[MYLR] Young Driver Insurance through Company

[ROTA]

Moderator note: The first two posts in this thread were moved from a different forum.

Hi people, just looking for some general advice after spending the past couple months researching across this forum and others, I can’t seem to find someone in the same position, specifically in the UK.

I’m 20 years old (21 in August). I ordered a Model Y LR in June 2022 through my limited company, I’m a Software Engineer contractor. I’ve been looking for various insurance quotes and I just can’t seem to find something reasonable, which is completely expected at my age and car value.

The first place I rang was Adrian Flux who quoted me £12k over the phone. And I just laughed and started to think that’s the ballpark for my situation. Until a few weeks ago I got a cheaper quote with Admiral for £4,191.76 which I’ve kind of settled with and is what I’ve been using for my financial planning.

I wanted to ask to a general forum though if there’s maybe some insurance companies who might quote me lower or are worth trying in this situation.

Any and all help is appreciated. Again, I’m not fussed about paying the high premium, I can afford it and I’ve got the savings for it, I just want to know if there’s cheaper alternatives.

 

[oritomov]

I think you'd better ask at The UK and Ireland

 

[UkNorthampton]

Lots of other insurance threads, have to try a few. From memory, LV, Direct Line, Churchill worth trying. Companies in same group, seemingly underwritten by same underwriters seem to have vastly different costs.

Otherwise, pistonheads forum, here, MSE - https://www.moneysavingexpert.com/insurance/car-insurance/

Also, brokers covered by MSE. Add your parents, grandparents as drivers?

 

[ROTA]

Lots of other insurance threads, have to try a few. From memory, LV, Direct Line, Churchill worth trying. Companies in same group, seemingly underwritten by same underwriters seem to have vastly different costs.

Otherwise, pistonheads forum, here, MSE - https://www.moneysavingexpert.com/insurance/car-insurance/

Also, brokers covered by MSE. Add your parents, grandparents as drivers?

View attachment 827046

Thanks a lot for this!

I think I’ll definitely start ringing around closer to the time and see if any of the mentioned providers can do me a better deal.

 

[UkNorthampton]

Thanks a lot for this!

I think I’ll definitely start ringing around closer to the time and see if any of the mentioned providers can do me a better deal.

I think you'll find you are a "Programmer" by the way (after checking through effects of job titles) - it's often used as an example - comparing to "Consultant" often leads to big differences. Stay legit though, don't stretch beyond reasonable.

 

[MrMoonUK]

The bottom line is model Y’s are expensive to insure, plus you’re 20, you’d be paying £2k in a golf, £4k for a MY is cheap considering

 

[Durzel]

M3LR and M3P are group 50 insurance. I would assume the MYLR is the same. So it’s as bad as it gets when it comes to trying to get quotes for when you’re young.

There’s no easy way around it I’m afraid other than the usual named driver trick, etc.

 

[yessuz]

Thanks a lot for this!

I think I’ll definitely start ringing around closer to the time and see if any of the mentioned providers can do me a better deal.

ideally, you want to sort your insurance as early as possible, like 21 day before the start as usually, closer to the date you ask, higher the premiums will be

 

[Rooster6655]

I’m 20 years old (21 in August). I ordered a Model Y LR in June 2022 through my limited company, I’m a Software Engineer contractor.

Forget Adrian Flux for anything Tesla, they are a waste of time.

Firstly insuring the car in the company name is expensive, if that's the route you have taken then that will contribute to any high prices, secondly the age factor doesn't help. Unless you have some NCB then I would be expecting 1k+ for the smallest of cars never mind a Tesla.

Liverpool Victoria and Direct line are usually reasonable, if the v5 for the car is in your personal name then its easier to insure (Invoice to company for the actual car) as long as your accountant agrees.

The purchasing through a limited company if you are the sole director only really benefits you in certain situations ie low mileage, otherwise I would look to get it personally and claim the mileage which if depreciation stays low would like work out better. You can still change your order to personal if you haven't taken delivery FYI.

