Transferring Car To Company

zenmaster

If I transfer a car into company ownership do I need to inform my insurers? I've looked through all the policy documents and can't see any mention of ownership. All other details remain the same.

If so, is it likely to affect premiums?

TIA

colino

Yes, you will have to change the insurance arrangements, the company will own it as an asset and they will have to protect their potential insurable loss.

phill99

Yes you will. Be prepared for your oremiums to rise. I had a van as a sole trader and when i opened a limited company and transferred the vehicle over to it, my premiums went up by £300pa. When i asked why, i was told that there is an increased risk with company vehicles as people drive them more recklessly than they do their own vehicles.

Iceweasel

Transferring a car into company ownership is in effect selling it - the price paid (if any) is irrelevant.

It is no longer your vehicle - even if you own the company.

Hintza

Not sure this is a good idea on a car you already own, fine if you are buying the car through the company. If things go haywire in the company then the car has gone too as it will be an asset of the company.

AdrianC

And don't forget that the vehicle will be taxable as a benefit-in-kind if it's owned by the company and provided to an employee for their use.

Talk to your accountant. I'm sure they'll point out that it'll cost you more, with little benefit, to do this.

forgotmyname

When you took out the insurance they probably asked are you the registered keeper and owner. It may cost more to insure if your not.