Best way to insure a Company Car?

[Bunzena]

Hi. Have just test-driven a PHEV - and have been really impressed. It's almost certain that we will buy the car 'on the company'.

The car will be registered to our small [Ltd] business - but will be used primarily by my wife [it will appear on her P11D]. I'd also like to be insured on it as an 'occasional' user.

We've both got a full no claims bonus that we'd like to keep.

I think my options are either to have a specific company car policy - or insure it in my wife's name [and have me as a named driver]. The fact that the registered keeper will be our business may be an issue [or not]?

Has anyone been through this - or can anyone give me their point of view? Thanks in advance.

Having spent a few weeks scouring the forum - what a great resource this website is!

 

[Muddywheels]

I bought my PHEV through our Ltd company too and run it as company car for best tax benefit - the vehicle had to be owned by the company but one of us need to be the registered keeper and pay the BIK

I had no problem insuring it as amendment with my existing insurer until my old policy ran out and now with LLoyds and no need for company policy

Policy is in my name as main driver/Keeper and wife's a named driver - we also needed business use - premium was £328 pa with fully protected no claim discount

Hope this helps - it made total sense for us to do it through company

 

[Bunzena]

Muddywheels - really helpful - thank you!

Just to clarify - you rather than the company are the registered keeper - yet it's a company car?

 

[Muddywheels]

Yes I'm registered keeper on log book with home address to get insurance but company is owner for tax purposes and has a different address

 

[Muddywheels]

I can't find full explanation right now but this may help https://www.askthe.police.uk/content/Q743.htm

Registered keeper is main driver but not always the owner

 

[Muddywheels]

I filled in forms with dealer on purchasing so they could register vehicle and there were 2 sections - 1 for owner ie Ltd company and section for keeper ie me

Sounds complicated but worth it for 100% capital allowance through Ltd company and interest relief too :mrgreen:

 

[Bunzena]

Muddywheels. Even MORE helpful!

All makes sense - and thank you for taking the time to send the link, etc.

Do you mind me asking which variant of the PHEV you have - and - briefly - your experience with it?

 

[Muddywheels]

Went for the Gx4h as I think it represents best value for level of equipment

Very happy so far - covered 5.5k miles since September with no issues

Most of time I'm within battery range but recently had a holiday without charging and happy the figures for petrol were no worse than my previous diesel SUVs

Never had a company vehicle before as accountant advised against it but this really was worth doing according to him and my experience so far agrees

I didn't include fuel as the BIK kills it

If I can help with anything in particular just ask