Car insurance legal owner on HP finance

Monkey22

So I’m looking to buy a car on finance. I’m trying to pre set my insurance to change over. I understand I’m the registered keeper and not legal owner. 

The question is what do I put for legal owner on my insurance, my own insurance/comparison sites don’t have an option for “finance company”.the options are always 

proposer

spouse

civil partner

common law partner

parent

other

leased-private 

leased-company

company

Which option do I choose? I spoke to customer service and they pick “leased private” but they didn’t sound sure or like they had a clue.. I obviously don’t want to be in a situation of ever having my insurance invalidated in the event of an accident, so who do I choose? I know millions of people get PCP and HP finance. I didn’t think it’d be this stupidly unclear.. can anyone help with what’s the right option here?

Shedman

I was also advised to use Leased - Private by Aviva customer service for my PCP'd car.  

Monkey22

Shedman said:

I was also advised to use Leased - Private by Aviva customer service for my PCP'd car.  

I think I’ll go with that, I at least have screenshots of them telling me to do so if they ever try pull a fast one 

cw8825

You are overthinking 
If the finance is in your name it's ok to say your the owner 
To simplify it if your after house insurance and you had a mortgage you wouldn't say your a renter

Shedman

 

You are overthinking 
If the finance is in your name it's ok to say your the owner 
To simplify it if your after house insurance and you had a mortgage you wouldn't say your a renter

But on the house insurance quote form they would ask the question about residence status eg Owned Outright, Owned-Mortgage, Rented etc which tells them how it is owned.  So in your case you'd put Owned - Mortgaged which is directly comparable to saying Lease - Private on car insurance for PCP, HP and such finance options.

With PCP for example you don't legally own the car until you've paid the Final Sum (or settled in full early) as effectively it's a lease to that point as you can return it without paying the Final Sum..it'll be stated quite clearly in the finance agreement that you don't own it until that point.  But house with mortgage you do legally own it, but instead the mortgage company has a financial stake (a lien) in the property.

Monkey22

Shedman said:

 

You are overthinking 
If the finance is in your name it's ok to say your the owner 
To simplify it if your after house insurance and you had a mortgage you wouldn't say your a renter

But on the house insurance quote form they would ask the question about residence status eg Owned Outright, Owned-Mortgage, Rented etc which tells them how it is owned.  So in your case you'd put Owned - Mortgaged which is directly comparable to saying Lease - Private on car insurance for PCP, HP and such finance options.

With PCP for example you don't legally own the car until you've paid the Final Sum (or settled in full early) as effectively it's a lease to that point as you can return it without paying the Final Sum..it'll be stated quite clearly in the finance agreement that you don't own it until that point.  But house with mortgage you do legally own it, but instead the mortgage company has a financial stake (a lien) in the property.

I’ve spoken to a manager and clarified. They want me to put in own it as the agreement is HP so the intention is to own it at the end, and said if pcp then leased-private. I’ve gotten this in writing. So will follow their instructions and keep my proof in case ever needed