Leasing an EV - Insurance Query (and boom!)

[fatJock]

tl;dr

nevertheless congrats on the new contract and the better rate

btw why would anybody lease a car

everytime I've been seduced by the pretty picture and description to read the small print on leasing a car, as a one man band, it has never made economic sense

ok if you are big company with thousands of company cars, but for a one man band ?

Milan.

More FUD.

So with ICE leasing it hasn't made sense to lease through a business because of the BIK so, my last diesel I personally leased. With EVs though there is very little BIK to having one as a company car and you can offset the lease costs as a business expense reducing CT bills.

There's really nothing not to like - if you are going to lease anyway. I lease a Tesla Y LR and it's saved me a fortune given I was always going to lease anyway. Sure, it'll never stack up against buying a spunked out old second hand Fiesta but that's not the point.

OP - as for insurance, talk to a broker. I got mine through NFU strangely enough but I have other policies there.

[courtg9000]

Done this the other way, from company car to personal and you just need to chat to both insurance companies. There is an accepted form of paperwork.

[malvolio]

Probably wise not to budget on current EV levies, they are to go up in October. Reeves is not going to ignore such riches...

[milanbenes]

More FUD.

So with ICE leasing it hasn't made sense to lease through a business because of the BIK so, my last diesel I personally leased. With EVs though there is very little BIK to having one as a company car and you can offset the lease costs as a business expense reducing CT bills.

There's really nothing not to like - if you are going to lease anyway. I lease a Tesla Y LR and it's saved me a fortune given I was always going to lease anyway. Sure, it'll never stack up against buying a spunked out old second hand Fiesta but that's not the point.

OP - as for insurance, talk to a broker. I got mine through NFU strangely enough but I have other policies there.

No I mean the economic comparison on a like for like basis

it seems to me the lease payments are same as loan payments and at the end of the lease you don't own the car

Milan.

[WTFH]

As a bit of nerd, I'm spreadsheeting the numbers to see if the man-maths makes any sense. However, one area I'm a bit unsure on, and am embarrassed to admit this having worked in the industry for 20-odd years, is insurance: how does leasing a car via your ltd co impact your insurance? I.e.:

- Can you transfer your NCD to the company? (I'm assuming policy holder would be Fiisch Ltd., registered keeper is Leasing Co and then driver would be Mr & Mrs Fiisch). Or is this another scenario where you are expected to start from 0 yrs NCD? Presumably the premiums are a bit higher than a traditional owner-driver policy?
- Has anyone managed to get a multi-car policy, where one car is privately owned, the other leased via your ltd co? Or have you been forced to go down two separate policy route?

I realise that this thread has gone the way of many, full of people who love SLOW ICE cars, but back to your insurance question.
The owner would be the leasing company, registered keeper should be you, I believe, not the leasing company and not your company. You then insure it on your personal insurance, not on a company policy, and you keep your NCD, etc.
I would thought this would be particularly true if your company address is different to your home address.
Pay the insurance privately out of your own pocket, then the insurance address and your driving licence address are the same.

[milanbenes]

lol

Milan.

[courtg9000]

I realise that this thread has gone the way of many, full of people who love SLOW ICE cars, but back to your insurance question.
The owner would be the leasing company, registered keeper should be you, I believe, not the leasing company and not your company. You then insure it on your personal insurance, not on a company policy, and you keep your NCD, etc.
I would thought this would be particularly true if your company address is different to your home address.
Pay the insurance privately out of your own pocket, then the insurance address and your driving licence address are the same.

This dosent sound right.
If its a company lease. Registered keeper will be the company. The company then has to get insurance for its employee.

[WTFH]

This dosent sound right.
If its a company lease. Registered keeper will be the company.

Not according to various websites, including WBAC:
https://www.webuyanycar.com/guides/c...eper-vs-owner/

Who is the registered keeper of a car?

The registered keeper of a car in the UK is defined as ‘the person who is responsible for the vehicle and has the right to use it’. ...



What’s the difference between the registered keeper and the owner?

While it’s common for the registered keeper and the owner of a car to be the same person, this isn’t always the case. Company car schemes are a good example: the employee is the registered keeper of the car but the owner - and therefore the one with most of the legal obligations, is the employer who organises the company car scheme. This means that while the employee is free to drive the vehicle (and must maintain its insurance compliance), the employer is the one with the legal rights and responsibilities.

[WTFH]

Actually, I'll trump the insurance industry with the Police:
https://www.askthe.police.uk/faq/?id...b-0022483f5223

the registration document should show the registered keeper, i.e. the day to day user (this may be an employee who has it as a permanent perk with his/her job).

[fatJock]

No I mean the economic comparison on a like for like basis

it seems to me the lease payments are same as loan payments and at the end of the lease you don't own the car

Milan.

Yeah but leasing and purchasing aren't like for like are they and that's not what you said initially. I pay x for 3 years to lease, I'd be paying more than x over 3 years (or paying for a longer term) to purchase so cashflow wise there is a variance and I get it, by leasing I'm paying out and not owning the car but equally I'm not owning the problems when it gets older.

One man band or large company is irrelevant - the numbers can work provided your approach to vehicle use is leasing. Like I said, its personal preference - lease or purchase. For what it's worth - I'm going to buy a runaround next time, personally funded because I just don't do the mileage now.