Confused about company car insurance

abd08

Hi all,

A bit confused about company car insurance, hopefully someone can help.

- Currently have a Vauxhall Astra insured and owned by me personally

- My own Ltd company got a lease car which I now want to use (and get rid of my current car)

- Owner and registered keeper of the lease car is the finance company

Normal insurance companies seem a little unclear as to how to treat it and don't want to touch it as they say it could be used as a "pool car". I've argued that the insurance wouldn't cover that, so that's not possible.

Ideally I just want to transfer my current policy over to the lease car (that'll save cancellation fees etc on the old policy).

Can anyone shed some light on the best way to do this?

Thanks!

InsideInsurance

You can insure the vehicle under your own name as long as you declare the finance company as the owner/ keeper but you would need to check with your accountant if this is something you could then treat as an expense to reclaim from your Ltd. Given you will be paying BIK on it already I imagine you could but this is well beyond my knowledge.

You would be able to get a business policy on it which can either be specified named drivers or an any driver policy but this is likely to be more expensive and you probably wont be able to use your NCD as that is your NCD and not your companies NCD.