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A recent accident, has prompted our insurance to demand that we change all our vehicles ownerhip into our company's name to ensure continuance of the policy.
Prior to that we had our 3 vehicles on one policy. One was a company vehicle, and 2 other vehicles. We just purchased a vintage car, and now they want all vehicle's ownerships to be in the company name.
Is this normal? Can they refuse to insure us if all our vehicles are not under one common ownership? Could we move some vehicles to another company? Can vehicles in one household not be insured by diffent companies?
Posted by Janet on 2012/05/16 11:14:11
This is certainly not a typical situation and seems to be something I've never come across in my many years as a broker. Without further information to work with, I'll guess that your broker either hasn't done a good job of communicating the implications of these changes or else is trying to do something to save you money that seems to be a little unorthodox. It's possible that the broker is trying to set up a fleet rated policy which might benefit you, or that a commercial insurer he works with just has a better rate and he needs you to switch the ownership over to a business name. Regardless, you'll want to make sure you're aware of the implications of changing over the ownerships and want to make sure there is adequate insurable interest (your business actually owns the vehicles, not just on paper) to make your coverage valid. I suggest you seek a second opinion from a licensed broker and provide all of your particulars.
Sean Graham, Principal Broker at KTX Insurance Brokers
Posted by SeanGraham on 2012/05/18 11:47:13
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