You dion't need to take them off . If you buy them once, you can attach a copy of them to any ship in your fleet.
Each ship has four places (two on the left, two on the right) where you can display the ship's name and its ID. Ship's name, as said, has max 22 characters and is filtered (for inapproriate words), ID has 8 (IIRC) characters in a larger font.
The plates are purely cosmetic, though - your ship's name is also shown to other CMDRs on the communications panel. But a lot of people who are playing in open use them.
Best picture I have available at the moment - paint health is pretty far down, don't know by how much, so the ornamentation on name and ID has worn off, only the lettering is still clear:
I LOVE how the paint scratches up on ships. I want my explorer ship coming back into the bubble looking ravaged!
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