Company Vehicle Question

[northernladuk]

Insurer's only deal with their own rules (and that's if they know them). He needs an insurance broker to go through the options.... Someone like Company Car Insurance (which was merely the top advert on a google search).

The killer bit with moving from personal to company cars is losing no claim bonuses. I rather like the 10 years we have on all our vehicles...

Another good point. I think they do stay valid for two years or something don't they though?

[eek]

IMO you need to start ringing around. There are a lot of complexities around this...

1. Most companies won't insure a car if you are not the registered keeper. If it's in the company name you are gonna have to get some kind of business insurance which could cost more than all the savings you are after.

2. Adding your partner is likely to bring your value down more than the BiK so just pay it and still be better off... Possibly.....

3. Certain policies, particular business ones may allow any driver allowed by the main driver so technically your wife and the stranger are insured.

And other stuff..

I think you need to start ringing insurer and getting costs and details before trying to second guess it.

Insurer's only deal with their own rules (and that's if they know them). He needs an insurance broker to go through the options.... Someone like Company Car Insurance (which was merely the top advert on a google search).

The killer bit with moving from personal to company cars is losing no claim bonuses. I rather like the 10 years we have on all our vehicles...

[northernladuk]

TF - in my previous incarnation, we used to get along. Maybe I should have worded it better: "I want to put a complete stranger on the insurance for a vehicle owned by MyCo - if they ever drive it, which would be unlikely, it would clearly not be for business reasons. What are the implications and associated pitfalls of doing so?"

IMO you need to start ringing around. There are a lot of complexities around this...

1. Most companies won't insure a car if you are not the registered keeper. If it's in the company name you are gonna have to get some kind of business insurance which could cost more than all the savings you are after.

2. Adding your partner is likely to bring your value down more than the BiK so just pay it and still be better off... Possibly.....

3. Certain policies, particular business ones may allow any driver allowed by the main driver so technically your wife and the stranger are insured.

And other stuff..

I think you need to start ringing insurer and getting costs and details before trying to second guess it.

[JRCT]

I had a company car in my last permie role. My wife wasn't named on the policy, but partners were covered, so she could drive it any time. If I'd have ditched her and got a new partner, then the new one could have driven it, too, without me having to tell the insurance.

It's not like Sky Go where you have to register your devices and are limited to one change per month.

[Pamplemoose]

Is it your mum?

Believe it, or not, it isn't.

But many thanks for your input.

[Ticktock]

the present Mrs P (we're not married, BTW)

Is it your mum?

[Pamplemoose]

Yes. You are the registered keeper, so you can insure it yourself - same as you would if it was a personal lease.

Oh. I thought that MyCo would be the registered keeper... Shows what I know - thank you for your assistance.

[TheFaQQer]

can I insure a Company car personally? i.e. Can I insure an asset that I don't own or have legal title for?

Yes. You are the registered keeper, so you can insure it yourself - same as you would if it was a personal lease.

[Pamplemoose]

It's not so simple though I don't think.

Companies that provide employees with Co Cars have insurance in their name and not the individuals, don't they? Any employee that the company decides can drive a company car. So essentially the driver isn't named.

Your struggle will be to find a Ins company that will allow you to buy insurance for an asset that you don't personally own, won't it? Or one that will provide company car insurance for a fleet of one.

Or am I finding a problem where there isn't one?

Quite - my original question was based on the theory that I would be able to find an insurance company prepared to insure a fleet of 1 vehicle(s).

Apologies for the continued SFQs.

[Pondlife]

It's not so simple though I don't think.

Companies that provide employees with Co Cars have insurance in their name and not the individuals, don't they? Any employee that the company decides can drive a company car. So essentially the driver isn't named.

Your struggle will be to find a Ins company that will allow you to buy insurance for an asset that you don't personally own, won't it? Or one that will provide company car insurance for a fleet of one.

Or am I finding a problem where there isn't one?

[Pamplemoose]

Would you put a complete stranger on the insurance and count that as an expense that is wholly and exclusively for the business?

If so, then put your partner on the insurance and claim it.

But why stop there?

TF - in my previous incarnation, we used to get along. Maybe I should have worded it better: "I want to put a complete stranger on the insurance for a vehicle owned by MyCo - if they ever drive it, which would be unlikely, it would clearly not be for business reasons. What are the implications and associated pitfalls of doing so?"

[Pamplemoose]

A BIK is being introduced from this April for EV's of 5% and 7% from April 2016.

Insurance for partner? Not sure about that but there's surely some cost because it wont be business use.

Absolutely so - I'm aware of the BIK - but this, in my opinion, is outweighed by the other savings. I agree with your other point, hence my original enquiry. Thanks for taking the time to reply.

[TheFaQQer]

Would you put a complete stranger on the insurance and count that as an expense that is wholly and exclusively for the business?

If so, then put your partner on the insurance and claim it.

But why stop there?

[BolshieBastard]

A BIK is being introduced from this April for EV's of 5% and 7% from April 2016.

Insurance for partner? Not sure about that but there's surely some cost because it wont be business use.

[Pamplemoose]

Afternoon folks.

I'm taking the risk of posting this in General as it will attract more attention - I am quite prepared to filter out the usual detritus from the doubtless numerous replies. And yes, I have searched - clearly my Google Fu isn't up to scratch.

With the advancement of EVs and PHEVs, owning one through MyCo doesn't look as horrific, from a BIK perspective (and the 100% write down in the first year), as Company Car possession traditionally did. My query is this, and is quite specific - can I legitimately have the present Mrs P (we're not married, BTW) as a named driver on the insurance, if said insurance is paid for by MyCo, bearing in mind that she has no affiliation with MyCo? She is not, for example, a shareholder.

Incidentally, she'd probably never drive said theoretical vehicle* - but I prefer both of us to be able to drive both cars, for obvious reasons.

TIA.

* Said theoretical vehicle is a Tesla Model S, on the off chance that anyone's interested...