Motor insurance broker (new driver, company car)

[beddington]

Hi,

I'm looking for a motor insurance broker for what I expect to be a tricky case.

I'm a newly qualified driver at the tender age of 42. I've been a named driver on dads insurance for a year, otherwise I've no history.

I'm going to be purchasing a car through my privately owned company. (Some business use, but mostly just a BIK.) If I understand correctly, as the owner of the vehicle the company would have to purchase the insurance too.

This is a job for a real broker not than a website.

Other details, brand new fully electric (low end of market), Dublin city, on street parking, low mileage, 1 driver.

Any recommendations or estimates?

Thank you.

 

[ClubMan]

Have you tried online first already? I only started driving in my 50s, got my full license about 8 years ago, had a couple of years named driving experience at that stage, bought my first second hand car, and expected to pay through the nose for cover in my own name for the first few years but got cover (comprehensive!) from Liberty (now RedClick) with one or two sisters as named drivers to reduce the cost, for just over €400 and my insurance costs have reduced every year since so I'm paying about €300 p.a. these days. Not exactly the same situation as you with a car though the company, but maybe relevant all the same. I.e. I would try online/direct first and only if that's very expensive or not a runner would try a broker or two.

 

[beddington]

Have you tried online first already? I only started driving in my 50s, got my full license about 8 years ago, had a couple of years named driving experience at that stage, bought my first second hand car, and expected to pay through the nose for cover in my own name for the first few years but got cover (comprehensive!) from Liberty (now RedClick) with one or two sisters as named drivers to reduce the cost, for just over €400 and my insurance costs have reduced every year since so I'm paying about €300 p.a. these days. Not exactly the same situation as you with a car though the company, but maybe relevant all the same. I.e. I would try online/direct first and only if that's very expensive or not a runner would try a broker or two.

Oh that's good to know. Thanks. It is the company purchase part that concerns me most but is good to know that age and inexperience don't have to be a huge problem.

 

[peemac]

Choose a car you'd like to keep long term. Get the BIK reduction for 2026 + 2027 and then buy it from the company at the then "trade" value.

On insurance, it won't be an issue. Many will allow for a year's named driver. Adding a closely connected person as a named driver to your policy can see substantial reduction (parent or spouse/partner).

AIG & Aviva would be two that I would know. If the company is entirely yours, they will insure you personally.

 

[beddington]

Choose a car you'd like to keep long term. Get the BIK reduction for 2026 + 2027 and then buy it from the company at the then "trade" value.

Yeah that's what I was thinking.

On insurance, it won't be an issue. Many will allow for a year's named driver. Adding a closely connected person as a named driver to your policy can see substantial reduction (parent or spouse/partner).

AIG & Aviva would be two that I would know. If the company is entirely yours, they will insure you personally.

Great. So I'm assuming a problem that might not exist. Thanks for the info.