Purchase / Register under business, insure personally?

[cdninnyc]

picking up x100d this weekend. Trying to rush all issues this week. (Last minute inventory match)

Intent is to purchase through my Corp, and register in the company name, to take Corp deduction.
My broker is confused how to set up the insurance. I thought I could add my name to the registration and then insure personally on my existing policy?
NY state.

Thanks for any help. The OA and DS are slammed this week with deliveries so I’m hoping to guide it myself.

 

[Semantikal1]

I just completed this. Got a commercial insurance quote. After I provided all the info needed, the agent gave me the quote and it was waaay too expensive, even with good driving record, etc. I wasn't satisfied so I asked about other options. That's when the agent told me about a 'limited business use' endorsement that is available under the personal policy. Basically, it fit my situation perfectly -- same two drivers as the personal policy, no ride sharing or other commercial activities, just to/from occasional meetings with clients. Quote came out significantly better, so I went with it!

 

[cdninnyc]

I just completed this. Got a commercial insurance quote. After I provided all the info needed, the agent gave me the quote and it was waaay too expensive, even with good driving record, etc. I wasn't satisfied so I asked about other options. That's when the agent told me about a 'limited business use' endorsement that is available under the personal policy. Basically, it fit my situation perfectly -- same two drivers as the personal policy, no ride sharing or other commercial activities, just to/from occasional meetings with clients. Quote came out significantly better, so I went with it!

My Tesla DS is telling me that in NY if registered to a business I must have commercial insurance.

 

[DCGOO]

You need to title the car jointly to your business and your personal name: Acme Enterprises LLC and/or John Q Smith. Tesla set mine up that way by default.

 

[cdninnyc]

Thanks for all the help. Unluckily I have a broker, DS, OA, and accountant - none of which know how to do this.

 

[DCGOO]

Thanks for all the help. Unluckily I have a broker, DS, OA, and accountant - none of which know how to do this.

It is no different than titling in your name and your spouse’s name. It can’t be that hard.

 

[cdninnyc]

I got to pick up and Tesla had title and reg in both names. Had them take off Corp on reg to match insurance. My insurer refused a business endorsement of any kind on my policy. All in all it worked out, but it was disappointing that nobody through the process had any idea what they were doing.

 

[jtdiddy]

picking up x100d this weekend. Trying to rush all issues this week. (Last minute inventory match)

Intent is to purchase through my Corp, and register in the company name, to take Corp deduction.
My broker is confused how to set up the insurance. I thought I could add my name to the registration and then insure personally on my existing policy?
NY state.

Thanks for any help. The OA and DS are slammed this week with deliveries so I’m hoping to guide it myself.

Yes, I did this and it was fine. I did it under ameriprise.