Insuring personal contract hire

tonyyeb · 10 Aug 2007 at 22:22

Hi all

Just sorting the insurnace on my first personal contract hire car. I am with Tesco insurance and when changing the vehicle i told them that i was not the owner and it was a contract hire. They said so long as I am the registered keeper (not necessarily the owner) they would insure me. I rang the contract hire agent and they said i would be the registered keeper but not the owner (as such no V5 - which i expected anyway).

Just wanted to check if anyone else currently does this and does this seem to be all ok and above board? I've tried googling and there doesn't seem to be any info on specialist insurance needed etc... but I also don't want my insurance invalid because some agent has told me some bull!

Cheers

[TW]Fox · 10 Aug 2007 at 22:24

Yes, thats the way it's done.

tonyyeb · 10 Aug 2007 at 22:31

[TW]Fox said:
Yes, thats the way it's done.

Thanks. How is the registered keeper info stored then? By the DVLA, the finance company, ...?

[TW]Fox · 10 Aug 2007 at 22:41

I don't understand the question? You would be the registered keeper. The DVLA are not interested in who the owner is.

tonyyeb · 10 Aug 2007 at 22:42

[TW]Fox said:
I don't understand the question? You would be the registered keeper. The DVLA are not interested in who the owner is.

So the V5 will have my name on? But it will be held by the finance company? But have their address on? :confused:

[TW]Fox · 10 Aug 2007 at 22:43

It will have your name and address on.

Burnsy2023 · 10 Aug 2007 at 22:45

Like Fox has said, as far as the DVLA know, it's yours.

Burnsy

tonyyeb · 10 Aug 2007 at 22:45

[TW]Fox said:
It will have your name and address on.

But the finance company have it, yes? How does the DVLA know to send it to them?

Burnsy2023 · 10 Aug 2007 at 22:47

tonyyeb said:
But the finance company have it, yes? How does the DVLA know to send it to them?

You'd keep the V5 or you'd send it to them yourself

Burnsy

tonyyeb · 10 Aug 2007 at 22:58

burnsy2023 said:
You'd keep the V5 or you'd send it to them yourself

Burnsy

Ok that makes a little more sense as I was told by the contract hire agent that i would not get the V5. Maybe he meant i couldn't keep it?

Adz · 10 Aug 2007 at 23:10

I'm not the registered keeper on my lease car - the finance company is. Any speeding fines, congestion charge fines, buslane fines, etc all go via them and incur a £50 + VAT admin fee each time. Fun

.

I thought this was fairly standard. If they've said you can't have the V5 I'd be very surprised if they had you down as the registered keeper. Your insurer won't mind either way - it's a fairly common scenario.

POB · 10 Aug 2007 at 23:20

Would gap cover be needed for contract hire?

I guess if its new then the first year might be OK as you tend to get another brand new car for the first year.

But after that you may get paid less then the agreeement might be worth.

Vertigo · 10 Aug 2007 at 23:23

When business leasing vehicles you don't get the V5 - the lease company keeps it. I have no reason to believe that a personal contract hire would be any different.

You don't need the V5 to insure the vehicles.

In circumstances where the V5 is required you can obtain a VE103B "Vehicle On Hire Certificate" which functions as an equivalent. You need this when driving abroad to prove the vehicle is "yours" or it could be confiscated.

tonyyeb · 10 Aug 2007 at 23:24

Vertigo1 said:
When business leasing vehicles you don't get the V5 - the lease company keeps it. I have no reason to believe that a personal contract hire would be any different.

You don't need the V5 to insure the vehicles.

In circumstances where the V5 is required you can obtain a VE103B "Vehicle On Hire Certificate" which functions as an equivalent. You need this when driving abroad to prove the vehicle is "yours" or it could be confiscated.

If my name is not on the V5 then how would i be the registered keeper? My insurnace company said they would only insure the vehicle if i was the registered keeper.

Getting really confused now!!! :confused:

Vertigo · 10 Aug 2007 at 23:26

Dunno - all I know is that we run six leased vehicles at work and don't have the V5s for any of them yet have no trouble insuring them.

atpbx · 11 Aug 2007 at 10:39

Vertigo1 said:
When business leasing vehicles you don't get the V5 - the lease company keeps it. I have no reason to believe that a personal contract hire would be any different.

You do in a lot of cases.
All our vehicles are leased, and we have all the V5's for them

drew · 11 Aug 2007 at 23:54

My BMW is contract hire, BMW are the registered owner and keeper.

A few insurance companies wouldn't accept this, i have a special cover thing with Zurich now.

tonyyeb · 12 Aug 2007 at 08:50

drew said:
My BMW is contract hire, BMW are the registered owner and keeper.

A few insurance companies wouldn't accept this, i have a special cover thing with Zurich now.

Thanks for that. Just got an online quote from Zurich - £50 more a year which isn't too bad. You get more cover with them too than Tesco. Did you have ask for a quote for a car that isn't yours or does the online quote cover you for that?

Vertigo · 12 Aug 2007 at 11:29

atpbx said:
You do in a lot of cases.
All our vehicles are leased, and we have all the V5's for them

We've been leasing cars from various sources for 10 years and have never once been given the V5. Weird.

tonyyeb · 13 Aug 2007 at 09:45

Good news. Spoke to VW Finance this morning (after being in a queue for 15mins!) and they confirmed that they are the owners but I am the registered keeper. I can keep my tesco insurance.

I will let you know if and when the V5 comes through!!!