How do insure car on pcp ownership question

Bingabonga99

Hello,

I have a car which is on PCP. The legal owner is VWFS (financial company). When I try to get insurance on comparison sites, the options are “company, Leased Private and leased company”.
the PCP is not a lease but I do not legally own the car. I am a registered keeper. Which option do I select?


anyone else on PCP, what do you put down? 

Goudy

With a car on finance like PCP or HP as far as the insurance goes, you own it. (as you are in the process of owning it)

Legally the finance company own it but as far as the insurance are concerned, it's yours though in the event of a total loss claim they will first pay out to the finance company before you.

If it was leased you tell your insurance company the lease company own it. (as you will never own it)

Shedman

As a counterpoint to Goudy's answer, an Aviva CS agent told me when I enquired on same question to put it down as Leased Private (but I've made sure I've kept a record of that online chat just in case as I'm never totally convinced CS agents necessarily give the right answers)

DullGreyGuy

Depends which aggregator you are using, normally Lease, Finance company etc are all bundled together and thats the option you'd choose for the legal owner. If the sites been lazy then choose Private Lease (unless you've bought it via a company you own)

Hoenir

Be a private lease. The vehicle is only yours once the final payment is made. Until then the vehicle remains the property of the finance company. 

flashg67

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

DullGreyGuy

flashg67 said:

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

Tends to get you marked as a fraudster on a total loss claim when they do the full checks.

A couple of months ago there was someone on here who made a false declaration on the owner and had their policy voided, had no cover for their own vehicle damage and was having to personally pay the third party's claim. 

Goudy

DullGreyGuy said:

flashg67 said:

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

Tends to get you marked as a fraudster on a total loss claim when they do the full checks.

A couple of months ago there was someone on here who made a false declaration on the owner and had their policy voided, had no cover for their own vehicle damage and was having to personally pay the third party's claim.

What was the false declaration? I seem to remember this one and I'm certain it wasn't ownership.

Back in 2018 I had a car stolen on finance.
I only had it a few months and I have always marked myself down as owner when it comes to insurance if I had a car on finance, either HP or PCP.

When it came to settlement they just asked if it was on finance, when I said yes they asked me to get a settlement figure and email it to them.

That was it, they settled the finance and paid me the difference the next day.


I have copied this from a well know agitator site.

"What's the difference between owner and registered keeper?

If your name is on the V5C vehicle registration certificate (often called the logbook), you're the registered keeper.

If you bought the car, or received it as a gift, you will own it too.

Sometimes a company (such as a leasing company) or another person might own a car and be the registered keeper of the car, so please make sure you check your V5C".

To me it reads if it's leased/a company car and someone else's name is on the V5C, you aren't the owner.

If it was a gift or you bought the car, either cash or on finance and your name is on the V5C, then you are the owner as far as the insurance companies concerned.

Yes if it's on finance the finance company have legal ownership rights over it, but you have agreed to buy it by signing a contract that states that, so it's your purchase not a lease.

I wonder what all those with mortgages put down on their home insurance, would home owner be incorrect?

If you are in any doubt at all, contact the insurance company.

DullGreyGuy

Goudy said:

DullGreyGuy said:

flashg67 said:

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

Tends to get you marked as a fraudster on a total loss claim when they do the full checks.

A couple of months ago there was someone on here who made a false declaration on the owner and had their policy voided, had no cover for their own vehicle damage and was having to personally pay the third party's claim.

What was the false declaration? I seem to remember this one and I'm certain it wasn't ownership.

Back in 2018 I had a car stolen on finance.
I only had it a few months and I have always marked myself down as owner when it comes to insurance if I had a car on finance, either HP or PCP.

When it came to settlement they just asked if it was on finance, when I said yes they asked me to get a settlement figure and email it to them.

That was it, they settled the finance and paid me the difference the next day.


I have copied this from a well know agitator site.

"What's the difference between owner and registered keeper?

If your name is on the V5C vehicle registration certificate (often called the logbook), you're the registered keeper.

If you bought the car, or received it as a gift, you will own it too.

Sometimes a company (such as a leasing company) or another person might own a car and be the registered keeper of the car, so please make sure you check your V5C".

To me it reads if it's leased/a company car and someone else's name is on the V5C, you aren't the owner.

If it was a gift or you bought the car, either cash or on finance and your name is on the V5C, then you are the owner as far as the insurance companies concerned.

Yes if it's on finance the finance company have legal ownership rights over it, but you have agreed to buy it by signing a contract that states that, so it's your purchase not a lease.

I wonder what all those with mortgages put down on their home insurance, would home owner be incorrect?

If you are in any doubt at all, contact the insurance company.

The quoted poster had said that despite the car being owned by the finance company they just declared it as being owned by them because it was going to be eventually. Obviously when total losing the vehicle a standard step is to look for secured finance at which point it becomes obvious it's not the posters car. 

The bold text is explaining the difference between owner and keeper, insurers ask for both as separate questions and both need to be accurate. 

If I am 100% honest, the other poster cannot remember if it was owner, keeper or both but it was all a muddle with the person claiming to have "forgotten" which option they went to in the end when considering if to get the vehicle personally or via their company. 

mills705

Where I work we get agents to key PCP vehicles as the customer as owning and being the RK. If its a lease where they will never own it as the lease option. 

motorguy

DullGreyGuy said:

flashg67 said:

IMHO it's 'me' as the owner - you're not leasing it as you will eventually own the car. That's what I've always put anyway and wasn't queried when I had a (non fault) claim

Tends to get you marked as a fraudster on a total loss claim when they do the full checks.

A couple of months ago there was someone on here who made a false declaration on the owner and had their policy voided, had no cover for their own vehicle damage and was having to personally pay the third party's claim. 

Unnecessary hand wringing there over a non issue.

If the car is involved in an accident, the first thing the insurance company will do is to HPI it and see if it has outstanding finance on it.  If it does, then any payment if written off will go to them in the first instance and the balance paid to the customer.

You will NOT get marked as a fraudster.

This is a well trodden path and they treat PCP like HP Finance (which it is) and they'll settle with the finance co.

Not a pups chance your false declaration and insurance voided reference was for this.