WBAC Values

Soldato
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I was previously told by an insurance company that you can not insure an asset that you have no financial interest in, i.e. a tenant can insure his posessions in a house, but can not insure the buliding, only the landlord can. Similarly you can't insure a car that you have no financial interest in.

They are wrong then. Twice I’ve insured cars (a Corsa and a Golf GTD) that weren’t mine and I had no financial interest in. They were fully owned by private individuals who weren’t using them and I needed a car for a period.

I insured them as the main driver but not the registered keeper or the legal owner. It wasn’t a problem.
 
Soldato
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They are wrong then. Twice I’ve insured cars (a Corsa and a Golf GTD) that weren’t mine and I had no financial interest in. They were fully owned by private individuals who weren’t using them and I needed a car for a period.

I insured them as the main driver but not the registered keeper or the legal owner. It wasn’t a problem.
Well actually, you did have a financial interest in them. As if you crashed them, you would be liable to pay out. Hence having a financial interest not to crash them. :p
 
Soldato
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My wife's car is the runaround I use infrequently. Maybe I'll sell it to WBAC and then see if a dealership will 'loan' me a 'runaround' for a fixed 'monthly fee' on the basis they 'guarantee me a buy back price'
 
Soldato
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Well, just sold the 4C to Cazoo! Been thinking of a change recently and they offered me a good price, super super simple process and instant money in the bank.
Really sad to see it go but sometimes you have to know when you’ve experienced everything you can with the car. 10 track days, 12,000 road miles and an epic Wales trip I have loved every minute. It’s also been a great gateway car, got me into Supercar circles and shows and I’ve genuinely made some great friends from it.
 
Associate
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Yes you can. Why couldn't you?[/QUOTE]
They are wrong then. Twice I’ve insured cars (a Corsa and a Golf GTD) that weren’t mine and I had no financial interest in. They were fully owned by private individuals who weren’t using them and I needed a car for a period.

I insured them as the main driver but not the registered keeper or the legal owner. It wasn’t a problem.

I tried the same several years ago, and was told as per my earlier statement. To be honest, I didn't proceed any further and resolved the issue in a different way, as when the guy said it to me, it did appear logical.

I've tried 3 online quotes this evening, and each one has an "assumptions we have made" section, with each of them assuming I am the registered keeper and the owner. Clearly from you experience you can insure an assest you have no financial interest in, but it looks from the limited snapshot I've tried, that the standard online quotes assume you're the owner and keeper, phoning might well resolve the issue.
 
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Soldato
Joined
7 Nov 2009
Posts
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Location
Glasgow
Yes you can. Why couldn't you?

I tried the same several years ago, and was told as per my earlier statement. To be honest, I didn't proceed any further and resolved the issue in a different way, as when the guy said it to me, it did appear logical.

I've tried 3 online quotes this evening, and each one has an "assumptions we have made" section, with each of them assuming I am the registered keeper and the owner. Clearly from you experience you can insure an assest you have no financial interest in, but it looks from the limited snapshot I've tried, that the standard online quotes assume you're the owner and keeper, phoning might well resolve the issue.

You know you can change those assumptions…
Literally on the first page, after you enter the car details on confused.com…

32701-FD7-8-B54-4679-B880-84-DD13-E26-DC3.png
 
Caporegime
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I was previously told by an insurance company that you can not insure an asset that you have no financial interest in, i.e. a tenant can insure his posessions in a house, but can not insure the buliding, only the landlord can. Similarly you can't insure a car that you have no financial interest in.

And to be clear to all the "experts", I haven't been sold anything, nothing has been agreed yet in relation to using a vehicle whilst waiting for the new one. If whatever the dealer comes up with doesn't work for me, I'll looking at other options. So rest easy folks.

Meanwhile I see Cazoo has dropped the valuation of 'my car' (it's now their car), by over a grand.

Cars on pcp and hire purchase arent owned by you either but you can insure them.
 
Caporegime
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I think that's not right. They are owned by you in the same way a house with a mortgage is owned by you.

Doesn't the clause which states that the goods belong to the finance company until you have made all your repayments disprove that? Of if you default on the repayments, they come and legally collect the car without having to go through the courts to do so on the basis that they own it?

