Insuring a company owned car
Discussion
I'm buying a car through my company. I've never done it before and I've reached the stage where I'm arranging the insurance for it.
The car will be owned by the company but I'll be down as the registered keeper. Do I just insure it as I would any other privately owned car? I've been on a couple of the comparison sites and they don't seem interested in who owns the car.
The car will be owned by the company but I'll be down as the registered keeper. Do I just insure it as I would any other privately owned car? I've been on a couple of the comparison sites and they don't seem interested in who owns the car.
If its a company vehicle why would the company not be the registered keeper and why would the company not insure it ? Just bought another 'company ' vehicle and got the V5 through this am in the companies name and the insurance will be the same . I would think you may have issues insurance wise trying to arrange insurance in your name for a company vehicle for business use.
C350Akra said:
Ean218 said:
That seems a bit peculiar. We have never put drivers down as registered keeper, always the company and the company organises the insurance in its name.
Agreed, why would the V5C be not in the company's name?Same question though - when I'm doing the insurance where do I tell the comparison sites that it is a company owned vehicle? They ask endless questions about the driver as you would expect, but nothing about ownership.
Silverage said:
The company is just me and it's the same address.
In that case you're overthinking it. The issue is insurable interest - who actually stands to lose out if the car gets nicked/written-off etc.
You should be able to have a policy in your name but have the insurer note that it's registered in the company name. Of which you're the sole director. They'll be happy there's a common insurable interest.
Might be a job for a decent local broker or A-Plan or similar as opposed to comparison sites though.
PistonBroker said:
Silverage said:
The company is just me and it's the same address.
In that case you're overthinking it. The issue is insurable interest - who actually stands to lose out if the car gets nicked/written-off etc.
You should be able to have a policy in your name but have the insurer note that it's registered in the company name. Of which you're the sole director. They'll be happy there's a common insurable interest.
Might be a job for a decent local broker or A-Plan or similar as opposed to comparison sites though.
Direct line do it no problem. I’ve just moved my 2 month old Tesla model x off my fleet policy through my company to insuring if myself. I’ve paid for the cover and my company has reimbursed me.
Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
E902717 said:
Direct line do it no problem. I’ve just moved my 2 month old Tesla model x off my fleet policy through my company to insuring if myself. I’ve paid for the cover and my company has reimbursed me.
Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
It was Direct Line I went with in the end.Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
E902717 said:
Direct line do it no problem. I’ve just moved my 2 month old Tesla model x off my fleet policy through my company to insuring if myself. I’ve paid for the cover and my company has reimbursed me.
Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
I've just insured a clients Tesla on their company fleet for £1500 annually, any driver over 30.Saved £1800 per year and DL don’t want a tracker fitted. Only rules are it can’t be used as a pool car and only me and my wife can drive it which isn’t an issue.
Car is owned by my limited company. 120+ employees
Why couldn't your broker have found you a better option than direct line?
Silverage said:
It was Direct Line I went with in the end.
Same here. DL seemed very used to dealing with this exact scenario. It was super simple, no different at all to taking out a personal policy, same price and everything. I've had a claim too, and all fine.They also came out top on price, so not sure what value a broker would add?
Silverage said:
I'm buying a car through my company. I've never done it before and I've reached the stage where I'm arranging the insurance for it.
The car will be owned by the company but I'll be down as the registered keeper. Do I just insure it as I would any other privately owned car? I've been on a couple of the comparison sites and they don't seem interested in who owns the car.
Ive just got a Polestar through the company, i just insured it myself (the company is paying) and told the insurance company that the registered owner and keeper is the leasing company (my company is leasing it so doesn’t own it), they were fine with it and the premium didn’t change, they said it was fairly common these days.The car will be owned by the company but I'll be down as the registered keeper. Do I just insure it as I would any other privately owned car? I've been on a couple of the comparison sites and they don't seem interested in who owns the car.
Been through this previously.
V5 is not proof of ownership. We registered in the company address as this is where it was kept although it doesn't matter from a tax perspective (that's my understanding anyhow).
