V5 Keeper, does it matter?

[Technoholic]

Hi

Last week we bought a new car for my wife. It doesn't matter except for this question but logistically the money came from my account and the documentation was signed by me etc etc. What I didn't consider at the time was that the V5 would be in my name. I know V5 name does not equal owner.

So this may be a non question after all but if she is the main driver, does it matter that the V5 is in my name for any reason? Obviously if she gets a speeding ticket or fine etc then we will just confirm who was driving so apart from that, is there any reason why it should not be in my name? I wish I'd thought about it at the time, but I didn't, and don't want to add another "owner" just for the sake of transferring it to her, so if it doesn't matter then I will just leave it, but I just want to check I'm not doing something I shouldn't.

Thanks

[outnumbered]

Technoholic said:

Hi

Last week we bought a new car for my wife. It doesn't matter except for this question but logistically the money came from my account and the documentation was signed by me etc etc. What I didn't consider at the time was that the V5 would be in my name. I know V5 name does not equal owner.

So this may be a non question after all but if she is the main driver, does it matter that the V5 is in my name for any reason? Obviously if she gets a speeding ticket or fine etc then we will just confirm who was driving so apart from that, is there any reason why it should not be in my name? I wish I'd thought about it at the time, but I didn't, and don't want to add another "owner" just for the sake of transferring it to her, so if it doesn't matter then I will just leave it, but I just want to check I'm not doing something I shouldn't.

Thanks

If you agree that your wife is the owner, no matter where the money came from, then it's fine for you to be the RK, you just need to make sure her insurance company knows that.

[Technoholic]

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

[InitialDave]

Technoholic said:

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

Shouldn't really matter, though if you're the one who deals with the admin of car ownership for the household (tax etc), it may be easier if it's in your name.

[Flumpo]

Technoholic said:

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

For years I put my car finance in my wife’s name, but I paid.

The v5 was in her name but I was named driver on all insurance docs. Tested with me as the owner and main driver vs her as owner and me as main driver.

It was always about £5 a year more with her as owner and me as main driver. Did it all by the book as her owning car/name on v5 as it was only £5.

The insurance was changed every year so was the same with all the usual suspects through compare the market.

[outnumbered]

Technoholic said:

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

You'd have to check with Admiral to be totally sure. But in general, your wife can't have a policy in her name for a car that she doesn't own and of which she isn't the RK. She'd have to be a named driver on your policy if you want to own it and be RK.

You need to get it right, as there's no such thing as being "somewhat" insured, you either are or you aren't.

Edited by outnumbered on Monday 31st October 10:33

[Technoholic]

Ok thanks all, it sounds like it's all fine but I just need to check the insurance details to verify they are correct. I mean in terms of owner, it doesn't really matter to call me or her the owner so hopefully that will be ok.

[Flumpo]

outnumbered said:

Technoholic said:

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

You'd have to check with Admiral to be totally sure. But in general, your wife can't have a policy in her name for a car that she doesn't own and of which she isn't the RK. She'd have to be a named driver on your policy if you want to own it and be RK.

You need to get it right, as there's no such thing as being "somewhat" insured, you either are or you aren't.

Edited by outnumbered on Monday 31st October 10:33

I did for about 7 years with different cars and different insurance companies. Not sure what ‘generally’ means. But it’s a specific question on compare the market. It asks is the main driver the owner and RK. If you click no, it asks who is. You then fill in the details and it says what is their relationship to named driver. You can then pick spouse/partner as an option. It used to make about £5 difference.

Maybe not all insurance companies allow this, but always got 50 plus offers including going with admiral a couple of times.

They may also have changed this, but I did this from about 2012-2019

So he just needs to answer the questions with factual answers as he will be asked. Who owns it, whoever’s name the finance is in, who’s the rk, whoever’s name is on the v5. Who is main driver, whoever it is.

Edited by Flumpo on Monday 31st October 10:44

[outnumbered]

Flumpo said:

I did for about 7 years with different cars and different insurance companies. Not sure what ‘generally’ means. But it’s a specific question on compare the market. It asks is the main driver the owner and RK. If you click no, it asks who is. You then fill in the details and it says what is their relationship to named driver. You can then pick spouse/partner as an option. It used to make about £5 difference.

Yes, you're right, and my advice was wrong, it looks like it's fine to do this with a spouse at least. Sorry for the confusion...

[Flumpo]

outnumbered said:

Flumpo said:

I did for about 7 years with different cars and different insurance companies. Not sure what ‘generally’ means. But it’s a specific question on compare the market. It asks is the main driver the owner and RK. If you click no, it asks who is. You then fill in the details and it says what is their relationship to named driver. You can then pick spouse/partner as an option. It used to make about £5 difference.

Yes, you're right, and my advice was wrong, it looks like it's fine to do this with a spouse at least. Sorry for the confusion...

no problem! As this is ph I was nervously expecting you to come back and call me all sorts of names and quote Google extracts at me!

[aterribleusername]

Technoholic said:

I'm not really sure who the owner is, I mean it doesn't matter but if we're looking at it purely factually then it's my money that bought the car but we don't really look at it like that. Does it matter if I'm the owner and the RK as long as the insurance are aware? I mean the insurance is a joint Admiral multicover policy anyway so even that probably doesn't matter too much?

As long as the insurance company know about it then it's not an issue. I bought my mum a car a few years ago as a birthday present (just a Nissan Note, nothing special or expensive!) and its registered in my name at her address, initially it was registered at my house as I didn't want her knowing about it! We only changed the address as the insurers wanted the V5c to have the address where the car is usually kept, the same with my weekend car that lives at my parent's house too.

[Draxindustries1]

To avoid any problems with an ins claim just put your wife as the keeper. Having another keeper on the V5 doesn't matter a jot, it makes no impact on resale or desirability. .

[Dimebars]

The insurance company will ask who the RK is

In this case, you'd select spouse. It make's zero difference to price in my experience - my wife's car is registered to me