Quick question. When your car is under finance, I know you have to have the finance company as the interested party.Once the car is paid off, would the insurance premium drop?
sw20,
Jan 6, 7:28am
Yeah because the car will be worth no where near what you paid for it three years ago.
lookoutas,
Jan 6, 7:51am
Negotiate.
dotdotlite,
Jan 6, 8:05am
The interested party thing is only so if you crash your loan is paid off before you are paid out. Nothing to do with premiums
kazbanz,
Jan 6, 9:29am
Sorry my cool there being or not being an interested party wont affect what you pay for insurance. The decreased value of the vehicle after XXX years might do though.
tony9,
Jan 6, 10:05pm
I don't think so.
Cars on HP attract a higher premium because they have more claims.
kazbanz,
Jan 6, 10:06pm
Where did you get that from?
tony9,
Jan 6, 10:16pm
Insurance broker told me.
Go online to any car insurance quoter, all else being equal, see what happens when the vehicle has HP.
dotdotlite,
Jan 7, 12:09am
The online quotes I looked at dont event have that as an option. From memory I had a quote for insurance before They asked if there were any interested parties.
elect70,
Jan 7, 2:49am
^^^ probably because they are teenagers buying .on HP = more claims
mycool87,
Jan 7, 8:37am
I have seen an option on the online quote forms where it asks is the vehicle financed?
kazbanz,
Mar 11, 9:06am
sorry Tony I do this for a living and the car having an interested party has never affected what you pay for the insurance. Perhaps side affect factors might do- The sum insured,the insurance type (name value etc) but never if its on finance.
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