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Can I transfer a car into my son's name without getting the insurance policy cancelled?
I purchased a vehicle (Citroen Saxo 1.1) a few months ago. It was to be shared between myself and my 21-year-old son, with me as the main driver and my son a named driver. Because of this the insurance policy originally cost me £1500. It was all above board, explaining car was a 'cat C' (all paper work present, VOSA/VIC checks etc). We also disclosed that my son had a conviction for a fight he had got involved in a year ago.
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. The insurance policy total was now £2500.
My son has now saved the money to pay me for this vehicle and wanted it in his name. I called the insurance company and they said the only way to do this is to cancel the policy and start a new one, but that I will lose two-thirds of the money for cancellation of the policy! I would really like the car registered to my son. Is there anything I can do?
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. The insurance policy total was now £2500.
My son has now saved the money to pay me for this vehicle and wanted it in his name. I called the insurance company and they said the only way to do this is to cancel the policy and start a new one, but that I will lose two-thirds of the money for cancellation of the policy! I would really like the car registered to my son. Is there anything I can do?
Asked on 24 June 2010 by carolyn1961
Answered by
Honest John
The very simple answer is to wait until the policy expires, then transfer keepership to your son at that time.
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