Private Plates - any pros out there..?

[M1011]

Update on post #122.

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So ironically inspired by a thread in the The Bear Pit that has a laugh at silly private plates, I've found myself considering getting one.

I like the idea of having one plate forever, something easy to remember.

N = number
L = letter

Current front-runners are a 5 digit plate off DVLA that has a decent link to my name initials (LN LLL), or a 4 digit plate off one of the main sites which is formatted (N LLL) with the 3 letters being a decent abbreviation of my surname. I prefer the 4 digit plate, but it does costs a lot more.

I have a few questions:

What are the risks to a private plate? From my reading it seems like as long as you're sensible about transferring the number off the car well in advance of selling the car, you're OK there. But I hear some horror stories about stolen cars and insurance companies (something about the reg being attached to the car, not the car owner). Any first hand experiences on this? Or other risks to be aware of? (I'm aware that technically DVLA own the reg and can recall it if you mess about with it)

Do insurance companies tend to care? I'd be expecting some sort of admin fee, but they're not likely to land me in some high risk category for a plate change are they? I honestly wouldn't put it past them...

Any other gotcha's to be aware of from experience? Or recommended websites that folk have used with success?

Thanks