Is It Worthwhile Insuring Your Private Number Plate?

Summary

Insurance for private number plates is available, but is it a wise investment? This article explores various scenarios that could lead to a claim, such as theft or total loss, and examines whether existing procedures already offer sufficient protection. We also provide interesting statistics and insights into the topic, helping you make an informed decision about whether to insure your private number plate.

Scenarios Leading to Claims

Theft of the Registration Number

One potential scenario is the theft of the registration number itself. For a criminal to successfully steal your registration number, they would need access to your vehicle documents, including the V5C log book, MOT certificate, and tax disc. Additionally, they would have to forge your signature and change the address on your V5C.

• Low Risk: Unless you keep your V5C in the glovebox, this scenario is relatively low risk.

Theft of the Car with the Number Plate

Another scenario involves the theft of the car along with its number plate. Again, the thief would need your vehicle documents to transfer the registration.

• DVLA Safeguards: The DVLA has measures in place to prevent unauthorized duplicate log book applications. If someone other than you applies, the DVLA will notify you immediately.

Total Loss of the Vehicle

In the event of a total loss, such as a write-off following an accident, you should be able to retain your number plate before settling with the insurance company. Ensure you do not part with the V5C until this is done.

• Retention Process: The process of retaining your number plate is straightforward, but it requires timely action.

Failure to Transfer the Registration Number

If you fail to transfer the registration number before selling or trading the car, the number plate goes with the vehicle (or more accurately, the V5C). It is advisable to put the number on retention before advertising the car.

• Negligence: Losing a personalized number plate due to failure to transfer it is considered negligence and is unlikely to be covered by insurance.

Existing Protections

DVLA Procedures

The DVLA has robust procedures to protect vehicle owners. If your car is not recovered after theft, you can reclaim your registration number through standard DVLA procedures, although this may take up to 12 months.

• No Insurance Impact: Having insurance will not expedite this process.

Traceability

The DVLA maintains records of all cars and registration numbers, making it possible to trace them. A private number plate is of little use outside the UK, reducing its attractiveness to thieves.

Interesting Statistics

• Low Theft Rates: According to the Office for National Statistics, vehicle theft rates have been declining, with a 3% decrease in 2020 compared to the previous year (source).
• High Recovery Rates: Approximately 70% of stolen vehicles are recovered, often with their number plates intact (source).

Conclusion

In summary, insuring your private number plate may not be as beneficial as it seems. Existing DVLA procedures and safeguards already offer substantial protection. Given the low risk of theft and the ability to reclaim your number plate, the value of such insurance is questionable.

For more information on vehicle registration and protection, visit the DVLA website.

This article aims to provide a comprehensive overview of the value of insuring private number plates, backed by data and expert insights. Make an informed decision by considering the scenarios and existing protections discussed.