Motor Insure company car privately to maintain NCB?

Zenith63

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I thought there was a recent thread on this, but have been unable to find it to see the answers, so....

I'm a company owner and looking at the merits of getting rid of my personal car and getting an electric car through the company instead. The financial benefits of doing so seem fairly clear due to the 0% BIK EVs currently attract, however the last piece I'm trying to understand is the impact on my private insurance No Claims history.

I guess there are two questions -
1) Is it possible for me to take a personal insurance policy on a car that is owned by the company, to maintain my No Claims, or is a company policy mandatory if I go this route? My wife and I would be the only drivers of the car, no other company employees.

2) If I do move to a company policy, and in 5 years time decide to move back to a privately owned car/policy, what can I expect in-terms of insurance premiums? I'd be 40ish at that time, so I presume I wouldn't be going back to my teen days of paying €2500, but I guess I wouldn't be getting quotes for €350 either. Anybody done it recently and have a sense of how bad you're hit? Has the insurance industry matured at all since the last thread on this topic to the point where any of them will consider company driving towards your No Claims history when you go private?


Cheers for any thoughts!
 

RedOnion

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Yes, there was a thread on it somewhere.
Call FBD. If you search FBD you should find the thread easily.
 

Zenith63

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Looks like one/two/three letter searches are blocked, they tend to be very hard on forum hosting servers :).

I just rang my current insurance provider (Allianz). They said that in some cases they will offer a private policy on a company owned car if you're a Director of the company, but only through brokers. However they also said that on a case-by-case basis they will count your company driving NCD when you are taking out a private policy. They won't consider the NCD history you had built up before that company policy started though, so while I might have 20 years NCD on my private policy now, if I went to a company policy for say 5 years then back to private, my NCD history would only be 5 years. Which is not too bad to be honest; the NCD only goes up to 9 years anyway, so you're not talking quotes of thousands if I stay on the company policy for a few years.

Still interested if others have actually done this and found any gotchas.
 

RedOnion

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Here it is (wrong forum)

If you pay insurance, no tax relief, Vs company paying and getting tax relief.

Haven't done this myself, so not too familiar with it re pitfalls, etc.
 

Zenith63

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Wow well found thanks, I'm wondering if my career in IT has been more of a hobby in my case :rolleyes:
 

Zenith63

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Try google and the site specifier:
I'd tried -
site:askaboutmoney.com personal insurance company car
site:askaboutmoney.com fbd

Neither of them (or your one actually) brought up the thread I had in mind, which RedOnion linked to above. I blame the OP of that thread for calling it a "motoring policy" and not insurance :p.

FWIW I rang FBD earlier. They've gone off to check with the underwriters about allowing me use a policy in my name to insure a company owned car. They'll give a quote for this on the site, so I assume it shouldn't be an issue, but we'll see!

Thanks guys.
 

RedOnion

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I blame the OP of that thread for calling it a "motoring policy" and not insurance
It was by chance I remembered the title was wrong, and searched 'commercial' in title.

It'd be interesting to see how you get on. Probably not a bad idea, if you can validly do so, to maintain named driver insurance on another car just in case.
 

peemac

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Axa allow up to two years before disregarding a no claims bonus (2 years and a month if you talk nicely to the :) )
So you could play the market, wait 2 years, get cheap car as an extra car, basic 3rd party insurance with maximum excess, after 12 months sell the car, wait another two years and repeat :)
 

Zenith63

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It was by chance I remembered the title was wrong, and searched 'commercial' in title.

It'd be interesting to see how you get on. Probably not a bad idea, if you can validly do so, to maintain named driver insurance on another car just in case.
Just to update on this. I took out a policy personally with FBD for a car owned by the company. No problems doing so and the price seemed similar to what it would have been had I owned the car.

I am a Director of the company, which may be requirement to do this as they did ask what my relationship to the company was.

Really helpful info as always thanks @RedOnion!
 

RedOnion

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Good stuff @Zenith63
Glad you got sorted. Out of interest, is it a fully comprehensive policy?

It'd be interesting to work out what would happen if the car got damaged - would the policy pay out to you, or to the the company which legally owns the car. Hopefully you'll never need to find out. I never really looked into it, but always wondered about the insurance of your driving, Vs the insurance of the vehicle itself.
 
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