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    Car insurance - for my limited company

    Hello, I received great help from this forum last time so I thought I ask again. I have recently bought a Nissan Leaf (electric car). I run a small IT business so I have my own limited company. The accountant advised to buy the car through the company, so the paper work bears the limited company name. I am the only person working for the company. Now, I will need to obtain car insurance in the next 2 weeks. I assume I need to buy insurance in name of the business? Or can i buy it in my own name and declare that it will be for business use? If i have to buy it in the name of the business - can i use the standard sites like confused and moneysupermarket to obtain a quote? Thanks for your help!

    11 Comments

    ltd company as it's their asset.

    Original Poster

    norville555

    ltd company as it's their asset.



    Thanks, but can I use the online comparison sites for it?

    lukas0704

    Thanks, but can I use the online comparison sites for it?



    Personally, I'd use the comparison sites as a guide. Get a quote as private individual with business use on the car. BUT, rather than taking the insurance out there and then, contact the insurance company direct with the reference and tell them you want the insurance policy in your company name.
    As for who's name the insurance needs to be in, ideally you want it in the company name, as above said, the car belongs to the company and it makes paperwork easier. Technically, I don't believe it makes much difference, as long as it's insured and covered for the correct purpose (i.e. Business), you're fine.
    Edited by: "ktm666" 16th Nov 2016

    Original Poster

    ktm666

    Personally, I'd use the comparison sites as a guide. Get a quote as … Personally, I'd use the comparison sites as a guide. Get a quote as private individual with business use on the car. BUT, rather than taking the insurance out there and then, contact the insurance company direct with the reference and tell them you want the insurance policy in your company name.As for who's name the insurance needs to be in, ideally you want it in the company name, as above said, the car belongs to the company and it makes paperwork easier. Technically, I don't believe it makes much difference, as long as it's insured and covered for the correct purpose (i.e. Business), you're fine.



    Thanks for responding. I just know that all insurers always try to find a way to decline a payment should anything go wrong so I am trying to do 'everything by the book'! But I am probably going to follow your advise, but should anyone else have any different views then please post below!

    I've just had a look on confused.com and when it asks who owns the car and whose name is on the registration document, it gives the option of Limited Company, so I'd start there and see if it will generate any quotes.

    Just ask them bud

    lukas0704

    Thanks for responding. I just know that all insurers always try to find a … Thanks for responding. I just know that all insurers always try to find a way to decline a payment should anything go wrong so I am trying to do 'everything by the book'! But I am probably going to follow your advise, but should anyone else have any different views then please post below!



    Try also the NFU (National Farmers Union they don't even quote online you have to ring your nearest branch) they pretty cheap business/fleet insurance and you don't find on comparison sites. Very good in regards to claim handling also (deal with them quite often on that side of the fence).
    Edited by: "cecilmcroberts" 16th Nov 2016

    My partner is a management accountable of her own LTD. She has the car in her own name and insurance with business use. She worked out the was no real benefit of doing it the other way if you use the car full time. You'll now have have the car as a benefit on your personal tax so you'll lose out that way even-though you can right down the costs of the car over the year it might work out a loss for you.

    Original Poster

    PulisOut

    My partner is a management accountable of her own LTD. She has the car in … My partner is a management accountable of her own LTD. She has the car in her own name and insurance with business use. She worked out the was no real benefit of doing it the other way if you use the car full time. You'll now have have the car as a benefit on your personal tax so you'll lose out that way even-though you can right down the costs of the car over the year it might work out a loss for you.


    Thanks, but that's why I got the electric car due to the tax relief. No point in doing that on a standard car.

    Original Poster

    richje100

    Just ask them bud


    You mean call all companies that give me a quote on confused.com and moneysupermarket? Yes, useful advice dude

    lukas0704

    You mean call all companies that give me a quote on confused.com and … You mean call all companies that give me a quote on confused.com and moneysupermarket? Yes, useful advice dude



    Don't be stupid. Go for the first few then call them. Common sense . No matter who says what on here to give u advice, the best and only advice that will help U is straight from the horses mouth. So next time before u have an attitude actually apply some common sense to someone's reply
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