Car insurance

[lonely_shepherd]

Hi everyone

My partner's company owns his car as he is a foreign national and could not get financing for a vehicle. He was advised now by the company's insurance company that they are no longer willing to insure any company assets due to the high number of claims by that company.

We are considering taking out insurance in my name due to the high premiums quoted to him but now I am wondering - I would need to disclose the refusal to the insurance companies I speak to obviously since the car is registered in the company's name. Am I correct in saying that my partner cannot be penalized for the refusal or would the insurance companies use that to charge a high premium? This will probably affect my own insurance going forward or am I overthinking this?

 

[Arthur]

You need to have an insurable interest. Can't just insure someone else's property in your name without a defined interest.

 

[raeesdawood]

Hi everyone

My partner's company owns his car as he is a foreign national and could not get financing for a vehicle. He was advised now by the company's insurance company that they are no longer willing to insure any company assets due to the high number of claims by that company.

We are considering taking out insurance in my name due to the high premiums quoted to him but now I am wondering - I would need to disclose the refusal to the insurance companies I speak to obviously since the car is registered in the company's name. Am I correct in saying that my partner cannot be penalized for the refusal or would the insurance companies use that to charge a high premium? This will probably affect my own insurance going forward or am I overthinking this?

U can pay for it sure but his insurance credit score will be the same as it is now therefore if he wants to insure and you pay the premiums is calculated on his ics score.

 

[lonely_shepherd]

You need to have an insurable interest. Can't just insure someone else's property in your name without a defined interest.

Does this mean that a married couple need to keep their insurance seperate since we are married?

 

[lonely_shepherd]

You need to have an insurable interest. Can't just insure someone else's property in your name without a defined interest.

Does this mean that a married couple need to keep their insurance seperate since we are married?

 

[Pitbull]

Does this mean that a married couple need to keep their insurance seperate since we are married?

No, being married you have an interrest in your partners goods. Any thing that happens will affect both parties.

 

[lonely_shepherd]

thanks Pitbull