Motor insurer asking for V5

[tombhoy]

I have just renewed my car insurance (with Hastings Direct).

I got a letter today skin me to send them a copy of my V5 to prove that I have owned my car since 2005 as stated.

 

I cannot see the logic behind this for a number of reasons:

They did not ask to see it last year

The value of my car will not change depending on how long I have owned it

My premium is not affected by how long I have owned the car

 

Is this necessary?

Why do they want it?

Can I refuse?

[raydetinu]

why refuse? if you have it send them a copy.

[honeybee13]

Hello and welcome to CAG.

 

We have a specialist forum for Hastings queries, which also has a rep who looks in regularly. I'll move your thread there and leave you a short term redirect on this forum.

 

My best, HB

[tombhoy]

Many thanks HB.

[unclebulgaria67]

How long you have owned a vehicle is factored into the premium calculation. They are asking for the info, as presumably they believe that there is a difference between what you have told them and what is on record at DVLA.

 

If the info about ownership is wrong, get it corrected and pay the relevant adjustment in premium. Insurance is about utmost good faith.

[CrappoMan]

If Hastings are concerned about ownership, why are they asking to see the V5 ? As you all know, the V5 records the registered keeper, not the owner.

[renegadeimp]

They might have chosen a handful of people randomly for the V5's as security measures, or random checks.

[Hastings Direct. Joe - Soc]

Hi Tombhoy, Thanks for posting here on CAG, I can see the members have already given you some good advise. As mentioned above the length of time you have owned the vehicle does effect the premium calculation from the underwriter as it forms part of the risk rating. We ask for various documents to check information ranging from licences to V5's and many others. If you need any help with your policy or you have any further questions please feel free to contact me directly and I will be happy to help. help@hastingsdirect.com Many Thanks, Jamie

[tombhoy]

Thanks or the replies all - I have never been asked to show any other documents when applying for car insurance before, and was curious as to why the insurers would need to see a V5---I had no idea that the length of time I owned a particular car would effect the premium...you learn something new every day.

It does lead me to think about what would happen to my premium if I decided to buy a newer model.

[raydetinu]

It would go up, because it would be worth more!

[unclebulgaria67]

Thanks or the replies all - I have never been asked to show any other documents when applying for car insurance before, and was curious as to why the insurers would need to see a V5---I had no idea that the length of time I owned a particular car would effect the premium...you learn something new every day.

It does lead me to think about what would happen to my premium if I decided to buy a newer model.

 

Until they had input all of the information into their systems, you would not know how the premium would be affected. There are many rating factors. Length of ownership is used, as if you have had a vehicle for awhile with no claims, then it would appear you take care. Also if you buy a new vehicle, stats do show that people can have accidents, because they may not be totally confident in the way it drives or with slightly different controls.

 

A newer model may actually be cheaper to insure in some cases, if it has better security and/or parts may be cheaper for minor accident repairs. As I say, you input all the details and a premium is calculated on then new details.

 

As for Insurers requesting documents, there does appear to be an increasing tendancy for this.

[tombhoy]

Copy sent - strange that this should happen when renewing my policy with Hastings, but not last year when I first took out the policy with them.

[Brownguy53]

This happened to me. They ended up cancelling my policy. Don't expect a fast response. their customer service is terrible