Hi. I will try and make this as short as possible.
I purchased a vehicle (Citren Saxo 1.1) a few months ago. It was to be shared between myself and my son.
Me the main driver/ son named driver. (Son new driver 21yrs old.) Because of this the policy originally cost me £1,500.
All above board explaining car was a cat C (all paper work present, VOSA/VIC checks.)
This worked well until I got my other car back onto the road.
As soon as this was the case, I contacted the insurance and explained the situation, stating that my son would now be the main driver and I may have to use the car myself sometimes, so I would now be a named driver.
This cost me another £1000. Insurance policy total £2,5000. ( £1,850 in total paid up front to keep monthly payments/interest down.)
My son has now saved the money to pay me for this vehicle and wanted it in his name.
I called insurance and they said the only way to do this is to cancel policy (as the vehicle would be owned by someone else?)and start a new one BUT I will lose 2 thirds of money for cancellation of policy! (Approx £1,750+!) Then new policy would cost the same again, approx another £2,500!
They said the car is fine in my name and all legal as I have declared everything and changed son to main driver.
However, my concern is as he is the main driver of the car now, I would really prefer (as my son would) that the car is registered to him.
It would only be a change of names on the log book. Address/ his job/everything etc is exactley the same.
Is the insurance company within their rights to do this as it is only a change of keepers name and if so and anything did happen, would I as registered keeper be liable for anything?
Policy is a fully comprensive and been totally honest with insurance from the get go, however, just feel insurances always look for a way not to pay out if anything did happen! Is there anything they are not telling me etc?
Advice would be very much appreciated.
Thank you
Carolyn1961.