Does changing ownership affect insurance or tax?

thegreengoblin

Just wondering if I transfer ownership of my car to my partner will that make any difference to my tax or insurance? I presume that the insurance company and tax office will be notified automatically. The thing is I will still be driving the car while my partner won't be so will he be sent out anything extra apart from the new vehicle reg cert?

Anan1

Tax won't be affected, but many ins cos require that the car be registered to the insured. An extra owner on record may also affect the resale value of the car, so ask yourself whether it's really necessary. Will your partner be insuring the car?

mickdw

The only person other than the owner who can insure a car is husband or wife. Check this will insurance people though. THey will not be notified automatically of the change either.

Santa Claus

This details the steps you need to take in changing ownership.

Motor tax is based on the car but insurance is based on the assumption that the main driver is the owner and other drivers are named drivers.....afaik If a name driver would be driving the car 100% of the time then that voids the insurance named driver aspect (to stop Mammys insuring Subaru imprezas with little johnny as a named driver). It is up tio you to notify thew insurance company, nothing is done automatically !

I'd think hard before doing this and get quotes based on your partners insurance history and look at how much the car will lose in value based on the extra owner !

Just being nosey but why are you doing this ?

thegreengoblin

Santa Claus wrote: »

This details the steps you need to take in changing ownership.

Motor tax is based on the car but insurance is based on the assumption that the main driver is the owner and other drivers are named drivers.....afaik If a name driver would be driving the car 100% of the time then that voids the insurance named driver aspect (to stop Mammys insuring Subaru imprezas with little johnny as a named driver). It is up tio you to notify thew insurance company, nothing is done automatically !

I'd think hard before doing this and get quotes based on your partners insurance history and look at how much the car will lose in value based on the extra owner !

Just being nosey but why are you doing this ?

Basically, I'm moving into my partner's apartment and the only way we can get a parking space is if he comes up with a vehicle reg cert to prove he owns a car. The alternative is on-street parking and with the area he lives in that's not an ideal scenario.

He doesn't drive so it will still be me driving the car, therefore I would just keep the same insurance policy and get it taxed as I did before. I'm not mad about changing ownership but the alternative is not what I want either. Thanks for all replies.

Santa Claus

You can't insure a car your partner owns in your name....you can only insure it in his name with you as a named driver afaik.

Could you not get a utility bill for your partners place changed into YOUR name and then when you move in provide the reg document for the car along with the utility bill to apply for a parking space ?

oldyouth

thegreengoblin wrote: »

He doesn't drive so it will still be me driving the car, therefore I would just keep the same insurance policy and get it taxed as I did before. I'm not mad about changing ownership but the alternative is not what I want either. Thanks for all replies.

Only the registered owner can insure the car. I appreciate the reason why you want it in his name but he has to take out a policy in his name, with you as a named driver. Unfortunately, this will mean him starting off with a 0 NCB as a novice driver, from what you say and that is going to cost. As one poster suggested, can you not do something like declare as a 'couple' on the apartment

bazz26

thegreengoblin wrote: »

Basically, I'm moving into my partner's apartment and the only way we can get a parking space is if he comes up with a vehicle reg cert to prove he owns a car. The alternative is on-street parking and with the area he lives in that's not an ideal scenario.

He doesn't drive so it will still be me driving the car, therefore I would just keep the same insurance policy and get it taxed as I did before. I'm not mad about changing ownership but the alternative is not what I want either. Thanks for all replies.

You have to inform your insurance company that you are no longer the registered owner of the car. Non disclosure of this information could make your insurance policy void if you ever have to make a claim or a claim is made against you.

-Chris-

oldyouth wrote: »

Only the registered owner can insure the car.

Not true - there are plenty of times the person insuring the car isn't the registered owner.


OP, your bigger concern is that your insurance will become invalid due to other changes in the details - where you keep the car day-to-day has changed, and therefore so has the risk profile for the car. Your insurance company should be made aware of your car's new "home".

oldyouth

-Chris- wrote: »

Not true - there are plenty of times the person insuring the car isn't the registered owner.

Explain or retract

-Chris-

OK.

Think of leasing companies - they buy cars, they own the cars, they register the cars to themselves, they lease the cars to companies, the companies provide the cars to their sales reps, the companies insure the cars because they have an insurable interest. When the companies finish with the cars the return them to the leasing company (the legal owner).
Registered owner and person with insurable interest don't need to be the same person.

I could probably think of other permutations, but I think that one alone is enough to prove that it's not illegal.

galwaytt

oldyouth wrote: »

Explain or retract

what sort of comment is that - either contribute something useful, or lose the soap box.

You can of course insure a car you don't own. Every car in the country bought on Hire Purchase belongs to the finance company until you make the last payment. The 'owners', as you think of them, are no such thing..........and they all have insurance.

Ownership of a car is not defined by the name on the 'tax book/VLC'.

I've a vehicle I'm not in the log book for, fully insured.

thegreengoblin

So if I go ahead with this do I also need to send off the RF200 form as well as the vehicle reg cert?

Drummerboy08

-Chris- wrote: »

OK.

Think of leasing companies - they buy cars, they own the cars, they register the cars to themselves, they lease the cars to companies, the companies provide the cars to their sales reps, the companies insure the cars because they have an insurable interest. When the companies finish with the cars the return them to the leasing company (the legal owner).
Registered owner and person with insurable interest don't need to be the same person.

I could probably think of other permutations, but I think that one alone is enough to prove that it's not illegal.

A fleet insurance policy takes this into account. Obviously, this isnt available to joe soap.

galwaytt wrote: »

what sort of comment is that - either contribute something useful, or lose the soap box.

You can of course insure a car you don't own. Every car in the country bought on Hire Purchase belongs to the finance company until you make the last payment. The 'owners', as you think of them, are no such thing..........and they all have insurance.

Ownership of a car is not defined by the name on the 'tax book/VLC'.

I've a vehicle I'm not in the log book for, fully insured.

Its not who physically owns the car - its to do with who the car is registered to. There is a difference.

-Chris-

Not true DB. To insure something you need to have an insurable interest in it. You don't need to own it.
(Think of borrowing a car from a garage for the weekend. You put your insurance on it because if it's written off you'll need to replace it, but it's not yours).

You can insure a car that's not registered to you.
(Again, think of borrowing a car from someone else).

You can have a car registered to you that you don't own.
(Just like my corporate leasing, or galwaytt's private HP examples)

It's nothing to do with fleet policies.