Or the fact on the hire purchase agreement the final payment has an "option to purchase" fee and its only then ownership transfers to you?

https://www.moneysavingexpert.com/loans/hire-purchase/#:~:text=The finance company owns the,final 'option to purchase' fee&text=It should be mentioned in,how much the fee is.
 
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Soldato
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14 Dec 2003
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Doesn't the clause which stats that the goods belong to the finance company until you have made all your repayments disprove that? Of if you default on the repayments, they come and legally collect the car without having to go through the courts to do so on the basis that they own it?
Damn, I didn't know that... seems you may be right based on a quick skim of the internet :eek:
 
Soldato
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You're on the deeds of the house, but owners not specified on a uk registration doc - you're registered keeper ?
 
Soldato
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Doesn't matter who owns the car or has any financial interest. You would be the registered keeper...therefore can insure?
 
Soldato
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Hasn’t it already been explained that you can get insurance on any car you don’t own or have an interest in?

Not all insurers will insure that circumstance but there are plenty in the market that will, it normally just costs more as in their view it is more risky.

You can get insurance for pretty much anything if your wallet is big enough.
 
Associate
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30 Mar 2010
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Just sold my car to Cazoo yesterday. Paid £50150 for the car brand new in Jan 2020 (and another £300 on finance before I paid it off), and Cazoo just handed me £49450, so 20 months motoring cost me about £1K. I had to wait until they recognised my number plate, having removed my private plate, 10 days earlier they offered me £50,300.

My car had £6K of extras, which of course they don't dial in. So the crazy thing is, If I'd bought the car with no extras, i'd be around £4.5K up !

Anyhow £3K better price than WBAC, and my own dealer wasn't interested. The Cazoo price was so much better, that I took the ferry to Scotland and drove to Falkirk, handed the car over and flew home (cazoo don't do home visits in N.I.)

Crazy pricing.

So just to follow up, Over 7 weeks after I sold it to Cazoo, they finally listed it for sale. £53650 (I sold it for £49450). So around 8.5% markup. The pictures show they've repaired the minor kerb damage to the front two wheels, and also they replaced the passenger mirror housing that had a scratch on it. It was parked for quite a while at a company that has repair contracts for major leasing companies. Allowing £300 for the work, that's just under 8% mark-up. They actually listed it last night for £2K less, so someone musta decided it was on there too cheap. I'm surprised that they omitted listing some of the major extras.

Anyhow, Cazoo is offering £44575 if you want to sell the car to them, WBAC is offering £43400. WBAC was previously around £2K or so less than Cazoo. Even allowing for the fact that the cazoo computer might realise it has a "very similar" car on its books, it looks like the offer prices (at least for this make/model) have softened £4-5K since I sold it.

Whilst I await for the KIA EV6, I have the use of a 2020 petrol sportage with 5K on the clock, no downpayment, no contract, just calling up each month to pay them £320, or otherwise leave the car. £320 was more than I had originally considered, but at the time I was thinking about something several years old. whereas this is a pretty fresh car. V5c and tax in my name. I guess the £320 a month insulates them from the monthly depreciating value of the car with a bit of profit. Found an online insurance quote for a good price that only referenced having to be the registered keeper (not the owner) as an assumption, so happy to go with that.

So far, things have worked out roughly as envisaged.
 
Soldato
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Higher Walton
I'm curious. Especially for those of you where cars have increased by large amounts. What would happen in the case of a write off and insurance?

Usually the value only goes one way, so putting a value at the upper end is safe. However if your car has appreciated £10k. Would you be capped at the declared value?
 
Soldato
Joined
17 Jul 2010
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22,226
I'm curious. Especially for those of you where cars have increased by large amounts. What would happen in the case of a write off and insurance?

Usually the value only goes one way, so putting a value at the upper end is safe. However if your car has appreciated £10k. Would you be capped at the declared value?
Insurance is there to put you back into a position of no material or financial loss. If they don’t do that I’d be looking an an Ombusman complaint. Book values mean nothing at the moment.
 
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