Commercial VAN insurance LTD owned

vanLTD

Hi, I am looking for some recommendation regarding Van insurance LTD owned.
I want to start trading as a road haulage business, and looking for insurance company that insure the Van as a LTD owner and register keeper. I am struggling to find anything online, as most insurers wont insure Van this way.
Any recommendations?

shaun_from_Africa

Would it be possible to have the insurance in the name of a limited company?

Say for example, the company defaults on payments and the policy gets cancelled, all the director of the company would have to do is to fold the business and start a new one with a slightly different name and they could then apply for a new policy and legally answer no when asked about having any previous insurance cancelled or declined.

Also, if a driver was to have an accident whilst driving not in accordance with the policy (say for example, the driver was drunk), the insurers will still have to meet the costs of any third parties and will then attempt to reclaim the costs from the policyholder.
Again, all the director of the ltd co would have to do is to dispose of any assets and fold the company and the insurers wouldn't have anyone to chase for their money.

rs65

It is common for a limited company to have van insurance - although the insurance market is very small for a single vehicle.

Try a local insurance broker

Supersonos

I did mine through Direct Line.

Car_54

shaun_from_Africa said:

Would it be possible to have the insurance in the name of a limited company?

Say for example, the company defaults on payments and the policy gets cancelled, all the director of the company would have to do is to fold the business and start a new one with a slightly different name and they could then apply for a new policy and legally answer no when asked about having any previous insurance cancelled or declined.

Also, if a driver was to have an accident whilst driving not in accordance with the policy (say for example, the driver was drunk), the insurers will still have to meet the costs of any third parties and will then attempt to reclaim the costs from the policyholder.
Again, all the director of the ltd co would have to do is to dispose of any assets and fold the company and the insurers wouldn't have anyone to chase for their money.

While the scenarios you describe are possible, they are somewhat unlikely. If they were not, no-one would ever extend credit facilities of any sort to a limited company.

Insurance is certainly possible: I worked for many years for a limited company with a fleet of over 2,000 vehicles

MinuteNoodles

vanLTD said:

Hi, I am looking for some recommendation regarding Van insurance LTD owned.
I want to start trading as a road haulage business, and looking for insurance company that insure the Van as a LTD owner and register keeper. I am struggling to find anything online, as most insurers wont insure Van this way.
Any recommendations?

The Ltd Company needs to insure the van. You need to insure it for any driver.
If you're wanting to start to trade as a road haulage business I'm guessing you have £2 million you want to turn into £1 million. The rates are crap, the profit margins are very poor and with vans there's lots of competition as anyone with a driving licence can do it and everyone seems to think it's a good idea for a business. If you want proof just go on your local stuff for sale facebook page and say you want someone with a van to move some stuff. You'll be inundated with responses and each undercutting the other. Several well known haulage companies have gone bang or are in the process of going bang. RT Keedwells was this week's one to send out a load of redundancy notices and even Eddie Stobarts is hundreds of millions in debt being forced to take a loan for tens of millions at a rate that'd be bad for a credit card just to keep operating. 

Do not get into road haulage unless you've got very secure personal finances and a decent emergency fund of several months income because you'll need it.

vanLTD

Thank you all.

So what insurance company would you recommend?

Car_54

As someone has already said, you need an insurance broker.

They will also advise you on the other insurances you'll need for your business - goods in transit, public liability, professional indemnity, etc.

vanLTD

Car_54 said:

As someone has already said, you need an insurance broker.

They will also advise you on the other insurances you'll need for your business - goods in transit, public liability, professional indemnity, etc.

Thank you, I was hoping to find some direct insurance company to avoid additional fees. 

Car_54

vanLTD said:

Car_54 said:

As someone has already said, you need an insurance broker.

They will also advise you on the other insurances you'll need for your business - goods in transit, public liability, professional indemnity, etc.

Thank you, I was hoping to find some direct insurance company to avoid additional fees. 

Brokers are normally paid commission by the insurers (just like the Meerkats). I've never been charged a fee.