Salary Sacrifice Lease - Insurance Deal Breaker!

ernie_hudds

Hi.

Was thinking about leasing a Tesla 3 with WeVee - but the insurance is nearly £3000 a year with them! (they tend to bundle the insurance in with the deal) - has anyone had experience of doing their own insurance instead of having it bundled in with the lease deal? Is it even possible?

I have been told that the insurance has to be sourced and bought by my employer (by WeVee) - but that just sounds way too complicated - I can't imagine our finance department trying to source cheap car insurance for its employees - not something they are really paid to do is it?

Anyway if anyone can help that would be great.

Grumpy_chap

ernie_hudds said:

Hi.

Was thinking about leasing a Tesla 3 with WeVee - but the insurance is nearly £3000 a year with them! (they tend to bundle the insurance in with the deal) - has anyone had experience of doing their own insurance instead of having it bundled in with the lease deal? Is it even possible?

I have been told that the insurance has to be sourced and bought by my employer (by WeVee) - but that just sounds way too complicated - I can't imagine our finance department trying to source cheap car insurance for its employees - not something they are really paid to do is it?

Anyway if anyone can help that would be great.

The lease company / salary sacrifice organisation can stipulate any rules they wish for the car scheme and that can include stipulations on insurance cover to protect their asset.  

Is that £3k figure in any way "personal" or is it a flat rate that is being applied to everyone?  If the latter, I can't imagine there will be many takers for the SS scheme.

I assume you do not have an atrocious accident record, are not a 17 yo and not seeking to cover a young family member with limited driving experience.

ernie_hudds

@Grumpy_chap -- It's kind of personal - WeVee asked for my postcode and my date of birth - but that was it. Despite the fact I have over 20 years no claims - so it was the most ridiculous insurance quote I've ever heard of. I know Teslas are expensive vehicles but even so, the insurance should be nowhere near that much.

Grumpy_chap

All you can do is ask whoever is coordinating the scheme at your work place for an explanation. 
Is it possible that some other figure is being reported against the insurance line in the projection?
What prices do others in the office have?

I mean, £3k for insurance is £250 per month.  I've just received my insurance renewal quote and it is about that monthly figure for the whole year.  I suspect a TM3 would be more expensive than my Focus, but not 12-times as much.

It really does look like an error as the scheme just won't fly if that is the insurance being offered to everyone.  Except, maybe, if they have taken a flat-rate approach to the insurance they will find some high risk drivers for whom it makes sense.

Steve182

My company is leasing my T3 and it's on our own fleet policy. I think there is a stipulation that nobody under 30YO may drive it.

3K / year insurance is an absurd sum for a normal risk driver. We don't pay anything like that.

Assuming the problem is not that you are considered a bad risk, you need to find a different lease company who provides more competitive insurance or make separate insurance arrangements.