Personalized registration plates were used to be designed for the rich and famous. But today they have become more accessible with everybody from company executives to men racers sporting unique digits and letters on their vehicle number plates. So, how much should you spend for a private number plate, how can you purchase it and does it impact your vehicle insurance?
Costs of Personalized Number Plates
A personalized plate’s cost depends upon the clarity of the spelling of a desirable name. For instance, the famous Asian name 51NGH went more than a £250,000 at a 2006 auction. Personal number plates that are not very obvious like your initials tend to cost less. The website of the DVLA lists personalized plates that can cost you as little as £250 which include the transfer fee. New plate registrations tend to begin at £399.
When your buying price doesn’t include the registration transfer, then you will have to pay an extra £80. If you don’t wish to assign the number immediately, you can hold that number on a V750 certificate. Also, when you keep the number; however, sell or scrap your vehicle, you should get a V778 retention certification. These will cost you £75 to renew each per year.
Where to Purchase Personalized Number Plates
- DVLA- A personalized number plate can be bought on the website of the DVLA. Also, the DVLA holds 6 auctions every year for the plates that are most desirable.
- Independent dealer which can be found over the web. Often, dealers have number plates of their own for sale, together with plates they are selling on behalf of customers. This is the reason you need to pay VAT on some plates but not on other plates. Purchase from a dealer online and enjoy the simple buying and transferring process.
- Individuals-It is legal for people to sell their valued numbers. However, when you purchase directly from somebody you will need to sort out the transfer of the plate registration yourself, though it’s really not hard. You just have to make sure that the individual selling the plate is entitled to it. Anyone can claim they own a number plate when they actually don’t. Ask the seller for the V750 or Certificate of Entitlement, an ownership document that the DVLA issues. The seller must be able to present this together with the retention certificate in case the plate is not on a vehicle. However, when it is, ensure the V5C or the registration document of the vehicle is in the seller’s name and check the make sure that the address is really the one you go to if you negotiate to purchase.
When you purchase a plate and has a V750 in your name, ensure it does not expire. When it expired after twelve months, you will need to have a great reason to have the DVLA reinstate your number. And when the DLVA won’t reinstate it, you will lose your number unless it will be for sale and you purchase it again.