Company car downgrade

[greggy50]

The only company cars that makes sense now are plug ins or electric cars

The BIK and loss of allowance kills it otherwise unless you do serious mileage.

[Sheepshanks]

greggy50 said:

The only company cars that makes sense now are plug ins or electric cars

The BIK and loss of allowance kills it otherwise unless you do serious mileage.

I think it still generally makes sense for 20% tax payers.

Lots of other things to think about too - when we offered people the chance to opt out, younger staff who lived in cities found insurance very expensive, and some couldn't get credit for loans. Some were commuting huge distances and/or doing a lot of private mileage.

[TwigtheWonderkid]

Sheepshanks said:

greggy50 said:

The only company cars that makes sense now are plug ins or electric cars

The BIK and loss of allowance kills it otherwise unless you do serious mileage.

I think it still generally makes sense for 20% tax payers.

Lots of other things to think about too - when we offered people the chance to opt out, younger staff who lived in cities found insurance very expensive, and some couldn't get credit for loans. Some were commuting huge distances and/or doing a lot of private mileage.

Exactly. It's all down to individual circumstances. I'm a 40% taxpayer with a co car, but living in the London area and having 2 sons under 25 who can drive it occasionally when needed, means I save a fortune buying a car and insuring it for them to drive. I drive a low co2 low value small petrol car.

[Jockman]

TwigtheWonderkid said:

Sheepshanks said:

greggy50 said:

The only company cars that makes sense now are plug ins or electric cars

The BIK and loss of allowance kills it otherwise unless you do serious mileage.

I think it still generally makes sense for 20% tax payers.

Lots of other things to think about too - when we offered people the chance to opt out, younger staff who lived in cities found insurance very expensive, and some couldn't get credit for loans. Some were commuting huge distances and/or doing a lot of private mileage.

Exactly. It's all down to individual circumstances. I'm a 40% taxpayer with a co car, but living in the London area and having 2 sons under 25 who can drive it occasionally when needed, means I save a fortune buying a car and insuring it for them to drive. I drive a low co2 low value small petrol car.

This used to be a comfortable ruse in the old days.

Can I just ask if the Insurers want to know details of everyone driving the car?

[Sheepshanks]

Jockman said:

Can I just ask if the Insurers want to know details of everyone driving the car?

Our policy was simply any driver with employers permission. All drivers had to submit a copy of their licence to our employer. A director had to give permission for anyone under 21, but that was a company rule, not an insurance one. Policy was surprisingly cheap per car although excess was £1000.

[Jockman]

Sheepshanks said:

Jockman said:

Can I just ask if the Insurers want to know details of everyone driving the car?

Our policy was simply any driver with employers permission. All drivers had to submit a copy of their licence to our employer. A director had to give permission for anyone under 21, but that was a company rule, not an insurance one. Policy was surprisingly cheap per car although excess was £1000.

Thanks for the reply. It’s an interesting angle.

We kept age to min 21. Even then it meant additional terms for those aged 21 to 25. At a blanket excess of £1k we would find the policy meaningless though it would obviously fulfil our obligations.

We then acknowledged that the youngsters would not be accumulating NCD on their own.

It’s a balance to be made depending on your profile and that of those on the policy.

[Sheepshanks]

It’s not unusual for big companies to be 3rd party only. Our employer said at fault drivers should repay the excess but in practice it was rarely done.

I got an NCB letter when I opted out and it was accepted by LV= no problem.

[TwigtheWonderkid]

Our fleet policy is any over 21, plus named and approved under 21. The fleet insurer will cover 17 - 20 depending on the vehicle they will be driving. Mine are 21 & 23 now but had them both covered on the policy from 17. Saved me thousands over the years, and the BIK is a minor issue by comparison.

[Sheepshanks]

...drifting a bit, but one insurance issue we had was it became apparent that some people were allowing their (usually) wives to use the company car for work related purposes. The cover was business use in relation to the policyholders business only, and SD&P by any driver.

[TwigtheWonderkid]

Sheepshanks said:

...drifting a bit, but one insurance issue we had was it became apparent that some people were allowing their (usually) wives to use the company car for work related purposes. The cover was business use in relation to the policyholders business only, and SD&P by any driver.

Yup, that's the case on nearly all fleet policies. It may be any driver, but it's any driver for pleasure. The only people who get business use are the people using it for the business of the company who is the policyholder.

[mickyh7]

I was hoping to see if you actually had the Balls to just tell them to stick their job and walk to a better job and car.
I notice you didn't?
A Seat Leon. Wow.
They must think a lot of you.
Would they have tried to keep you ?
Should have walked, now you'll never know.

[Rude-boy]

Sheepshanks said:

It’s not unusual for big companies to be 3rd party only. Our employer said at fault drivers should repay the excess but in practice it was rarely done.

I got an NCB letter when I opted out and it was accepted by LV= no problem.

Same here. I had been on a company policy for many years when the insurers started to get tight on the rules and had to get my own policy on my car after about 5 years of driving.

Letter form Co. Insurers to New Insurers was all that was needed to get all the NCD i would have been entitled to if i had had my own policy from scratch.

not all insurers will accept it i am told but you only need one to for the first year and then it is there on your renewal and, i assume, some industry database.