Company Car Insurance

[Jamaza]

Hello,im new this forum and i would like to ask about company car insurance, I have my own company (shop fitting) and would like to get company car + car insurance for my self, so my son could drive it aswell who has just passed his test. Im interested to know whether any drivers car drive insured company car if i allow them and if so can anyone recommend a company.
Thanks
Jonas

 

[Jamaza]

any help would be much appreciated.

 

[TheGuru2010]

Are you a limited company?

 

[Jamaza]

Yes we're a limited company, i know you have to get class 1A National insurance, but is that the only thing? once i filled the form and sent it to HMRC, does that mean my car is now insured under the company or do i still have to get some sort of insurance on it? and will my son need to have insurance anyway to be able to drive the car?

Thanks for your response

 

[SteveJones]

If you approach any insurance intermediary you should be able to obtain a quotation subject to your son being over the age of 25.

There are only a couple of main companies in the UK that are currently offering these types of insurances, RSA,ZURICH & LV

 

[Jamaza]

so your saying i still have another insurance prior to class 1A NIC ? My son is 17 i read on HMRC that the family members are eligible to drive the company car of the directors or owners?

 

[SteveJones]

so your saying i still have another insurance prior to class 1A NIC ? My son is 17 i read on HMRC that the family members are eligible to drive the company car of the directors or owners?

If the vehicle has been registered as a company car then the vehicle needs to be insured as a company car i.e policy should be in this name and as such your normal 'private car' insurance policy with many internet providers would make the policy void as the limited company own the vehicle and so the limited company would need to insure the vehicle. In regards to your sons age, you would need to name him as a driver on the policy, it may be possible to do but the costs for adding an inexperienced driver would be higher for you.

 

[AdamJ]

I think you are mixing up National Insurance Controbutions (NIC) and car insurance?? NIC and anything to do with HMRC is nothing to do with car insurance.

Different insurers will have different policies. Some may say any named driver, some may say anyone over 21, etc. Check with your car insurer. Or just tout around a few (a quick Google will point you in the right direction) and see what they say.

 

[Jamaza]

thanks for both of your responses, im a totally confused about this car insurances, so im planning on buying a car end of this month on the company, could anyone give me a bis steps in which i will have to follow to fully insure my car, company is limited, i am the owner of the company and my wife is the director, my son is also an employee in the company earning more than £8500 a year.

Many Thanks
Jonas

 

[SteveJones]

Jamaza,

What you need to do, i assume you are buying the vehicle in the company name:-

Approach a broker/Insurance company and ask them for a quote for company car insurance for you,your wife/partner and your son. If this is a 2nd or 3rd car in the family please be aware that your no claims bonus can only be added onto one vehicle. Give the broker the rest of the details such as driving histories,details of usage of the vehicle and also full car details and then the advisor should sort the rest out for you. Like i said before due to your sons age it may not be too cheap. I work in a commercial insurance brokerage and if you want a quote then please private message me and i will go through this with you. I am based in Northwich Cheshire.

 

[AdamJ]

thanks for both of your responses, im a totally confused about this car insurances, so im planning on buying a car end of this month on the company, could anyone give me a bis steps in which i will have to follow to fully insure my car, company is limited, i am the owner of the company and my wife is the director, my son is also an employee in the company earning more than £8500 a year.

Many Thanks
Jonas

In steps:

1. Forget about the stuff in your post above, you're confusing yourself with details that don't matter.
2. Phone some insurers or brokers -Google 'company car insurance'.
3. Tell them it is a company car owned by a company. (Or will be).
4. Tell them the names, ages and driving histories of anyone you want to drive the car.
5. They will give you a quote in the company name.
6. Choose one and you're done.

 

[Jamaza]

Thanks for your support guys