Has anyone joint owned a car? insurance question.
Discussion
I'm looking at buying a car jointly with a friend. Insurance seems like a bit of a grey area. I've been looking around the net to see how people have gone about this. But it's difficult to uncover any good information.
First way is to get the car insured in the registered keepers name and the other owner as a named driver. Registered keeper would be where the car is kept the majority of the time. Problems I can see is that if a claim is made the registered keepers no claims would be on the line. Then again if you didn't use them that wouldn't be a problem.
Other way is to start a company register the car under the company name. Get the car insured as a company car. This I think also has draw backs. Would the car then suffer company car tax? I think it's going to be a little difficult to get the sports car insured under a company policy. It's a lot of grief setting up and running (accounts), even being a pretty much dormant company.
I think the most sensible way around it would be for both individuals to insure the car separately. To make it easier, under the same insurance company so they're complete aware of the situation. But the problem arrises when one of you is not the register keeper, as most insurance companies won't insure you if your not.
I just want to work out the most sensiable way of going about it. And as insurance is the most important thing, then I need to get some clarity on this first.
,
Any help would would be much appreciated.
First way is to get the car insured in the registered keepers name and the other owner as a named driver. Registered keeper would be where the car is kept the majority of the time. Problems I can see is that if a claim is made the registered keepers no claims would be on the line. Then again if you didn't use them that wouldn't be a problem.
Other way is to start a company register the car under the company name. Get the car insured as a company car. This I think also has draw backs. Would the car then suffer company car tax? I think it's going to be a little difficult to get the sports car insured under a company policy. It's a lot of grief setting up and running (accounts), even being a pretty much dormant company.
I think the most sensible way around it would be for both individuals to insure the car separately. To make it easier, under the same insurance company so they're complete aware of the situation. But the problem arrises when one of you is not the register keeper, as most insurance companies won't insure you if your not.
I just want to work out the most sensiable way of going about it. And as insurance is the most important thing, then I need to get some clarity on this first.
,
Any help would would be much appreciated.
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