motor insurance problems

raskazz

dougiealb wrote: »

i am the MD of the company and hold 100% of the shares

So you are an MD of the company and yet clearly don't understand the most basic principle of company law - that a limited company is a separate legal entity. In light of this, are you comfortable that you are fulfilling all the other various statutory duties imposed on a company director?

The insurer cannot pay you a settlement because you do not own the car - the limited company does as a separate legal entity from employees and directors. But the insurer won't pay the company - the company doesn't hold a policy of insurance with them.

You as an individual have no insurable interest in the car so I don't know which tree your solicitor is barking up but it appears to be the wrong one.

gregd_3

I agree with Raskazz on this one, used to work in motor claims many years ago and that's the answer you would have got from the insurance company i worked for.

The car is a business assett therefore should be insured in the name of the company and not you as an individual.

dougiealb

BIG UPDATE

just had a phone call from them and made me a offer
and its more than i wanted
job done thanks all for you help
dougie

DCodd

The purpose of a Ltd company is to limit your personal liabilities, why would you deliberately make your self liable for things like the Cars? You haven't by the way because regardless of how you see it, the Company owns the Cars, you do not.

mikey72

Good result.
The insurers may have decided you made an innocent mistake.
It's worth sorting out the others though, as now as they have settled they would expect you to be aware, and would most likely not accept any further claims.

dougiealb

with ref to comment from DCODD
i know were you are coming from oversight on my part you learn from you mistakes luckily got a way with this one will be a bit more on the ball next time there try any thing to get out of paying
one reason it was in my name is because i have over 60% N C B and save me a hell of a lot the company have not got any N C B
take the car i was insurance Permian was £750.00 so with will have been round £2000.00 thats way its in my name

mikey72

dougiealb wrote: »

with ref to comment from DCODD
i know were you are coming from oversight on my part you learn from you mistakes luckily got a way with this one will be a bit more on the ball next time there try any thing to get out of paying
one reason it was in my name is because i have over 60% N C B and save me a hell of a lot the company have not got any N C B
take the car i was insurance Permian was £750.00 so with will have been round £2000.00 thats way its in my name

You can't have it both ways. Either save the tax, or save the premium.

dougiealb

last but 1 update
the check is in the post
be with me in 5 to 7 days woooooooow weeeeeeee