motor insurance problems

dougiealb

hi all need a bit of help

having problem with my insurance company

40 day a go got my car stolen
not one of my best days of my life

sent all the paper work to the insurance and crime No
and police statement and a list of thing that were in the car
so far so good

problems now start

30 days go by

so start to give them a call to see were we are up to

ask me lots of questions

then start to try and get out of paying

there saying because the car was owed by my ltd company and
i said that i owed the car and insured it in my name there not going to pay out
i am the MD of the company and hold 100% of the shares
so i own the company so own the car what the big problem
i put down on the police i will be using it for work
can they do this or are they trying it on
help please

i do this to all my cars in the company i been insure the company cars for 30y and never had a problem before

Quentin

You should know that you are an employee of the entirely separate entity - the limited company!

dougiealb

yes thats right but is it not right i own the company so own the car

dougiealb

one way i look at this is if i buy a house and get a 100% mortgage say from the natwest
and insurer it in my name who owns the house me or the natwest its just the same if i have to make a clame are they going to not pay out on that by saying the same thing becouse this is the same thing but a least i own the company that payed for the car

Quentin

Your comparison doesn't work legally. Legally the company owns the car.

kingstreet

If you are self-employed, as a sole trader or partner in a partnership, you are taxed under Schedule D.

You are your business and any financial transactions are entered into as you t/a xyz.

If your business is a Limited Company, as a Director you are en employee of the business and are taxed under Schedule E.

Your business and any financial transactions are entered into as XYZ Limited.

If the vehicle is registered to XYZ Limited, it should have been insured by XYZ Limited, with you as the named driver.

You may end up having to complain to the insurer, then to the FOS to sort this out.

dougiealb

all i can say is if thats the only way of getting out of paying by finding one oversight on my part
hell i pay them on time and have never made a clame in 30y what this world coming to
just have to wait and see what the outcome is but i will not take this sitting down will fight them all the way even if it costs me more than the car was i am set to loses over 20k hear and if i win there pay the cost any way so here we go bring it on multi million pound company
hopefully one man can make a differs (problem will not be me )
thanks of all your help

kingstreet

Please post back in your thread and let us know how you get on.

All the best.

Quentin

As they have held off settling for more than 6 weeks it looks like there is a long fight ahead!

In the meantime get all the other company owned vehicles properly insured!

dougiealb

hi all just got a bit of a update

spoke to the insurers and still no news
so gave my solicitor a call and sent him all the info to have a look at and give me advice
he has just got back to me will a bit of good new
there is No way that they can get out of paying over this matter
the reason y not is that the risk has not change in ref to the car just because the company awn the car
the risk of it been stolen is the same even if the queen of england awned the car and lived an my address will that make it more likely to be stolen No so
the company awning it is the same risk has me

so made me a bit happier just got to keep on at them to sort it out
and if not sorted will put in the hand of the solicitor who is more than happy to fight this and said he will do it on a no win no fee so
he must fell confident he is going to win

thanks all
when i get more new will post it

mikey72

dougiealb wrote: »

................i do this to all my cars in the company i been insure the company cars for 30y and never had a problem before

I'd change that for the other cars if I were you.

dougiealb wrote: »

one way i look at this is if i buy a house and get a 100% mortgage say from the natwest
and insurer it in my name who owns the house me or the natwest its just the same if i have to make a clame are they going to not pay out on that by saying the same thing becouse this is the same thing but a least i own the company that payed for the car

Every mortgage company I've been with has been declared on the insurance as having an interest.