that is how the My T app can track the car etc ?

Went through the same process with my Corolla and LV. Turns out that it is a redundant question as the Corolla insurance premium is not affected by its tracker status. The tracker question is applicable to highly stealable cars eg Range Rover etc. LV will only insure them if they do have a proper tracker fitted.

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50 minutes ago, RabButler said:

Went through the same process with my Corolla and LV. Turns out that it is a redundant question as the Corolla insurance premium is not affected by its tracker status. The tracker question is applicable to highly stealable cars eg Range Rover etc. LV will only insure them if they do have a proper tracker fitted.

It did for me unfortunately. when I changed it to no tracker the premium went up by about £200. I have asked Flow insurance I believe they are part of LV. 

On another note the cheapest quote im getting is from goskippy insurance at about 1270. Has anyone used them ? for Flow insurance i was getting about 1620

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@Scout117 without knowing your personal circumstances (age, NCB, location etc.) we really can't comment on your premiums.

For me at age 55 living where I do paying anything more than £500 a year for almost any car would be outrageous. For my current 1.8 I'm paying just over £200 a year.

But if you're younger and/or live in a city the premiums would be higher.

 

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  • 2 weeks later...

Thanks everyone. The cheapest I got in the end was £1320. Unfortunately for the first year it will be high as I don't have NCB for this car plus my age.

For the tracking device the dealership told me that for insurance purposes the car does not have a tracker even though we can find the car using Myt App.

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As I said previously the tracking system on Toyotas is different to the type of security tracker you're looking for.

Most insurers would require any tracking system to be on their list of approved systems - which are tested to comply with certain security standards set by organisations such as Secured by Design, Thatcham, etc.

Your insurer should be able to provide a list approved tracking devices.

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1 hour ago, FROSTYBALLS said:

As I said previously the tracking system on Toyotas is different to the type of security tracker you're looking for.

Most insurers would require any tracking system to be on their list of approved systems - which are tested to comply with certain security standards set by organisations such as Secured by Design, Thatcham, etc.

Your insurer should be able to provide a list approved tracking devices.

Thanks Mike, sorry forgot to add that I already got the insurance and just told them I had no tracker.

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