Insurance New Vehicle [2021 Megathread]

[nkajkmuk]

Hi
I called Peugeot finance today to ask where to email my proof of No claims bonus to and I had to email it to Directline as Peugeot finance are a "partner" and they underwrite it.....funny that as Direct line quoted me 4 x the price lol

Underwriting is more of an art than it is science. As a result, different artists produce different results even though they are given the same tools, paint ad the subject to draw . Entirely down to the distinct risk appetite and strategies these different orgs use

 

[HenryT]

Hi
I called Peugeot finance today to ask where to email my proof of No claims bonus to and I had to email it to Directline as Peugeot finance are a "partner" and they underwrite it.....funny that as Direct line quoted me 4 x the price lol

I was asked to send mine to [email protected]

 

[Tenatious]

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?

So my car is a lease via my Ltd company I’m a director of and I’ll be paying BIK. So I can claim back the insurance I paid personally with my name on it as an expense?

 

[Chirag129]

So my car is a lease via my Ltd company I’m a director of and I’ll be paying BIK. So I can claim back the insurance I paid personally with my name on it as an expense?

You should pay the insurance using company card. If you did use your personal card yes you can claim this expense back.

 

[PastaSource]

You should pay the insurance using company card. If you did use your personal card yes you can claim this expense back.

This is good to hear from an accountant but is the opposite of what my own accountant is telling me :/ - that any expense must be invoiced to the company/be in the company name.
The argument being that it’s not an allowable expense otherwise… as usual I can find no official written evidence to support one view or another when it comes to Ltd company car insurance.
Can you point to anything that indicates this is acceptable and that HMRC are okay with this or is it down to individual interpretation, hence the difference of opinion?

 

[carys86]

I rang them and told them the lease company are the registered keeper and they added it manually.

I just got told the same by my leasing company, so it's good to hear that this can be added manually. However, surely it doesn't make sense that the registered keeper of a leased car is the leasing company? I've leased privately before and I've always been on the logbook at the registered keeper. I would have assumed the keeper, is actually the person who 'keeps' the car!

 

[Chirag129]

This is good to hear from an accountant but is the opposite of what my own accountant is telling me :/ - that any expense must be invoiced to the company/be in the company name.
The argument being that it’s not an allowable expense otherwise… as usual I can find no official written evidence to support one view or another when it comes to Ltd company car insurance.
Can you point to anything that indicates this is acceptable and that HMRC are okay with this or is it down to individual interpretation, hence the difference of opinion?

Hi, if you look back to Post 230 someone has put in the HMRC guidance on this. Paying car insurance on your personal name through the company does not result in a benefit in kind.
So either way just pay through the company and argue with accountant it should be allowable if they say no they will just add it back on corporation tax return or post it to your directors loan account so no big issue.

 

[Leejmoff]

I was asked to send mine to [email protected]

Hi
I called Peugeot finance today to ask where to email my proof of No claims bonus to and I had to email it to Directline as Peugeot finance are a "partner" and they underwrite it.....funny that as Direct line quoted me 4 x the price lol

This is interesting. I had a quote from Peugeot at £430, Direct Line £500, same cover. So basically its the same underwriters? Then I might as well got for cheapest. I was a tad worried about Peugeot but if what you say is correct, then its the same.

 

[PastaSource]

Hi, if you look back to Post 230 someone has put in the HMRC guidance on this. Paying car insurance on your personal name through the company does not result in a benefit in kind.
So either way just pay through the company and argue with accountant it should be allowable if they say no they will just add it back on corporation tax return or post it to your directors loan account so no big issue.

Thanks @Chirag129, and didn’t mean to rehash the question I asked earlier in the thread… I kinda just glossed over those links before , agree that’s it’s no big deal either way, and importantly, a far more efficient solution than my accountant’s recommendation to find insurance in the company name!

 

[Abcmsaj]

Got my reg today so straight onto the phone with Peugeot... Got a quote from them for £412 which is £100 cheaper than Churchill through CTM, and similar excess (£50 difference) - both underwritten by UKI.

Explained to the guy on the phone that the reg won't come up with a vehicle because it's not live until I get the car, and also explained that my lease company will be the registered keepers, and it was all fine - went through without a hitch! 13 days to go!!!

 

[Leejmoff]

Got my reg today so straight onto the phone with Peugeot... Got a quote from them for £412 which is £100 cheaper than Churchill through CTM, and similar excess (£50 difference) - both underwritten by UKI.

