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Hi All,  I have 20 years of personal NCB on my car.  I have secured an new insurance on my company mini bus and they have accepted my personal NCB  to insure this vehicle.   The policy is in place and has been for two and a half weeks a deposit paid and a month paid.. on the 5th March (yesterday) i received an email from them with the statements to sign.
1. I am willing to transfer my personal NCB to my company
2. I am aware that the NCB cannot be transferred back to my personal name at a later date.

I was not made aware of this at the start and would never hand over 20 years of NCB for it to be confiscated.  I would have declined the insurance as i had others in the pipeline.
Points to consider:
I am the only driver and the owner of both the company and the vehicle.
I am refusing to give up my NCB and they are now wanting to add on £1960.00 to the policy which currently stands at £1940.00. I understand without the NCB the policy will be more expensive but not doubled.  My query is regarding completely loosing my NCB when accepted as my personal NCB.
Thank you all in advance.

Comments

  • Morph4610
    Morph4610 Posts: 183 Forumite
    Part of the Furniture 100 Posts
    Hi Just Fed Up, can I ask if you told your existing car insurer that your bonus is being transferred to a Minibus? I'm sure you're aware that NCB can only be on one vehicle at a time. Presumably your car insurer is charging you more as a result? Was the Minibus an on line transaction or did you talk to the provider about your NCB being transferred? It does sound like you didn't have all the information you should have but I know insurers won't be able to use the bonus twice and I guess are trying to achieve that end      
  • justfedup23
    justfedup23 Posts: 96 Forumite
    10 Posts Photogenic First Anniversary
    Hi Morph, We no longer have the car and some time has lapsed. Full disclosure to the new insurance company everything discussed at the time of set up.  
    Thanks
  • DullGreyGuy
    DullGreyGuy Posts: 18,613 Forumite
    10,000 Posts Second Anniversary Name Dropper
    point 2 is not a fully true statement... they won't transfer it back to you however some insures will give credit for driving experience on a company car. No one can promise you exactly what you can get for it, it depends on a combination of what the insurer/broker will give you as evidence and your new insurer. Insurers change their policies periodically so if this is more than a year or two setup the market could be different by then. 


    I dread to think what the BIK is going to be on a minibus!
  • justfedup23
    justfedup23 Posts: 96 Forumite
    10 Posts Photogenic First Anniversary
    Hi Dull...what is BIK ?
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hi Dull...what is BIK ?
    If you are going to use the vehicle for personal use (and as you say you no longer have a car I am assuming so), there is a tax charge to you for using the vehicle. Suggest you speak to your accountant
  • mgfvvc
    mgfvvc Posts: 1,230 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hi Morph, We no longer have the car and some time has lapsed.
    Assuming that you will be relying on the minibus for your transport and aren't planning to get another car for "some time"  then you would likely lose your NCD anyway. Few insurers will accept NCD that's more than two years old.

  • DullGreyGuy
    DullGreyGuy Posts: 18,613 Forumite
    10,000 Posts Second Anniversary Name Dropper
    edited 7 March 2024 at 10:58AM
    Hi Dull...what is BIK ?
    Benefit In Kind... if as an employee or director you get personal benefit from your work that isn't cash it has to go onto you P11D with a cash equivalent value and you pay your marginal rate of tax on it. Common things on there are private medical insurance, use of a company vehicle, a corporate xmas present or such.

    In principle if you could use the minibus for any personal trips it's an employee benefit and you have to pay the BIK. If you were a regular employee its easy enough for the employer to say the vehicle is kept at the works site, company policy is no personal use, keys are returned every day to the office etc etc however as the director/shareholder its exceptionally difficult to prove you couldn't use the bus if push comes to shove... and BIK applies if you could not if you have. 

    PMI, xmas presents etc are all easy because you simply use the price the company is paying. For vehicles its more complex and based on the list value of the vehicle and its CO2 emissions, vans used to be much cheaper than cars but rules are changing such that if it has a second row of seats it will be calculated as a car not a van. 

    For example if I had taken my last personal car as a company car I would have paid an extra £15,769 in tax per year (as a 40% tax payer)
  • justfedup23
    justfedup23 Posts: 96 Forumite
    10 Posts Photogenic First Anniversary
    Thank you all for your interest.
    Update : The insurance called yesterday after receiving my complaint email and have confirmed that they did not explain the NCB/ discount correctly and have cancelled the policy with all funds refunded and no cost to us.  The new insurance company we found is half the price and didnt need the NCB.  Result!!!
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