If your delivery is end of this month or early dec you can get your reg already by calling them. My pick up date is 1st Dec and I have my reg. obviously it’s not needed as your quotes are probably locked in, I just wanted mine done and out the way
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Insurance New Vehicle [2021 Megathread]
- Thread starter MrBadger
- Start date
For company car types - either leased or owned - do you have the insurance in the company name?
Obviously makes for a pain with (personal) NCDs etc.
Accountant recently said no to running AA/RAC breakdown insurance through expenses as not in company name - extending principle - wondering if insurance should follow same to be allowable.
Obviously makes for a pain with (personal) NCDs etc.
Accountant recently said no to running AA/RAC breakdown insurance through expenses as not in company name - extending principle - wondering if insurance should follow same to be allowable.
I'm in the same situation. I would recommend checking with your accountant, but mine advised me that I am the registered keeper - company is the owner. On my Tesla account, it has my name, companies name, and my personal address as the 'registered keeper'.
This is how I did it, and insurance is paid for via the ltd company also - which is somewhat annoying as you cannot apply your personal no claims. When you apply for insurance, it will ask you how many miles you expect for business use and how many for personal use.
Edit - my case is exactly the same as Beaulieu mentioned previously.
Putting the V5 in your personal name has a number of benefits, insurance is definitely easier to obtain as lots of insurers expect you to be the registered keeper, plus if you ever were to sell the company car to yourself there would be no need to change the V5 and therefore the number of owners.
The invoice from Tesla and payments from your company accounts prove the ownership, not the V5 - I really can't see HMRC having a problem with this and can't find any case of this ever being raised - lots of company cars are registered to employees responsible for looking after the vehicle. There is also potentially an "insurable interest" point here where if you're not the registered keeper or owner why are you insuring the vehicle personally.
If you search other threads on here you'll see they come to a similar conclusion.
To change it I spoke with Tesla and they updated my registration details in my account to add a **please register personally** note.
I don't think you need business cover unless you use it for business, it's an employment benefit with nothing to do with how the car is used (but I'm not an accountant).
Obviously all the above would be different if this was a company fleet car kept at a business address and used by multiple employees.
Still got 9 months left on my admiral insurance which for my M3LR for me 34Yr old homeowner with 10 years NCD was about £550 with £500 excess. Just did a mock quote with Peugeot and it was £314 for the year with a £250 excess.
I'm hoping this stays the case for 9 months time for renewal but i doubt it will somehow...
I'm hoping this stays the case for 9 months time for renewal but i doubt it will somehow...
You can have the insurance in your name and pay with company bank card and claim the expense from the company
kael13
Member
Thanks for all the responses (Ltd company car purchase + insurance).
So I'm even more confused now having spoken to my accountant - they insist that everything must be in the company name (owner, registered keeper/V5 AND insurance policy).
Ltd company is just me, address is my home address.
Is there any supporting documentation anywhere (HMRC, or otherwise) - I'm having difficulty getting proof that this must be the case, if the car is for personal use it seems a bit odd.
I might give a few insurance companies a call, the only quote I've had for fully business means there is no NCD in the company name, and a ridiculous quote ~£4800. if I go onto comparethemarket, and note that the car is owned by the company and registered to the company, then I'm at ~£500 but the policy then seems to be in my name, which the accountant reminds me is not the correct way to do this.... :/
[EDIT]
I've since looked through this thread (Ltd Company insurance thread), which matches up to what I am told by calling insurers who indicate the policy can be in my name if it's noted that car is owned by and registered to the company. Generally only in the companies name if more than one driver or only for business use. Not entirely sure why the accountant is being so insistent that is not the case...
So I'm even more confused now having spoken to my accountant - they insist that everything must be in the company name (owner, registered keeper/V5 AND insurance policy).
Ltd company is just me, address is my home address.
Is there any supporting documentation anywhere (HMRC, or otherwise) - I'm having difficulty getting proof that this must be the case, if the car is for personal use it seems a bit odd.
I might give a few insurance companies a call, the only quote I've had for fully business means there is no NCD in the company name, and a ridiculous quote ~£4800. if I go onto comparethemarket, and note that the car is owned by the company and registered to the company, then I'm at ~£500 but the policy then seems to be in my name, which the accountant reminds me is not the correct way to do this.... :/
[EDIT]
I've since looked through this thread (Ltd Company insurance thread), which matches up to what I am told by calling insurers who indicate the policy can be in my name if it's noted that car is owned by and registered to the company. Generally only in the companies name if more than one driver or only for business use. Not entirely sure why the accountant is being so insistent that is not the case...
