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Just about to pick up a new lease car, my first one ever. My name won't be on the log book as it'll be the finance company. Been trying to get insurance and most companies will not quote as it's the finance company not my name on the v5. Also tried with comparison sites yet when I contact the companies who do quote the price doubles from the price on the site.
What am I doing wrong? Who should I try?
Considering the amount of new cars which are leased these days I'm surprised that I'm having these problems.
Confused.com has this, others have similar:
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Have had a few years in lease cars now, finding that most insurers are familiar with it and don't usually treat it any different to a car you own. Worth getting a regular quote then phoning IME, some can have a few different categories so explaining your arrangement properly can help. Currently with Privilege, ran a quote then phoned and they didn't regard it as any different to me owning it.
I lease mine an it's in my name at the Lease company address....didn't have any issues when I mentioned it to insurers. Or when I had my private plate put on
I'm with AXA and they have a lease option on the drop down menu,
Hmmm, when I worked in leasing the V5 (keepers details) were in the names of the people who kept them, the V5 has never been proof of ownership and we registered our financial interest via HPI.
I guess times have changed.
Been with privilege for a while on lease. Good price too.
Price has gone too £312 for a brand new Karoq
Are you sure you won’t be signing the V5 when you pick the car up?
I'm sure as the main driver your name should be on the log book. Mine is. Anyhoo I insure my (23k when new) lease car for 193 a year. Absolutely zero penalties for it being a lease car.
By lease I presume you mean personal contract hire (PCH)
I was with Admiral when I had mine a couple of years ago. No issue with not being the owner or registered keeper of the vehicle. I never saw the V5, the car was owned by VW Financial Services. They taxed it every year.
Shouldn’t be an issue these days. Confused insurers when leading first really took off but you have a clear insurable interest and most companies don’t bat an eyelid.