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Do Personalised Number Plates Impact Your Car Insurance?

Have you observed the hype around having a private plate number? Maybe you are considering getting one for yourself when the question pops up on how it could affect your insurance premium, suddenly you realize that you have no answers, simply because you just don’t know. 

Having a private number plate is a sure way of making your vehicle look more classy, unique, and individual. Although it comes at extra costs to have your chosen name or number on the registration plate, it also has benefits such as making a lasting impression, making your car distinctive; thereby deterring thieves, it holds value, and it can increase in value, etc

Nothing should stop you from fulfilling your fantasy or desires of owning a personalized number plate, and as you read on, you’ll also find out ways by which it would affect your insurance premium.

1. Is Your Private Plate Number Insured?

With the rising demand for personalized number plates in countries like the UK and Ireland, it is no surprise that the cost of owning and insuring a private plate number is also on the rise. 

A survey conducted by the AA auto insurance shows that of the 604 car insurance companies; that were analyzed, barely about 36 of them directly cover for loss of a private plate in the event of damage or theft. 

This statistic is positive proof that making an insurance claim will depend on whether or not your insurer has coverage for a private plate symbol, included in the company’s comprehensive car insurance policy. 

Hence, it is not enough to buy your dream car and touch it up with a branded plate number, as you will still need to find out if your insurer is in full support of your actions to avoid future disappointments. 

Similarly, when you register a private plate number for your vehicle, your insurance policy could be invalidated, if you decide to keep it a secret from your insurance providers.

number plate

What happens if a car with a private plate number is stolen?

The world is full of risks and uncertainties, some of which are responsible for a stolen plate number. Considering the costs and value attached to a personalised plate number; it is susceptible to auto theft if not properly secured. 

When your plate number is stolen, and you have tried every means to recover it, all to no avail, you’ll need these to reclaim it:

  • Proof of valid MOT at the time of the theft
  • Proof of tax payment up to the time of the theft
  • A waiting period of 12 months to recover the personalised plate number

In a case where the plate number is completely damaged, you have the option of either getting the number on a certificate till you have settled all claims, or you can permit the transfer of the personalized plate number to another vehicle.

Registration Numbers Are Affixed To The Vehicles Thereby Increasing The Risk Of Fatal Damage

In the event of a fatal auto accident, the private plate number of the vehicle could be badly damaged, beyond repairs: and when that happens, you will need to inform your insurer and the Driver and Vehicle Licensing Agency (DVLA) of your desire to retain the plate. 

If you do not have a car to transfer the plate number; then, you will have to pay a retention fee, which usually comes up after your insurer must have written a note of non-interest to DVLA.

To Sum Up

A personalised plate number is a worthy investment provided your insurer is aware of your new acquisition. It can consist of your name, address, or anything that is of high value to you. It is an avenue to express your uniqueness and creative flair, ensuring originality and giving meaning to your ride. 

With the right coverage included, you can rest assured that you are protected; in the event of any damage or loss done to your personalised plates.

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