Explained to the guy on the phone that the reg won't come up with a vehicle because it's not live until I get the car, and also explained that my lease company will be the registered keepers, and it was all fine - went through without a hitch! 13 days to go!!!

That's good to hear. I think I'm going this way once I get the reg. Tried calling Direct Line again to lower their premium but had no interest, so they have lost a 15 year customer over £100. Oh well. Probably going to lose my house and buildings insurance over it too.

 

[Abcmsaj]

That's good to hear. I think I'm going this way once I get the reg. Tried calling Direct Line again to lower their premium but had no interest, so they have lost a 15 year customer over £100. Oh well. Probably going to lose my house and buildings insurance over it too.

Never know, could probably come back to them a year later and they'll have a new customer offer which is better than what they offered you in 2021

 

[JonB]

Got my reg today so straight onto the phone with Peugeot... Got a quote from them for £412 which is £100 cheaper than Churchill through CTM, and similar excess (£50 difference) - both underwritten by UKI.

Explained to the guy on the phone that the reg won't come up with a vehicle because it's not live until I get the car, and also explained that my lease company will be the registered keepers, and it was all fine - went through without a hitch! 13 days to go!!!

Ditto (though collection is 4th Dec). My quote £266 with £750 excess.

 

[Redgie]

Got my reg today form Tesla ahead of delivery in 2 weeks, but due to it not yet being registered with the DVLA whenever I try to take out insurance using it the websites say something along the lines of "that licence plate is invalid, come back when it's valid".

I can manually select the model of my Tesla in order to get a price, but can't checkout, at least not with Churchill anyway.

Am I missing something? I was excited to get my reg text but it's now seeming like it didn't really get me anywhere...

 

[Liquidv]

Strange one for me

Churchil has actually gotten cheaper the closer I get to collecting the car ( 7 days before)
It actually beats Peugeot by £90 which I got a quote 21 days prior to collecting. ( I was considering Peugeot aswell)

I wonder if Churchil and Directline has clocked on, as both of them has become significantly cheaper 7 days prior to collecting, my 21 days quote from them was very expensive around £900, now it's £460 for Churchil, £560 for Directline

Like for like quote between all 3

No complaints here, will be going with Churchil, usually I'm insured with Admiral

 

[Abcmsaj]

Strange one for me

Churchil has actually gotten cheaper the closer I get to collecting the car ( 7 days before)
It actually beats Peugeot by £90 which I got a quote 21 days prior to collecting. ( I was considering Peugeot aswell)

I wonder if Churchil and Directline has clocked on, as both of them has become significantly cheaper 7 days prior to collecting, my 21 days quote from them was very expensive around £900, now it's £460 for Churchil, £560 for Directline

Like for like quote between all 3

No complaints here, will be going with Churchil, usually I'm insured with Admiral

Opposite for me! Just gone to check prices on CTM again and they've all gone up by £80-100 from what I had quoted 4 weeks before Dec 1. But now there's one on there which is as cheap as I got Peugeot for... but I'd have to fit a black box No ta

 

[Liquidv]

I found there seems to be a quite a large price gap if you put in your driving license number into the system, it reduced the premium by about £80 (Direct line / Churchill)

 

[Abcmsaj]

I found there seems to be a quite a large price gap if you put in your driving license number into the system, it reduced the premium by about £80 (Direct line / Churchill)

Oh interesting, I don't usually bother with doing that and just enter my motoring convictions/claims info manually (as I feel like thats all that happens when you put a driver's license number in usually... polls DVLA)

 

[JaseW]

Strange one for me

Churchil has actually gotten cheaper the closer I get to collecting the car ( 7 days before)
It actually beats Peugeot by £90 which I got a quote 21 days prior to collecting. ( I was considering Peugeot aswell)

I wonder if Churchil and Directline has clocked on, as both of them has become significantly cheaper 7 days prior to collecting, my 21 days quote from them was very expensive around £900, now it's £460 for Churchil, £560 for Directline

Like for like quote between all 3

No complaints here, will be going with Churchil, usually I'm insured with Admiral

You need to contact them as they need to do it manually.
Just select the car by description for the quote and give them the reg over the phone

 

[Liquidv]

You need to contact them as they need to do it manually.
Just select the car by description for the quote and give them the reg over the phone

Contact them on the day of collection? I was planning to buy it online through my phone after I've inspected the car upon collection.

If its not on the database on collection day I will phone them to buy