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Shared ownership motor insurance


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Hi,

I always understood that one could insure anything. Apparently not.

At a time when we are being encouraged to share cars, there seems to be no true shared ownership vehicle insurance in the UK.

I have done a lot of work setting up a company designed to bring together people to form syndicates to buy motorhomes. Up to four people owning 25% each by deed of sale.

Everyone loves the idea and it's ready to go.

But no one will insure a vehicle with joint ownership. Why not?

Shared ownership exactly like this is available for Boats and Aircraft, and insurance is readily available.

To whom do I turn to create such a policy??

 

Can anyone help?

Thanks

Neil

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If you go to a specialist motor risks brokers they will write a policy to pretty much cover anything at a cost.

 

This issue you have is whether this is a private or commercial class of Insurance.

 

Joint ownership is a no no, because of the way UK vehicles are registered under the law.  If a registration number comes up on a camera or is noted as being involved in an accident, then Police or third parties can find out the registered keeper details. Makes it very difficult legally, if you have 4 different private people apparently owning a vehicle. 

 

I think the way around this, is to have some form of company registration and Insure the vehicles under a fleet arrangement. 

 

There are car sharing arrangements around the UK and they have group Insurance policies. But I think it is organised under a commercial fleet policy.  Use the broker search site below and enter Motor fleet in the search box.

 

INSURANCE.BIBA.ORG.UK

CiviCRM Contact Distance Search

 

 

 

 

 

 

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