Last edited:
Cars and vans available for private use – when a benefit charge is incurred (480: Chapter 11)
Section 11.13:
I think that is the justification that a personal car insurance policy for a car owned by the company can be reimbursed by the company. But even if HMRC turned around and said you had to pay tax on the insurance, you'd still be much better off at the prices you're talking about compared with buying a company policy.
And this is also relevant for the V5 (taken from the other thread on registered keeper discussion): Q743: Is there a difference between the registered keeper and the owner of a vehicle?
There is no mention of the registered keeper having to be the company anywhere in the gov guidance that I can find.
My accountant was the much the same until I asked them to look at the front page of their V5Cs and specifically the first line of the white on red text about proof of ownership...
I am accountant, if you are paying company car benefit in Kind, the insurance can be paid by the company and claimed against tax. Complication occur regarding Vat, u can only claim VAT if the car is 100% business use.
I have question regarding insurance, I got a quote from Peugeot and told them the legal owner is the lease company, also I have stated the car will have some business use to cover my back because it’s a company car lease, you think this will be ok?
I have question regarding insurance, I got a quote from Peugeot and told them the legal owner is the lease company, also I have stated the car will have some business use to cover my back because it’s a company car lease, you think this will be ok?
The accountant is likely advising you from their perspective of what’s optimum for taxation.
Having things in the company’s name makes them an ‘allowable expense’ against Corporation Tax. If they were not, they would count as profit - even if you claimed them as expenses from YourCo, they would get added back in just before being multiplied by the 19% - and attract CT on your annual returns.
Fact that you can do it legally from either an insurance or DVLA perspective isn’t their concern - it’s making sure you can reduce your CT exposure (without transgressing HMRC’s rules)…..I think!
Thanks again all…I’m inclined to agree @nufan, just a shame that there is so little (i.e. no) ‘official’ information or guidance anywhere that can be pointed to.
Accountant came back with ‘if the insurer is okay with it a certain way then the important thing is you are insured…HMRC may take a different view with respect to taxation’. I just wish he could be more definitive on what that view is and be able to point to proof of it too.
Reading a ton of posts on the topic I think I’ll be leaving the company name on V5 and insuring myself (Admiral are fine with owner and keeper being company and me insuring). Worst case it seems, as has been pointed out here, is not being able to claim insurance through the company but I am okay with that given the difference. Can’t see any evidence why that would bring into question the car ownership through the company thing at all, which the accountant also makes an argument about.
Accountant came back with ‘if the insurer is okay with it a certain way then the important thing is you are insured…HMRC may take a different view with respect to taxation’. I just wish he could be more definitive on what that view is and be able to point to proof of it too.
Reading a ton of posts on the topic I think I’ll be leaving the company name on V5 and insuring myself (Admiral are fine with owner and keeper being company and me insuring). Worst case it seems, as has been pointed out here, is not being able to claim insurance through the company but I am okay with that given the difference. Can’t see any evidence why that would bring into question the car ownership through the company thing at all, which the accountant also makes an argument about.
Hey everyone
Jumping on the Peugeot bandwagon for insurance (they seem to be about £200 cheaper than anyone else) but had a question regarding the registered keeper.
On the Peugeot quote generator it has a statement that you have to agree to that you are the registered keeper for the car. However, speaking to my contact at the leasing company they will be the registered owner & keeper for the car...
Has anyone else noiced this when dealing with Peugeot? Do I just need to call up and do it on the phone?
Thanks
Jumping on the Peugeot bandwagon for insurance (they seem to be about £200 cheaper than anyone else) but had a question regarding the registered keeper.
On the Peugeot quote generator it has a statement that you have to agree to that you are the registered keeper for the car. However, speaking to my contact at the leasing company they will be the registered owner & keeper for the car...
Has anyone else noiced this when dealing with Peugeot? Do I just need to call up and do it on the phone?
Thanks
I rang them and told them the lease company are the registered keeper and they added it manually.
Links77
Member
Direct Line came down for £750 to £475 for me today, 23 days until policy goes live. But still can't compare with Peugeot, their price is £280, although that will bump up a bit with protected NCD and probably a lower excess. Amazing price!
Similar threads
