Originally posted by eek
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Reply to: Company Vehicle Question
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Previously on "Company Vehicle Question"
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Originally posted by northernladuk View PostIMO 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.
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...
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Originally posted by Pamplemoose View PostTF - 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?"
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.
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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.
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Originally posted by Ticktock View PostIs it your mum?
But many thanks for your input.
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Originally posted by TheFaQQer View PostYes. You are the registered keeper, so you can insure it yourself - same as you would if it was a personal lease.
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Originally posted by Pondlife View PostIt'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?
Apologies for the continued SFQs.
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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?
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Originally posted by TheFaQQer View PostWould 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?
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Originally posted by BolshieBastard View PostA 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.
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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?
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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.
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Company Vehicle Question
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...Tags: None
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