 

[Welsh-Bloke]

Make sure whoever you use understands you are not the vehicle owner. When I had a car through my own company (not a Tesla) I made sure I was the registered keeper which made insurance easier. I am not sure if Tesla will make the invoice to your company and you as registered keeper - others may be able to advise.

 

[Welsh-Bloke]

I also agree with above that as Tesla have low maintenance, no road tax, etc there often isn't much benefit in buying through your company. Private ownership and 45p mile tax free can add up quite quickly if you decent business miles.

Many think the 100% WDA is a CT gift, but you have to make a balancing charge at disposal so only save CT on the actual depreciation, which for a Tesla can be fairly low. I got caught out when I stopped trading via my company, the final CT bill was higher due to disposal of my EV and high used value.

 

[Welsh-Bloke]

ideally, you want to sort your insurance as early as possible, like 21 day before the start as usually, closer to the date you ask, higher the premiums will be

That may be difficult as you typically don't get the reg of a new Tesla until a day or two before delivery. Some companies may do it with just a VIN must most won't AFAIK.

 

[KennethS]

That may be difficult as you typically don't get the reg of a new Tesla until a day or two before delivery. Some companies may do it with just a VIN must most won't AFAIK.

In my experience you can lock in an insurance quote based solely on make/model of vehicle. When you have the registration number you activate and pay. I have never had a problem and did this in 2019 with our Model 3 and more recently with our Model Y.

 

[yessuz]

In my experience you can lock in an insurance quote based solely on make/model of vehicle. When you have the registration number you activate and pay. I have never had a problem and did this in 2019 with our Model 3 and more recently with our Model Y.

Yes, same my experience. You get the quote then lock it and update them with reg

 

[adambg]

Moderator note: The first two posts in this thread were moved from a different forum.

Hi people, just looking for some general advice after spending the past couple months researching across this forum and others, I can’t seem to find someone in the same position, specifically in the UK.

I’m 20 years old (21 in August). I ordered a Model Y LR in June 2022 through my limited company, I’m a Software Engineer contractor. I’ve been looking for various insurance quotes and I just can’t seem to find something reasonable, which is completely expected at my age and car value.

The first place I rang was Adrian Flux who quoted me £12k over the phone. And I just laughed and started to think that’s the ballpark for my situation. Until a few weeks ago I got a cheaper quote with Admiral for £4,191.76 which I’ve kind of settled with and is what I’ve been using for my financial planning.

I wanted to ask to a general forum though if there’s maybe some insurance companies who might quote me lower or are worth trying in this situation.

Any and all help is appreciated. Again, I’m not fussed about paying the high premium, I can afford it and I’ve got the savings for it, I just want to know if there’s cheaper alternatives.

I'm in a very similar position to you, although not quite as bad! I'm also buying the MYLR through my limited company, and I also thought my quote was a lot (29 y/o male) of £2150 per year. But like you I kinda accepted that is what it is. Some of the posts above mentioned it is more expensive to insure through a company but I did a few online quotes for company insurance and it was closer to £1000. I won't trust anything until I phone up the company and explain the situation with buying it through the company but having my personal name on the insurance etc. I'll let you know if I find any good companies and appreciate if you do the same! Cheers

 

[ROTA]

I'm in a very similar position to you, although not quite as bad! I'm also buying the MYLR through my limited company, and I also thought my quote was a lot (29 y/o male) of £2150 per year. But like you I kinda accepted that is what it is. Some of the posts above mentioned it is more expensive to insure through a company but I did a few online quotes for company insurance and it was closer to £1000. I won't trust anything until I phone up the company and explain the situation with buying it through the company but having my personal name on the insurance etc. I'll let you know if I find any good companies and appreciate if you do the same! Cheers

Ah that sounds good! I’ve currently halted the search for insurance, and I’m just using the £4K quote as a guidance for my planning. I’ll resume the search ones my EDD is a bit more specific and I have a VIN assigned.

