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When my finance is paid off in 36 months, will the cost of my insurance increase?
I'm about to get a new car, which I've paid 50 per cent deposit and will pay 50 per cent on finance. I understand that I will not own the car until finance is paid off in full, but I will be the registered keeper. When the finance is paid, will I then become the second owner? Also, as I will not own the car until 36 months from now, but will be the keeper, will this increase the cost of my insurance?
Asked on 24 November 2017 by Dag Hammar
Answered by
Honest John
No, you won't as it will already be registered in your name, not the finance company's. And no, it will make no difference to your insurance.
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