PCH Lease Insurance Problem

LH959595

Hello!

I've got a new car being delivered next week, having no end of problems trying to get it insured properly. Purchased via Vanarama and the lender is Arval UK Ltd.

It was always my understanding that a PCH lease meant that the owner and registered keeper (as per V5) would be the lender. However, when I contacted Vanarama they've told me that 'for insurance purposes' I need to put down me as the registered keeper.

It doesn't make sense to me, and when I've compared insurance quotes based on registered keeper it does increase when it's the lease company registered, so I fear if I follow their advice then my insurance will likely not be valid.

I've already got insurance with Admiral and I'll be sticking with them. They've asked me who the registered keeper is per the V5 and didn't seem interested in who owned it. So should I just go with what the insurer asks for? I guess they'd be the ones causing the most problems in the event of a claim.

To make things more complicated, Arval can't tell me who is officially the registered keeper because they've not got the V5 yet.

I just need to make sure it's insured when it arrives on Wednesday, but it's proving to be difficult/near impossible to get a straight answer from someone. Anyone had experience of this before?

My main worry is that whichever one I choose, one party is going to have a problem with it.

cpbackhouse

Having just recently gone through this I put the finance company down as the registered keeper as there was an option to say it was a personally leased car. 

If you are staying with Admiral I would give them a call and explain to see what they want to do. Then you know you'll be insured correctly.

LH959595

Thanks for the advice! Never known anything like it... I've got a response from Admiral so I reckon I'll just put Arval down as the registered keeper. Strange that a lease company like Vanarama is advising otherwise. 

"Policy cover may not be affected as long as you have provided information to the best of your knowledge. The policy premium may be re rated based on new Reg keeper information. So, at this stage, all we would like to know who is going to be Reg keeper and not legal owner on V5 of the car."

sheslookinhot

think about An easy way is to think of who will tax the car, it’s the registered keeper. So it’s the owner of the car. I leased from Nationwide Vehicle Contracts but the owner/ reg keeper was Hitachi, who financed the lease. They paid the road tax.

Car_54

sheslookinhot said:

think about An easy way is to think of who will tax the car, it’s the registered keeper. So it’s the owner of the car. I leased from Nationwide Vehicle Contracts but the owner/ reg keeper was Hitachi, who financed the lease. They paid the road tax.

Easy, but wrong.
The RK is not necessarily the owner, as is explained in BIG BOLD CAPITALS on every V5C. 
With hire purchase, the finance company is the owner, but the buyer is usually the RK and has to pay the VED.

sheslookinhot

It’s not wrong, the RK and Owner are not always independent. (I do not what it says on the V5). 

Who is the buyer in this case ?

Car_54

sheslookinhot said:

It’s not wrong, the RK and Owner are not always independent. (I do not what it says on the V5). 

Who is the buyer in this case ?

The previous poster said "... it’s the registered keeper. So it’s the owner of the car. " That is wrong, however you look at it.
There is no buyer in this case, it's a lease, as per the thread title.

iwb100

On a lease the lease company should be the registered keeper. No idea what vanarama are trying to say here. They are responsible for the car and hence registered keeper. You are of course responsible for what you do in and with the car though. 

cpbackhouse

The one complication here can be that in this case Vanarama may just be an agent for the actual lease finance company.
In our case we "leased" through Stoneacre leasing but all the finance documentation and the actual leaser of the car is Santander Finance. So in our case it's them who are the owner and registered keeper of the car.
I don't know how Vanarama work though so can't comment on them directly.

iwb100

cpbackhouse said:

The one complication here can be that in this case Vanarama may just be an agent for the actual lease finance company.
In our case we "leased" through Stoneacre leasing but all the finance documentation and the actual leaser of the car is Santander Finance. So in our case it's them who are the owner and registered keeper of the car.
I don't know how Vanarama work though so can't comment on them directly.

Yes, vanarama are just the market place. They are not the actual lease company. 

ontheroad1970

There are also two different definitions of the person registered as keeping the vehicle.  The one responsible for taxing it as Registered Keeper as far as DVLA is concerned and the person registered with the Registered Keeper as ordinarily keeping the vehicle under the terms of the leasing agreement.  Yes, it's confusing but it's how things are dealt with when it comes to NIPs etc.