Insuring a leased company car - help!

[Sim75]

Hi all,

I'm picking up a new car on saturday (electric) and are leasing it via my business - as in the company is technically paying for it.

I'm staggered by the cost to insure it as a 'business lease' (£1,800) vs a 'personal lease' (£800)

Such an uplift just doesn't make any sense.

Unless i'm mistaken, Business Lease is the right option isn't it?

If so, anyone reccomend a decent broker?

[Audicab]

I'd shop around, I am paying about 15% more than I would if it was a personal lease.

I'm with Admiral

[Sheepshanks]

This has come up a few times. I think you're right - it should be insured as a company car - but a few people insist they'd got cover on personal lines insurance and had told the insurer the lease was in the company name. IIRC Direct Line was one a couple of people referred to.

I would imagine many people just say the car is leased - is the question asked about who is paying for the lease? I guess buried in the T's & C's, small print, policy document or assumptions, it may make reference to this now as leasing has become more popular.

[MaxFromage]

It is possible, but there aren't many insurers who will do it currently. Direct Line stopped a few years ago, so unless they've started again...

Admiral are happy to do it as noted. There's nothing in their documentation to distinguish between a business and personal lease, so just make sure you correctly fill in the quote. Interestingly my renewal quote for my leased Model Y just came in and it's 28% down on last year.

Edited by MaxFromage on Monday 24th February 16:39

[dalenorth]

I’ve just done exactly this on a lease car. I checked with the lease company and they said they really didn’t care as long as it was insured, so Admiral were by far the best option.

[Harpoon]

I'm also with Admiral to cover a personal lease.

When I tried to swap the policy on my owned car with RAC, none of their panel of insurers would cover a lease so I had to change.

Cost went up from £316 to £379 (November 2024).

[Sim75]

Annoyingly, Admiral are the one company who won't quote me on the comparison sites despite me having my current car with them.
Privilege quote was decent, but the lady on the other end of the phone didnt have a clue what the right option was - call it late night call centre syndrome.

From what i've found on various other fourms (with the odd indusrty expert popping up) you can insure under 'Company Lease - Private' if you're named as a director and own the business, and obviously make them fully aware.

Staight up employees have a much harder time.

Admiral don't discrimate, a lease is just a lease as far as they're concerned.

[TwigtheWonderkid]

Sim75 said:

I'm staggered by the cost to insure it as a 'business lease' (£1,800) vs a 'personal lease' (£800)

Such an uplift just doesn't make any sense.

It makes perfect sense. When a car is on a business lease, there's nothing to say the driver is the business owner, or just an employee whose employer are leasing him a car. Most insurers have stats showing employees driving company cars have a worse claims record than people driving their own car.