What have we all put as the ownership on a car we have through the PCP? It asks who's name is on the V5 which will be mine but it also asks who owns the car?

Does it not ask who's the 'registered keeper'?

 

Though I do consider myself the owner of a car that I'm paying finance on just as I consider myself a homeowner of a house on which I'm paying a mortgage.

Yeah it asks both who is the registered keeper and also who is the owner.

On the Skoda finance form it says 'you must tell the insurer that we own the vehicle'.

I'm getting Gap Insurance so they ask if you are buying with PCP

I've had the gap insurance from Skoda Baz.

When on confused.com it asks who is the registered keeper which is me. It then asks who owns the vehicle which is Volkswagen finance.

The options on there are

Policy holder

Spouse

Parent

Common law partner

Company

Company (leased)

Limited company

Private lease - (I presume I go for this one?)

Civil partner

Society / club

Obviously I'm taking the car out in my own name and not through work which is why I presume it's a personal lease?

All of the quotes I'm doing with personal lease the price remains the same as it would if I owned the car which is fine.

Edited 23 November, 201312 yr by Dalelfc89

PCP is not a lease though, it's just finance.

Yeah I know that's what I thought. So what would you put?

My car is on PCP and the insurance details list it as leased. I think it is just a generic term for the car being owned by a finance company.

PCP is not a lease though, it's just finance.

 

Isn't ownership retained by VAG though, until you decide to pay the GMFV and take ownership yourself? So it's effectively a contract hire until such time as you give them the lump sum - meaning that 'private lease' is the best description? Then if you decide to buy the thing you tell the insurer that ownership has been transferred to you. 

My car is on PCP and the insurance details list it as leased. I think it is just a generic term for the car being owned by a finance company.

Thanks spacenase. Anybody else who has theirs on PCP can you please let me know what yours is listed as?

I presumed that because the PCP has a fixed term, and you can return the car at the end of that term, it is effectively a lease.

Edited 23 November, 201312 yr by Dalelfc89

Thanks spacenase. Anybody else who has theirs on PCP can you please let me know what yours is listed as?

I presumed that because the PCP has a fixed term, and you can return the car at the end of that term, it is effectively a lease.

That's no different to 'normal' finance though, the only difference is the lump sum at the end. PCP is most definitely not a lease.

Many opinions, but surely the only one that really counts is that of the insurance company with whom you make the contract. It may differ from company to company, so I would suggest a phone call to the company you're interested in doing business with would be the best way to proceed.

 

At the end of the day, if you enter the wrong information when you apply for a policy, it may, just may, give them an out if you have to make a claim.

This will be my 2nd car on PCP and the Insurance broker never asked that...!!

I used the same broker for the last 13 years I just call them up..

never use online Insurance companies...

I didn't realise this.

Dealer didn't point out as part of going through the terms.

Best check with direct line on Monday

Its your car and you own it. VW have just lent the money to purchase it. I would think the only time you need to worry is if you default on payments then its VW's car

For insurance purposes it doesn't matter if the car is on PCP - just say you are the owner and registered keeper and it'll be fine. Never come across an insurance company asking if it's on finance or not. For all intents and purposes you are the "owner" in the same way you are considered the owner of your house even though you have a mortgage and the bank could repo it if you stop making the payments. :-)

I've had a few cars on PCP now and was never asked- bit worried now tho. Done a quick quote online at compare the market last night after reading this and it never asked who the legal owner is.... So if they don't ask they don't get in my eyes. However other insurance sites did ask and if I put in the car was owned by a lease company the quote went up by an average of £80....

I've had a few cars on PCP now and was never asked- bit worried now tho. Done a quick quote online at compare the market last night after reading this and it never asked who the legal owner is.... So if they don't ask they don't get in my eyes. However other insurance sites did ask and if I put in the car was owned by a lease company the quote went up by an average of £80....

See it did asked me on compare the market.

The two options I thought were realistic is 'Limited company' which obviously VW finance Ltd is....but I think that maybe only relates to a company car owned by a Ltd company.

Or personal lease which doesn't put the price up at all on mine.

Obviously the other option is just putting that I own it as per the comments above.

I'd be interested to know what other people on PCP have put their ownership as?

Edited 24 November, 201312 yr by Dalelfc89

I see a second thread on this subject has been opened in the insurance section, perhaps a moderator may like to transfer/merge the two to save duplication? 

Yeah I know, I'm not sure how to delete the other one.

Had loads of cars on PCP - always told in insurance I was the owner.

See it did asked me on compare the market.

The two options I thought were realistic is 'Limited company' which obviously VW finance Ltd is....but I think that maybe only relates to a company car owned by a Ltd company.

Or personal lease which doesn't put the price up at all on mine.

Obviously the other option is just putting that I own it as per the comments above.

I'd be interested to know what other people on PCP have put their ownership as?

Sorry mate, just went back on to compare the market and you are correct! I've now tried it with both options- me as the owner and personal lease and it's a few pence in it. God knows what I was doing last nite!! Lol.

Sorry mate, just went back on to compare the market and you are correct! I've now tried it with both options- me as the owner and personal lease and it's a few pence in it. God knows what I was doing last nite!! Lol.

Few too many beverages in the mcateer household!

Few too many beverages in the mcateer household!

Haha yes indeed, few beers, bottle of wine and a curry! When my car is built I will call the car insurance company and see what they say, I'm interested to know now.

A lease car is owned by a lease company a pcp car is owned by you as its just another way of financing a car