Will A Private Number Plate Affect My Car Insurance?
For many supercar enthusiasts, personalising a vehicle is part of the joy of ownership. And of all the customisations available, private number plates prove year after year to be the most popular. However, this leads to a common question: can a private number plate affect your car insurance? Our supercar insurance experts are on hand to explore this question further, covering the ins and outs of everything you need to know for insuring your luxury car.
Impact of Private Number Plates on Insurance Premiums
Firstly, it’s helpful to understand that owning a private number plate is unlikely to directly affect your insurance premiums. Insurance companies typically do not view private plates as they do other car modifications. A private plate doesn’t alter the vehicle’s performance, safety features, or value in the same way that mechanical or structural changes might. So, if you’re investing in supercar insurance or sportscar insurance, you can rest easy knowing that a private plate alone shouldn’t bump up the premiums.
Notifying Your Insurer
That being said, not every aspect of owning a private number plate is so straightforward. If you’re swapping to a new private plate, there’s an essential step you must not overlook: informing your insurer. Failing to notify your insurer about the change in registration is highly likely to invalidate your insurance. This applies whether you have sportscar insurance, luxury car insurance, or any other type of vehicle cover. It’s a simple process, but it’s crucial for maintaining the validity of your insurance policy.
Protecting Your Private Plate
Another important aspect to consider is how to protect your private number plate in the event of your car being written off or stolen.
Since private plates generally hold a high value, you should request a letter from your insurer confirming they have no interest in the plate. This letter is a safeguard, ensuring you can retrieve your plate back from your insurer in the event the car is written off or stolen. Otherwise, when you receive a settlement payment from your insurer, this effectively represents your insurer buying the vehicle from you, private number plate and all, but without taking into account the plate’s value. This aspect is often overlooked but is vital for those with luxury car insurance.
Supercar Insurance from Prestige
To sum up, a private number plate is unlikely to affect your sportscar insurance premiums directly. However, it’s essential to keep your insurer informed about any changes to your vehicle’s registration, and it’s also a good idea to obtain a letter confirming they have no interest in your plate. At Prestige, we specialise in insurance for supercars and high-performance vehicles and would be happy to talk through any questions you have about your private plate. If you’d like to learn more, get in touch!
Are you in the market for a supercar insurance policy? Contact our team or get a free quote online. Our experts are always on hand to help and can be reached directly on 01202 754900.