- Original Poster
- #1
Hi guys,
I wonder if I could ask for a little advice regarding van insurance. To give you a bit of background first.
I’ve been self-employed for 15 years, sole trader (not VAT registered). My van insurance was always a personal policy (policy covering business and pleasure), I’ve built up 9 years NCB. Four years ago, I started employing someone. The policy for his van was in the business name and he has built up 4 years NCB.
This April I went limited and VAT registered. Van insurance renewal is now upon me and my question related to how best to have my policies. I’ve just had a quote for having two policies under the company name (instead of just the one). This has risen from £900 to £1200 since last year. The rise is because I can’t bring my personal NCB into the company so in effect, I’m starting with 0 years NCB.
Am I able to continue as I did, could I introduce my personal policy (which covers use for business) into my accounts as I did before or does now being a limited company change things? The van is currently owned and registered in my name. I suppose my question is are there any disadvantages of doing this?
I don’t own a car so the personal NCB I’ve accrued may disappear if not used over time. I understand that VAT isn’t charged on insurance so that is immaterial to savings I hope I can make.
Yours,
Mark
I wonder if I could ask for a little advice regarding van insurance. To give you a bit of background first.
I’ve been self-employed for 15 years, sole trader (not VAT registered). My van insurance was always a personal policy (policy covering business and pleasure), I’ve built up 9 years NCB. Four years ago, I started employing someone. The policy for his van was in the business name and he has built up 4 years NCB.
This April I went limited and VAT registered. Van insurance renewal is now upon me and my question related to how best to have my policies. I’ve just had a quote for having two policies under the company name (instead of just the one). This has risen from £900 to £1200 since last year. The rise is because I can’t bring my personal NCB into the company so in effect, I’m starting with 0 years NCB.
Am I able to continue as I did, could I introduce my personal policy (which covers use for business) into my accounts as I did before or does now being a limited company change things? The van is currently owned and registered in my name. I suppose my question is are there any disadvantages of doing this?
I don’t own a car so the personal NCB I’ve accrued may disappear if not used over time. I understand that VAT isn’t charged on insurance so that is immaterial to savings I hope I can make.
Yours,
Mark
