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Jawad | Should car owner be policy holder of the insurance???!!? |
I have bought a car and the car is register under my name. my dad is the policy holder and full com and I am the main driver and full com. My dad had accident. my insurance company says because the policy holder and the car owner is not same name we wo not help you and we will take you to court and we won't insure you again. what should I do? |
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Mitch
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There is a principle of property and casualty insurance called insurable interest. What this means is that at the time of a claim, you must be able to demonstrate a financial loss that is insurable under the coverage of an insurance policy.
Under comprehensive or collision insurance coverage you must be the owner of the vehicle in order to file a claim. Someone that does not own an asset has no right to insure it for physical damage coverage as they will not suffer any type of loss if something happens to it. This concept also extends to property insurance. For example: I cannot insure my next door neighbor's house since I would not be at a financial loss if it should be damaged. The insurance company is applying the same reasoning regarding your situation.
Under the liability coverage however, I believe that the insurance company has a duty to defend and pay damages under your policy. Your father had the accident and was listed as the policyholder. In the case of liability coverage, one does not have to own the vehicle in question to purchase liability protection. A good example of this is when you rent a car and purchase liability coverage in case you have an accident while driving that non-owned vehicle.
Since you didn't mention where you live, there could be specific laws regarding insurance that are different than what I have pointed out and you should contact your state Department of Insurance if you suspect an unfair claim situation.
Good luck and please update us with your results. |
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SiD
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I think that the insurance company are accusing you of 'fronting'
You have admitted that you are the main driver and owner of the car but you have insured it on your father's policy which will have been cheaper. Effectively by not telling the insurance company ALL of the facts you have potentially defrauded them of their full premium.
If this is the case then I'm afraid you're in trouble..... |
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Aged Biker
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The insurance company will have asked if the car was registered in the proposer's (i.e. policyholder's) name and also who would be the main driver when you first applied for insurance - what were your answers ?
If you have given deliberately misleading or inaccurate information, the ins. company will rightfully take exception. |
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Two Fingered Salute
 |
I'm afraid I have to agree with Sid, it has less to do with ownership of the car than misrepresenting who the main driver was. Technically no you can't insure a car that doesn't belong to you as normally you wouldn't have any financial interest in it... but in practical terms that's a fairly moot point (I could show 'insurable interest' in just about anything if I put my mind to it) and not what's got their goat in this case (they certainly wouldn't threaten court action over it).
You may have been listed as an additional named driver, but if it's your car and you are the main driver.... why wasn't the policy in your name ?
I'm sure the insurance company are asking the same question and the only answer I (and I bet the insurer) can think of is that your dad was represented as the main driver to reduce the premium. This is an old trick, always dodgy, but one that insurers are increasingly cracking down on as you have found to your cost.
Unless you can show good faith and that there was no misrepresentation on your part I'm afraid you're going to struggle with this one. |
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glencat67
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yes the insurance should be in the name of the registered owner and keeper of the car, if you have let them know that this was your car then they would not have insured it in your dads name possibly, depending on the insurance company, if you have given the right information in the first place then there would be no problem now. they are seeing it as that you have given misinformation to get your premium down therefore they have the right to void your policy and not pay any claim out, |
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car253
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Are you listed as a driver on your dad's policy?
Who told you this? The agent or the company? The insurance company call turn you down if you lie. However, most of the time they still pay the claim. The policyholder does not need to be the owner of the car. However, you should be listed as a driver.
It might be helpful to put what state your in because there are different laws in every state. Call your Dept. of Insurance or Insurance Commissioner for help and file a complaint. Something doesn't sound right. Most the time insurance pays.
Please post more details. |
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