Leasing an EV - Insurance Query (and boom!)

[b0redom]

TBH it’s not worth engaging with MB. He’s operating in a different tax regime and for some reason thinks ICE cars are better for everyone regardless of their circumstances.

OP. I just bought an EV rather than leasing, but I’ve put myself as the registered keeper and have personally insured it. I used one of the price comparison sites, and it gave me the option to say that my company owned the vehicle, but I wanted to insure it personally. This cost slightly less that owning and insuring it personally, which surprised me tbh. It also means that I preserve my NCD without having to faff about with company to personal and back transfers.

[fiisch]

TBH it’s not worth engaging with MB. He’s operating in a different tax regime and for some reason thinks ICE cars are better for everyone regardless of their circumstances.

OP. I just bought an EV rather than leasing, but I’ve put myself as the registered keeper and have personally insured it. I used one of the price comparison sites, and it gave me the option to say that my company owned the vehicle, but I wanted to insure it personally. This cost slightly less that owning and insuring it personally, which surprised me tbh. It also means that I preserve my NCD without having to faff about with company to personal and back transfers.

Why did you decide to buy rather than lease out of interest?

MB: I'm with you on the buy lightly used outright and ICE vs EV in normal circumstances, except that:

1. The tax advantages of obtaining an EV via the Ltd Co are added for me as doing so means I'll pay less dividend tax, in addition to the other efficiencies.

2. There's method in my madness, with the long-term aim of freeing up some cash to buy an ICE car for weekend toy.

This is not an EV vs ICE thread, but I feel I need to qualify - I've been a petrolhead since before I can walk, and was anti-EV, up until I bought a cheap one last year as a runaround. IF you don't need to charge away from home, for 95% of the miles I am hard-pushed to argue the case for ICE, as much as I'd want to.

[b0redom]

I bought it because I needed a big car to replace a galaxy. I’ve got 3 kids, the youngest of whom is autistic and it’s likely to suffer at least some damage as part of a meltdown.

You can no longer buy/lease new model Xs, and there aren’t very many alternatives, certainly at a reasonable cost. I still have retained funds in my company, so I figured why not?

I could have bought an ICE car, but that would have meant pulling funds from the company, and given close to 0 BIK and 0 VED vs the supertax Id have almost certainly been hit with on an ICE car the numbers added up.

[BolshieBastard]

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

The police are wrong and not for the first time. End of the day, it doesnt matter who the 'day to day' driver is so long as they are either the policy holder OR a named driver on the policy documents.

[DoctorStrangelove]

I wonder how that worked on my little red works Escort 1100 back in the day. After half a century I don't suppose it matters overmuch.

[vetran]

I wonder how that worked on my little red works Escort 1100 back in the day. After half a century I don't suppose it matters overmuch.

When I had a company car the V5 was in the Director who was the fleet manager name. (Related to the owners).

If they put the V5 in employees names they would have 16 keepers a year with our staff turnover.

The Fleet manager got the speeding tickets then charged you a £30 handling fee and passed it on to the relevant driver.

This was before the V5 had a dedicated owner field.

[DoctorStrangelove]

I think the little red van was before the V5.

Apparently that appeared in 1974, replacing the previous document.

It also never occurred to me to tell my insurance company about the accident I had in said little red van when a concrete mixer truck reversed into me on a road in Morriston.

That was before the introduction of under run bars on the rear of trucks.

I'll never forget that rear of that thing ending up a foot in front of the windscreen.

Or the ankle deep mud on the building site.

[fiisch]

I bought it because I needed a big car to replace a galaxy. I’ve got 3 kids, the youngest of whom is autistic and it’s likely to suffer at least some damage as part of a meltdown.

You can no longer buy/lease new model Xs, and there aren’t very many alternatives, certainly at a reasonable cost. I still have retained funds in my company, so I figured why not?

I could have bought an ICE car, but that would have meant pulling funds from the company, and given close to 0 BIK and 0 VED vs the supertax Id have almost certainly been hit with on an ICE car the numbers added up.

Thanks - that's useful. I hadn't realised used was an option, you've sent me down a bit of an Autotrader wormhole

[fiisch]

I bought it because I needed a big car to replace a galaxy. I’ve got 3 kids, the youngest of whom is autistic and it’s likely to suffer at least some damage as part of a meltdown.

You can no longer buy/lease new model Xs, and there aren’t very many alternatives, certainly at a reasonable cost. I still have retained funds in my company, so I figured why not?

I could have bought an ICE car, but that would have meant pulling funds from the company, and given close to 0 BIK and 0 VED vs the supertax Id have almost certainly been hit with on an ICE car the numbers added up.

Thanks - that's interesting. Hadn't realised used was an option, you've sent me down a bit of an Autotrader wormhole...

[b0redom]

Yeah I wouldn’t have considered new as the car would be the best part of 100k, but depreciation means that after 4 years, it’s not far off the price of an ICE Galaxy, and if you take into account paying pretax it’s actually cheaper.

things to note:

If you lease an EV (or seemingly any car) you can claim 1/2 the VAT back. Unless you’re a driving instructor, taxi driver or can prove that there is zero personal use at all, you can’t claim the VAT back at all (in the U.K. before MB chimes in to gloat that he can as he lives in a 3rd world country )

If you buy new you can offset the whole cost against profits in year one.

if you buy used, you can only claim a small portion of the tax against profits.