Car Registered /owner on insurance

mutley74

Hi
if I take out a finance package on replacement car. I understand RCI Financial Services Limited will be legal owner, and I will be the registered keeper.


When I did a new insurance quote for this, I get prices around £50 higher than if I was both Registered /owner. Is this usual for cars taken on finance?


I only need the finance deal for around 4 months as the dealer is giving me a further discount deal vs no finance (finance discount deal is a very good offer).

Quentin

mutley74 wrote: »

I only need the finance deal for around 4 months as the dealer is giving me a further discount deal vs no finance (finance discount deal is a very good offer).

Prepare for more cost at 4 months when you have to tell your insurer about the change in ownership!

mutley74

Quentin wrote: »

Prepare for more cost at 4 months when you have to tell your insurer about the change in ownership!

will it not be just the admin fee, with +/- cost to change ownership? so far quotes have been higher for me with finance co ownership.

Quentin

Yes. Expect at least an admin fee ( though some insurers do some mid term changes without admin fee if done online)

mutley74

Does the finance company classed as 2nd owner when I come to sell the car? (and I will be 3rd?)

Quentin

Probably, but you normally wouldn't refer to it.

You will be the sole keeper as far as the docs are concerned!