I’ll definitely share updates once that day comes.

 

[Blueskye]

Moderator note: The first two posts in this thread were moved from a different forum.

Hi people, just looking for some general advice after spending the past couple months researching across this forum and others, I can’t seem to find someone in the same position, specifically in the UK.

I’m 20 years old (21 in August). I ordered a Model Y LR in June 2022 through my limited company, I’m a Software Engineer contractor. I’ve been looking for various insurance quotes and I just can’t seem to find something reasonable, which is completely expected at my age and car value.

The first place I rang was Adrian Flux who quoted me £12k over the phone. And I just laughed and started to think that’s the ballpark for my situation. Until a few weeks ago I got a cheaper quote with Admiral for £4,191.76 which I’ve kind of settled with and is what I’ve been using for my financial planning.

I wanted to ask to a general forum though if there’s maybe some insurance companies who might quote me lower or are worth trying in this situation.

Any and all help is appreciated. Again, I’m not fussed about paying the high premium, I can afford it and I’ve got the savings for it, I just want to know if there’s cheaper alternatives.

Direct line. That’s the only way to go.
Also in my experience you will have to suck it up for the first year and it significantly comes down after that.

 

[Blueskye]

Moderator note: The first two posts in this thread were moved from a different forum.

Hi people, just looking for some general advice after spending the past couple months researching across this forum and others, I can’t seem to find someone in the same position, specifically in the UK.

I’m 20 years old (21 in August). I ordered a Model Y LR in June 2022 through my limited company, I’m a Software Engineer contractor. I’ve been looking for various insurance quotes and I just can’t seem to find something reasonable, which is completely expected at my age and car value.

The first place I rang was Adrian Flux who quoted me £12k over the phone. And I just laughed and started to think that’s the ballpark for my situation. Until a few weeks ago I got a cheaper quote with Admiral for £4,191.76 which I’ve kind of settled with and is what I’ve been using for my financial planning.

I wanted to ask to a general forum though if there’s maybe some insurance companies who might quote me lower or are worth trying in this situation.

Any and all help is appreciated. Again, I’m not fussed about paying the high premium, I can afford it and I’ve got the savings for it, I just want to know if there’s cheaper alternatives.

Direct line. That’s the only way to go.
Also in my experience you will have to suck it up for the first year and it significantly comes

Ah that sounds good! I’ve currently halted the search for insurance, and I’m just using the £4K quote as a guidance for my planning. I’ll resume the search ones my EDD is a bit more specific and I have a VIN assigned.

I’ll definitely share updates once that day comes.

PS I was in a very similar position with M3.
Y1 insurance was something like £1800-£1900
That’s after being with Direct Line for years and having their young driver discounts (and getting rewards every year coz of my good driving score etc), then Y2 I was expecting carnage and they came back with £900!!!!!! I couldn’t believe my ears!

P.s. before I have a fiat 500 and in my first year I paid £2000!!!!!!!!!!

 

[ROTA]

Wow that’s a lot for a Fiat 500. I’ll need to try and call direct line, when I tried an online quote they refused to quote me

 

[Blueskye]

Wow that’s a lot for a Fiat 500. I’ll need to try and call direct line, when I tried an online quote they refused to quote me

Lol, yes it was. But it also was my first year of my license..

Yes, direct line is not quoting online anymore.. I’ve tried quoting my M3 on renewal and even tried the other day to quote a Model Y and it says they can’t do it online

Make sure you speak with the Tesla specific team in Direct Line.
Don’t call the general number, go to insure my Tesla and there’s a different number I believe, ring that.
The normal customer assistants can be very clueless.. they told me they couldn’t give me an approximate quote because the car wasn’t registered
(They can and they do. Just enter brand and model instead of reg number)