Fleet insurance won't work for a single vehicle. My experience suggests you need at least 4 before it becomes anywhere near worthwhile. We used to insure via the comparison sites as a normal car with business use but declare the business owned the vehicle. Once we got past 4 vehicles, we purchased a fleet policy via Insurance jon (lockyers).
Whilst we had only 2 cars, insured separately, we were inspected and nothing was said in relation to this. However, the cars were sign written and kept on the premises. We had it as a pool car as everyone within our management team was named on the insurance and was free to use it for client visits. There's quite specific rules around alot of this stuff so it would pay to check with your accountant as i'm possibly outdated.
V5 is not proof of ownership. We registered in the company address as this is where it was kept although it doesn't matter from a tax perspective (that's my understanding anyhow).
Fleet insurance won't work for a single vehicle. My experience suggests you need at least 4 before it becomes anywhere near worthwhile. We used to insure via the comparison sites as a normal car with business use but declare the business owned the vehicle. Once we got past 4 vehicles, we purchased a fleet policy via Insurance jon (lockyers).
Whilst we had only 2 cars, insured separately, we were inspected and nothing was said in relation to this. However, the cars were sign written and kept on the premises. We had it as a pool car as everyone within our management team was named on the insurance and was free to use it for client visits. There's quite specific rules around alot of this stuff so it would pay to check with your accountant as i'm possibly outdated.
lord dubington said:
Silverage said:
It was Direct Line I went with in the end.
Same here. DL seemed very used to dealing with this exact scenario. It was super simple, no different at all to taking out a personal policy, same price and everything. I've had a claim too, and all fine.They also came out top on price, so not sure what value a broker would add?
It even says so on Direct Line's website:
"A company car should be insured by the company that owns or leases it, as part of its fleet insurance."
https://www.directline.com/car-cover/magazine/busi...
Sheepshanks said:
I know people are doing this - this question comes up regularly, usually when someone gets a quote and is gobsmacked how expensive it is. I honestly think something is slipping through the cracks. If the car is leased by a company, then the company should be insuring it. The driver has no insurable interest in the car.
It even says so on Direct Line's website:
"A company car should be insured by the company that owns or leases it, as part of its fleet insurance."
https://www.directline.com/car-cover/magazine/busi...
I was quite specific that the company owned the vehicle when I approached Direct Line for my quote. I even double-checked with them on the phone before I accepted it. I don’t know if it makes any difference, but in my case the vehicle was bought outright rather than leased and the company’s “fleet” is just this one car. I paid for the insurance as I don’t have a company credit card, but I’ll be claiming it all back from the company, which I believe is correct. It’s their car, so they can pay the insurance for it. Just like they’d pay the road tax, if there was any.It even says so on Direct Line's website:
"A company car should be insured by the company that owns or leases it, as part of its fleet insurance."
https://www.directline.com/car-cover/magazine/busi...
Silverage said:
Sheepshanks said:
I know people are doing this - this question comes up regularly, usually when someone gets a quote and is gobsmacked how expensive it is. I honestly think something is slipping through the cracks. If the car is leased by a company, then the company should be insuring it. The driver has no insurable interest in the car.
It even says so on Direct Line's website:
"A company car should be insured by the company that owns or leases it, as part of its fleet insurance."
https://www.directline.com/car-cover/magazine/busi...
I was quite specific that the company owned the vehicle when I approached Direct Line for my quote. I even double-checked with them on the phone before I accepted it. I don’t know if it makes any difference, but in my case the vehicle was bought outright rather than leased and the company’s “fleet” is just this one car. I paid for the insurance as I don’t have a company credit card, but I’ll be claiming it all back from the company, which I believe is correct. It’s their car, so they can pay the insurance for it. Just like they’d pay the road tax, if there was any.It even says so on Direct Line's website:
"A company car should be insured by the company that owns or leases it, as part of its fleet insurance."
https://www.directline.com/car-cover/magazine/busi...
Gassing Station | Business | Top of Page | What's New | My Stuff