Cost of car insurance when leasing
Discussion
Hi all,
Currently in the process of needing to get a new car, my 12 year old car has finally had it. I've been weighing up the pros and cons of buying vs leasing and decided leasing would suit me at the moment as don't have cash sat there waiting to be used after just buying first house and want to keep monthly payments as low as possible..
Question is, should I be expecting to pay a much larger insurance premium just because the vehicle is leased? It's not something I'd read anywhere or factored into the budget and doing some comparisons on the car I want, I get a cheapest quote of £635 for leasing but if I put the same vehicle in as owning it the cheapest quote goes down to around £320.. My current insurance is £240 so a massive leap..
Hope someone can help!
Currently in the process of needing to get a new car, my 12 year old car has finally had it. I've been weighing up the pros and cons of buying vs leasing and decided leasing would suit me at the moment as don't have cash sat there waiting to be used after just buying first house and want to keep monthly payments as low as possible..
Question is, should I be expecting to pay a much larger insurance premium just because the vehicle is leased? It's not something I'd read anywhere or factored into the budget and doing some comparisons on the car I want, I get a cheapest quote of £635 for leasing but if I put the same vehicle in as owning it the cheapest quote goes down to around £320.. My current insurance is £240 so a massive leap..
Hope someone can help!
Depends on the insurance in my experience.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
jimmyVX said:
Depends on the insurance in my experience.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
If you have taken out a contract hire agreement, aren't you the registered keeper but not the registered owner...??Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
sidicks said:
jimmyVX said:
Depends on the insurance in my experience.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
If you have taken out a contract hire agreement, aren't you the registered keeper but not the registered owner...??Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
Phateuk said:
sidicks said:
jimmyVX said:
Depends on the insurance in my experience.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
If you have taken out a contract hire agreement, aren't you the registered keeper but not the registered owner...??Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
My leased vehicle has a V5C in my name.
shakotan said:
Phateuk said:
sidicks said:
jimmyVX said:
Depends on the insurance in my experience.
Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
If you have taken out a contract hire agreement, aren't you the registered keeper but not the registered owner...??Direct Line wouldn't cover me, as I was not the registered keeper of the car for example. However, I have a multi-car policy with Admiral and they didn't ask me who the registered keeper was, I assume that's due to the nature of the multicar policy.
Worth shopping around.
My leased vehicle has a V5C in my name.
shakotan said:
To tax the vehicle?
My leased vehicle has a V5C in my name.
If you have an 'operating lease' or 'finance lease' agreement then the vehicle is registered to you - and you'll pay the VED as & when it's due. With a contract hire agreement, the vehicle is registered to the finance company and you are effectively 'hiring' it from them for a set period of time - they provide the VED.My leased vehicle has a V5C in my name.
R8Steve said:
I lease a merc for getting me to work and back and the logbook is in my name. I had no issues with the insurance, the only thing they asked was is the car registered to me, which it is. Not sure what would have happened had i said no right enough.
This is quite popular with Mercedes - you have an operating lease. Slightly cheaper than contract hire, and you'll pay for the VED yourself when it's due.Gassing Station | Finance | Top of Page | What's New | My Stuff