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Discussion Starter #1
Hi,
I've got a test drive at Tesla in a couple of weeks. The cars are way over my budget however with many incentives as a company car the price comes right down (e.g. 100% tax right off in first year. Saves me 20% that would have been paid in Corporation Tax anyway).

The main concern I have is with insurance.
I have 9+ years no claims bonus.
I believe that if the car is in my companies name, then the insurance also needs to be.
I'm worried that I'll have to start a new policy and lose my NCB.
Are there any company car insurance companies that will transfer the personal NCB?

Also, does anyone have any experience with this switch, what kind of difference is there between company and private insurance?

Thanks
 

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I've done the switch the other way, from company car to private.
Many insurance companies just accept a letter from the company insurance provider saying you've been driving for X years without a claim.
I can't see that the opposite way around (private to company) would be any different.
All they want is proof you've got a claim free driving history.
 

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I have not had a problem when changing between person and company owned cars.

Some insurance companies ask who is the "keeper" (the name on the V5c), some insurance companies ask who is the "owner" (the name on the invoice)
All of them want to know who is the driver, or drivers, and usually who is the "main driver" which is usually the name that they want to see on the proof of no claims.

After an IR35 inspection by the tax man many years ago, he complained that my company owned car at that time was registered in my personal name (no idea how he knew that before the inspection!), so I sent a letter to DVLA asking them to amend the V5 so it had BOTH my name and the company name on. Which they did, without changing the number of owners.

When the company bought these two, I made sure that they were registered with both company and drivers name.
The company is the legal own of both, and pays all the bills (except fuel) at the moment.

Mine has my name and the company, because I'm the "keeper" and main driver, and I used my person no claims to save the company lots of money to insure it, including for SDP and full business use (one notch short of pizza delivery)

Her BEV has her name and the company name on the V5c, because she is the "keeper" and main driver of that.
The previous car she had was driving was inherited from my parents, and the separate no claims on that was in my name with her as a named driver.
When we did the shuffle around, I had to write a letter to confirm that she was the main driver on my old personal policy on that vehicle, and I wanted her to have all of my NCD, and just have me as a named driver.
Hers is also SDP and business use, just in case I need to use it one day, and since it is a company car, I thought it would be better from the tax man point of view to have it insured for business use.
 

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You can surely just continue insuring the car yourself.

You dont have to own the vehicle to use/drive/insure it.

My cars owned by Mercedes Benz Financial Services, yet i still insure it myself in my name...

Direct Line simply asked if i owned it, and when i said no, they took note of who did.
 

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Saves me 20% that would have been paid in Corporation Tax anyway
Sort of. Tesla don't depreciate as much as large ICE, so if you sell after 3 years don't forget you will have to pay CT on the sale price! My old company sold my first Ampera at £16K and had to find other CT allowable expenses in that year to keep CT bill down.

I always have my company cars with me as registered keeper on V5. Invoice of sale is made out to company as they own. This makes insurance slightly easier and avoids having to change V5 if I decide to buy Ampera off company.

Also don't forget that BIK rises quite a bit in next 2 years.That may trigger me buying Ampera from my company, depending on value and my business mileage.

Edit: Just seen IR35 comment re director being registered keeper. My accountant previously said no issue in my case, but maybe check with yours.
 

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Discussion Starter #6
Thanks for the replies. So it seems Direct Line have no issue insuring an individual when the car's owned by their employer.

Would the insurance costs be paid by the company?
 

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If the car is owned by the Limited company that you are an employee (or director) of, then you should be paying direct line with that other special credit card that you only use for "company expenses", which is probably the same card that you use to make the inital deposit on the car.
the accounts department (or your accountant?) will put it through the company books as "motoring expenses" which is a company overhead.
it is not part of your salary, it is not part of the calculation of how much BIK you will be paying on your P11d.
 
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