Gap Insurance/V5 help!!

Kinglundqvist

Hi all, I need your help please!

I've purchased on finance a used car today.
The finance is in my name, I'm currently the registered keeper, and the gap insurance is in my name.

The car is for my partner, we live at the same address. She is insured fully comp to drive it, I am currently only insured on my own car.

Can anyone advise the next steps please as to not void our insurance policies please? I understand I need to be insured in some way on the car even though I'm not driving it.

Do I need to change the V5 registration over to her? Or does it stay registered to me because that's who's name the gap insurance is in?
Do I just add myself as a 2nd named driver on her policy? And will her insurance sky-rocket because she's not driving a car that is registered to her?

Thanks in advance!!

facade

Have a read of this thread https://forums.moneysavingexpert.com/discussion/5869506/pcp-being-threatened-with-a-default
Particularly this linked to page https://www.thecarexpert.co.uk/taking-car-finance-for-someone-else/


Your finance, your car, your name on the V5. If it is a joint car then she can take out insurance on it, or you can and she becomes a named driver. If you change the name on the V5 then your gap insurance likely won't pay out, and the finance company will get all agitated and panicky.

neilmcl

facade wrote: »

Have a read of this thread https://forums.moneysavingexpert.com/discussion/5869506/pcp-being-threatened-with-a-default
Particularly this linked to page https://www.thecarexpert.co.uk/taking-car-finance-for-someone-else/


Your finance,[STRIKE] your car, your name on the V5[/STRIKE] their car, they decide who should be the registered keeper, which will generally be the person taking out the finance. If it is a joint car then she can take out insurance on it, or you can and she becomes a named driver. If you change the name on the V5 then your gap insurance likely won't pay out, and the finance company will get all agitated and panicky.

Slight correction. As ever though, the best advice is to read the finance agreement fully and if in doubt speak to them.

neilmcl

lostinheaven wrote: »

Depending on who you bought your GAP insurance from, it may not matter.

I think it was more of warning to check the T&Cs of the finance rather than the GAP. Changing the registered keeper to the OP's partner may be a no no as far as the finance co. is concerned and he could end up having the finance cancelled.