PCP and insurance

baz69

Hi all question for the more knowledgeable,looking to buy a new car on PCP but
The idea is to trade in car that's in my name but my wife is getting the PCP in her name ,up until now she has been named driver and I have full ncb,can I still insure car and have her as named driver or does she have to have insurance in her name as she will be the owner of car,although she's full licence and been driving for years just not with her own insurance always on mine ,thanks

GavMan

Baz, Is your wife signing the loan in her name and registering the car in her name? These are 2 different things. As I understand it, you will need to be the registered owner of the car to take out the policy (name on the log book) which is again different from the name on the loan agreement.

This is something I have done. I took the PCP with Skoda in my name and registered the car in my wife's name.

db

baz69 wrote: »

Hi all question for the more knowledgeable,looking to buy a new car on PCP but
The idea is to trade in car that's in my name but my wife is getting the PCP in her name ,up until now she has been named driver and I have full ncb,can I still insure car and have her as named driver or does she have to have insurance in her name as she will be the owner of car,although she's full licence and been driving for years just not with her own insurance always on mine ,thanks

It won't be a problem to keep the insurance in your name with her as a named driver. If you have another car however, you will need to take out separate insurance for the second car.

baz69

Thanks for replies,basically the situation is I bought car new in 2015 with trade in and cash so own car ,I am now retired so no income,we want to trade in car and buy new either PCP or hp,my wife will have no issue getting either options of loan ,but I have a full ncb whereas my wife has always been named on policy for many years,ideally if car could be registered in my name so insurance would be as before,just presumed if she is financing it ,it would have to be registered in her name ? .

GavMan

baz69 wrote: »

ideally if car could be registered in my name so insurance would be as before,just presumed if she is financing it ,it would have to be registered in her name ? .

No the car can be in your name. I'm doing the same thing but opposite ways around. She is registered owner of the car. I took out the PCP

Duvetdays

Same here car is in my name and every year we swap insurance around so neither loose NCB as we only have the one car in house. Insurance companies have never had any problem putting my husband as the main insured person and me as named driver with car in my name once we are married. This has been done with 2 or 3 different insurers over the years.

CharlieCroker

Yeah, my wife's car is in my name and insured in her own name as we traded in my car for it at the time.

Insurance company asked the question but not an issue when it's a spouse