Can someone else insure a car on finance?
I've just asked an insurance company if I purchase a car on finance and I'm the registered keeper can my son be a named driver?
February 10, 2022
When you buy a car on finance, it must be insured before you hit the road. If your name is on the finance agreement and you’re the car’s registered keeper, then the insurance policy must also be in your name. If you’ll be sharing the vehicle then you can have additional drivers on your policy, but keep in mind that named drivers can affect the amount you pay each month for your premiums.
In the UK, the minimum level of insurance that you can have legally is third-party cover. This means you’ll be covered if you have an accident that damages or injures any other person, vehicle, animal, or property.
If you’d like more comprehensive coverage, you can find insurance policies that include:
- Theft of personal belongings
- Windscreen damage
- Lost or stolen keys
- Cost of repairs
- Rescue costs if you can’t move due to an accident
There are many factors that can affect the cost of your insurance including where you keep your car during the day and overnight, how you use it, how far you drive, how careful you are as a driver, and how you choose to pay your premiums.
GAP insurance is a different type of policy that’s designed to cover the gap between what your standard car insurance would pay out if the vehicle’s written off or stolen and either how much you paid or still owe for you car.