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RobotN1XON

Joined:

Dec 12

Posts: 4

RobotN1XON says:

0% Honda Finance - Required Insuance?

0% honda finance - required insurance?

I've just been down to the dealer and put in an order for a new CBF125 with finance. Everything seemed great and I paid £150 deposit up front, only to get home and read the small print. I'm not sure how to interpret this, but according to my dad it means I need to get comprehensive cover with £0 excess:

"Whilst  title in the vehicles remains to the Seller, the Purchaser shall keep the vehicle safe and in good condition and insure it to it's full replacement value against all usual risks and shall forthwith account to the purchaser for any proceeds of such insurance, without deduction."

If this means what I think it means, I can't get insurance on this bike, in which case I've been completely screwed over as I have only just found about this after getting home.

On a sidenote, this was Dobles in Surbiton, supposed 2011 & 2012 "Dealership of the year" according to MCN.

Please help!

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  • Posted 2 years ago (09 January 2013 20:09)

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philehidiot

Joined:

Feb 09

Posts: 4701

philehidiot says:

Sounds

to me like you have to keep it insured for its full value and if it gets damaged you're liable to pay them the full value of the vehicle, including the excess. This does not seem to mean you must get a policy with no excess, only that you are liable for this. I.e. If you get a £200 excess and the vehicle is written off, you have to give Honda the full value of the insurance payout and you also have to cough up the excess and give that to Honda as well.

Breakdown:

"Whilst  title in the vehicles remains to the Seller - whilst you have it but the actual owner is the dealer

the Purchaser shall keep the vehicle safe and in good condition - you'll take good care of it, keep up with basic  maintenance and take reasonable steps to ensure it's not stolen.

 and insure it to it's full replacement value against all usual risks - you'll keep it insured


and shall forthwith account to the purchaser for any proceeds of such insurance, without deduction. - they will ask you for the insurance payout without any deductions like excess, which you'll have to pay, even if the insurance doesn't.


That's my take on it anyway.

EDIT: but I am drunk.

[This Reply has been modified by the Author]

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Beelady

Joined:

Jan 10

Posts: 3302

Beelady says:

And

see if you need to add gap insurance, as the value of the bike will drop as soon as you buy it. Gap insurance will cover the difference between what you owe the finance company and the much lower price your insurer will value it at, in the event of a claim.

 

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brmoore

Joined:

Jul 10

Posts: 68

brmoore says:

..

ahh don't worry dude, basically the fineprint is, you break it you still gotta pay for it, thats the bottom line. it's the same with any finance deal on anything in the world, you buy a brand new tv and knock it over the finance company don't care you still gotta pay

who you use as insurance or what level has nothing to do with honda finance europe(who no doubt are doing the finance as ive had finance through them myself)

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