Insuring business cars - non fleet policy?
Discussion
We will be taking delivery of a couple of business cars in the next 2 weeks, which will be assigned as follows:
1. Pool car - will be used purely for business by two employees, with the car staying at HQ every night.
2. Directors car - will be assigned to a director who will use it for business and pleasure (paying the appropriate BIK etc), maybe with his missus on the policy.
Is it possible to insure these cars with a normal "off the shelf" policy/multi car policy from a business point of view? Any tax implications?
Individual policies for the two on a comparison site is less than half that of a fleet policy.
Thanks,
Matt
1. Pool car - will be used purely for business by two employees, with the car staying at HQ every night.
2. Directors car - will be assigned to a director who will use it for business and pleasure (paying the appropriate BIK etc), maybe with his missus on the policy.
Is it possible to insure these cars with a normal "off the shelf" policy/multi car policy from a business point of view? Any tax implications?
Individual policies for the two on a comparison site is less than half that of a fleet policy.
Thanks,
Matt
the problem you are facing is:
1. whist you can get fleet products for 2 vehicles, its a very narrow market, and it doesn't really open up until you get to 5 vehicles.
2. its a new fleet policy. Fleet policies dont work on NCD, they work on a rolling 3 year confirmed claims history. Its a bit like getting credit without a credit history....expensive for the first couple of years but then improves vastly.
When you say you are comparing policies from online quote engines, how are you quoting the pool car as it has no main driver (so has to be in a company name), and presumably no ncd?
1. whist you can get fleet products for 2 vehicles, its a very narrow market, and it doesn't really open up until you get to 5 vehicles.
2. its a new fleet policy. Fleet policies dont work on NCD, they work on a rolling 3 year confirmed claims history. Its a bit like getting credit without a credit history....expensive for the first couple of years but then improves vastly.
When you say you are comparing policies from online quote engines, how are you quoting the pool car as it has no main driver (so has to be in a company name), and presumably no ncd?
the other issue on the comparison is what use and drivers are you using? A fleet is usually full business use with open driving.
we do have products that will suit you if you want to give my office a call on 01924 278222 and ask for Vicky or Stef in the motor team, but paying more for a couple of years could pay dividends in the future by building your claims history early.
we do have products that will suit you if you want to give my office a call on 01924 278222 and ask for Vicky or Stef in the motor team, but paying more for a couple of years could pay dividends in the future by building your claims history early.
Insurancejon said:
the problem you are facing is:
1. whist you can get fleet products for 2 vehicles, its a very narrow market, and it doesn't really open up until you get to 5 vehicles.
2. its a new fleet policy. Fleet policies dont work on NCD, they work on a rolling 3 year confirmed claims history. Its a bit like getting credit without a credit history....expensive for the first couple of years but then improves vastly.
When you say you are comparing policies from online quote engines, how are you quoting the pool car as it has no main driver (so has to be in a company name), and presumably no ncd?
Thanks Jon - that makes sense. 1. whist you can get fleet products for 2 vehicles, its a very narrow market, and it doesn't really open up until you get to 5 vehicles.
2. its a new fleet policy. Fleet policies dont work on NCD, they work on a rolling 3 year confirmed claims history. Its a bit like getting credit without a credit history....expensive for the first couple of years but then improves vastly.
When you say you are comparing policies from online quote engines, how are you quoting the pool car as it has no main driver (so has to be in a company name), and presumably no ncd?
The pool car will be shared between 2/3 employees and will be a split of 40/40/20 most likely in usage. One of the higher users would be a director, so I've been using his details as the policy holder, with no NCD and the other two employee's as named drivers.
Insurancejon said:
the other issue on the comparison is what use and drivers are you using? A fleet is usually full business use with open driving.
we do have products that will suit you if you want to give my office a call on 01924 278222 and ask for Vicky or Stef in the motor team, but paying more for a couple of years could pay dividends in the future by building your claims history early.
I was putting down 15k business miles and 500 personal miles per year (the comparison sites I used require atleast 500 personal miles). we do have products that will suit you if you want to give my office a call on 01924 278222 and ask for Vicky or Stef in the motor team, but paying more for a couple of years could pay dividends in the future by building your claims history early.
Thanks Jon - I'll give them a call. I spoke to Phil briefly about this on your team last week as he's currently working on some other insurance products for us.
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