PCP car owner/driver question

Bandy2023

DullGreyGuy said:

Bandy2023 said:

DullGreyGuy said:

v5 says who the registered keeper is not who the owner is. The owner is typically the finance company until such time as you pay the balloon at the end of the PCP loan. 

Did you tell the finance company that the car is for your wife and not you? Many won't lend to anyone other than the proposed main user of the car, though they can be more relaxed with spouses. 

You need to speak to the finance company about your proposal to change the registered keeper to your wife. 

Just spoken with them, they won't put the car in her name.
I can deal with any issues of parking tickets / speeding ticket coming to me (unlikely), but what about insurance?
Should I insure it in my name with her as a name driver?
Or can I insure it in her name?

It's perfectly fine for her to insure it, she just needs to correctly declare who the registered keeper and owner is. The later is most likely the finance company. 

Many thanks for this.
So me as the keeper and the finance company as the owner?

DullGreyGuy

Bandy2023 said:

DullGreyGuy said:

Bandy2023 said:

DullGreyGuy said:

v5 says who the registered keeper is not who the owner is. The owner is typically the finance company until such time as you pay the balloon at the end of the PCP loan. 

Did you tell the finance company that the car is for your wife and not you? Many won't lend to anyone other than the proposed main user of the car, though they can be more relaxed with spouses. 

You need to speak to the finance company about your proposal to change the registered keeper to your wife. 

Just spoken with them, they won't put the car in her name.
I can deal with any issues of parking tickets / speeding ticket coming to me (unlikely), but what about insurance?
Should I insure it in my name with her as a name driver?
Or can I insure it in her name?

It's perfectly fine for her to insure it, she just needs to correctly declare who the registered keeper and owner is. The later is most likely the finance company. 

Many thanks for this.
So me as the keeper and the finance company as the owner?

If thats what the V5C and contract says... yes. You need to check your own circumstances, not every finance company does everything in the same way and you'll have problems if you make a false declaration to the insurer

EnPointe

Bandy2023 said:

Hi, all
I've 'bought' a car on PCP for my wife.
I essentially want it to be her car, any fines going to her and insurance in her name (with me as named driver).
How do I go about this?
When I get the V5, can I then transfer it into her name so she would then be declared as the owner?

V5  doesn't tell you  who the Owner is  it specifically says this is a big red box on the front of the V5

as it's on a PCP the  legal Owner is the Contract hire provider unlessand until you  buy it off them at the end of the first term 

Bandy2023

I'm none the wiser really....
  

lopsyfa

Another option is for you to insure it as the policy holder and add your wife as the named and main driver. That is the way I do it with my wife and this simplifies the insurance.

The main drawback of this is with some (or most) insurance companies, you will be the one gaining the no claim bonus which should not be an issue if this arrangement stays. It only becomes an issue if your wife want to take out a policy in her name (be the policy holder) and she may have to start the no claim bonus though some insurance company "may" accept no claim bonus earned as named-main driver.

Bandy2023

lopsyfa said:

Another option is for you to insure it as the policy holder and add your wife as the named and main driver. That is the way I do it with my wife and this simplifies the insurance.

The main drawback of this is with some (or most) insurance companies, you will be the one gaining the no claim bonus which should not be an issue if this arrangement stays. It only becomes an issue if your wife want to take out a policy in her name (be the policy holder) and she may have to start the no claim bonus though some insurance company "may" accept no claim bonus earned as named-main driver.

Can I do this if I already have an insurance policy for my own car?
I don't see why not really, I guess plenty of people have several vehicles insured in their name under separate polices?

Ayr_Rage

You could do it in your own name but if your wife is the main user that could be seen as "fronting" and invalidate the policy.

You wife should insure it in her name however whether an insurer will accept the finance company as owner, you as the registered keeper and your wife as the main user is the issue.

You'll have to ask them.

Bandy2023

Just went onto a comparison website.
It was able to declare her as the insured, the keeper as me and the owner as a finance company.
The quotes weren't so bad.
So I'll cancel the insurance she already has which renews in April anyway and just start afresh.