Insuring a car on PCP.

[kinger8938]

Hi!

I have sorted a car out due to collect over the weekend. I went with Lloyds as they offered a better deal etc than direct from the dealer.

Anyway, I hadn't considered it before but in the small print from Lloyds under "insuring the goods" it states they must be named as the owner of the car on the insurance policy.

That makes sense to me as I don't own the car until I pay it all off at the end or whatever.

However I will surely be the registered keeper as I'll be signing the log book I guess?

So when it come to insuring, no where is there an option to list it as a PCP. Am I worrying to much/over thinking it?

Just the above small print threw me off, I was just going to roll with Aviva based on me being registered keeper.

Thanks, any experiance with the matter?

 

[Mercenary Keyboard Warrior]

You need to check the wording specifically
If they ask who the owner is, its the finance company

https://www.parkers.co.uk/car-finance/advice/2015/pcp-and-insurance/

 

[fezster]

There's always an option to specify the lease company as the owner and another question to specify the lease company as the registered keeper. All of the price comparison sites have this option as well. It should (in my experience) make no difference to the price quoted.

 

[kinger8938]

There's always an option to specify the lease company as the owner and another question to specify the lease company as the registered keeper. All of the price comparison sites have this option as well. It should (in my experience) make no difference to the price quoted.

ill have another look as im pretty sure its not as clear as this

Aviva has an option to agree to this statement:


Your car(s):

• Are registered and kept at "ADDRESS GOES HERE" in the United Kingdom, the Isle of Man or the Channel Islands.
• Are (or will be) owned and registered by you, your partner (spouse/civil/domestic), a close relative who lives at the same address or your company. Or the car is on a private or personal lease.

If one or more of these is not true, choose 'False'

So i guess thats "True"? is PCP considered a private/personal lease?

 

[Semple]

I believe registered keeper does not have to equal owner. Iirc the logbook also states that the document is not proof of ownership.

You see this many times on programs like Can't Pay We'll Take It Away where someone's claimed ownership of the car because their name is on the logbook, when in fact it's actually owned by someone else.

 

[kinger8938]

There's always an option to specify the lease company as the owner and another question to specify the lease company as the registered keeper. All of the price comparison sites have this option as well. It should (in my experience) make no difference to the price quoted.

Just tried compare the market again and you are right. After choosing No to do you both own and are registered as the keeper, it gives a few extra options to chose who is the keeper and who/how the vehicle is owned. You can then type in a company name. So I imagine this then carries over to any insurer chosen from the results?

Aviva gave a good price but there's no place to input the vehicles value, usually this is near where you put the reg etc

 

[fezster]

is PCP considered a private/personal lease?

Always worth clarifying with individual insurance company's, but I know that with Aviva, a PCH is considered a lease. I would imagine that PCP is the same.

 

[kinger8938]

Always worth clarifying with individual insurance company's, but I know that with Aviva, a PCH is considered a lease. I would imagine that PCP is the same.

I'll probably give Aviva a call and check, see it it changes anything.

The comparison site let's you chose yourself, company, personal lease, company lease, or other so that's still not clear enough to feel 100% confident.

PCP is very common now, I would assume they would just list that as an option

 

[Meaker]

With mine I was the registered keeper but not the owner while it was under agreement (I became the owner when I paid it off).

 

[kinger8938]

Aviva got back to me on Twitter

Hi there! We don't ask for vehicle value on our quotes anymore, its automatically generated using vehicle reg. In regards to the ownership details, this is included in the 'assumptions' sections on the quote where you select true or false to a series of statements, the PCP agreement you have described is fine and accepted on our quote system, so if it has given you a price, your quote is fine to proceed with. Many thanks ~ Will