Confused by business car insurance

jimmyscot

Hi,

This might be a silly question but do you get commercial car insurance and normal car insurance? And I don't mean differences in business use classes.
The reason I ask is I am trying to get insurance through my company for a leased car but when filling in comparison sites online (Putting down business use 1) I get quotes of £225 but they say the policy is in my name not my companies which is what I need. I did get a quote from a broker who said the policy would be in my companies name with all the exact same details (business use class 1) but the price is £450. How can I get the exact same cover but it costs twice as much just because it is in my companies name and not mine. I have checked with all the usual insures and all they say is that they aren't a commercial insurer so cant put it in the company name.

I'm totally confused, do they just charge more because its a company paying for it?

vaio

we get the same problem with our van.....I just get quotes using my details and then ring and change it to company name as policy holder. Never been charged any extra so maybe worth you trying the same

I suspect it's a function of the the cheap route being online/computer driven but the software can't deal with having a company as a policy holder, once you step outside the "standard" policy costs go up

InsideInsurance

Yes you do get commercial motor insurance though more commonly it is for fleets of vehicles not just a single one.

One of the challenges you will find if you want to put it your company name is (a) the lack of compitition for single vehicle policies means pricing will be hire and (b) the lack of a "NCD"

Is there a reason to have it in your companies name rather than your name and just declaring the company as the owner? Remember if this is a personal car owned by the company your going to have the monster that is BIK to pay on it

jimmyscot

Thanks for the replies,

vaio - I think having van insurance is a whole different ball game, I have asked them over the phone if they could put it in the company name and they have said no.

InsideInsurance - It was the company I am leasing it from said they need an insurance document to register the vehicle and the insurance document needed to reflect that my company is the registered keeper. BIK for the car I am looking at is very low, hence I'm going down this route.

InsideInsurance

You can still get private insurance in your own name with the leasing company as the owner and your company as the registered keeper. Some of the online companies will reject it via their websites but as long as it is a reasonable length lease then many more will accept via telephone.

I was considering something similar, until I changed which vehicle I was going to go for, and Admiral brands were willing to do it via the phone.

If the leasing company wants the insurance to be in the companies name then you just will have to take the hit and be thankful its tax deductable