Personal motoring policy to commercial for EV ?

seamless

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I am purchasing an EV through my Ltd. company to avail of the generous BIK tax break.

What's the best approach to insuring the new EV ? My existing personal policy provider does not want to keep my business as its deemed commercial, although there will be 0 business miles.

Thanks,
 

mathepac

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You, personally cannot insure a vehicle that does not belong to you as you have no insurable interest in it. Insure it commercially through your company with you as named driver on the policy.
 

RedOnion

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As above, the company needs to insure it.

Save yourself the time, and get a broker to sort it for you. You'll get the run around yourself trying to deal with the commercial department of an insurer. Some have a 'computer says no' approach.

It will be more expensive if it's the first time company is getting insurance. You will most likely have to sign over your personal no claims bonus to the company.

Just something to watch out for - you'll only be a named driver. you could end up not having a no claims discount yourself after 2 years if you buy a car in your own name in future.
Also, if your spouse isn't an employee / director of company, make sure they can be a named driver.
 

seamless

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Do you know which insurance companies allow you to transfer your personal NCB to a company ? The ones I have dealt with thus far are refusing to do this and want me to start on the company policy with 0% NCB.
 

RedOnion

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FBD will for example. I understand almost all will. But their commercial departments aren't going to bend over backwards for a single car policy.
 

Ravima

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One query, you say that you are purchasing an EV and your current insurer deems it commercial. Is it a PRIVATE CAR or a COMMERCIAL VEHICLE?

If its a Private Motor Policy, you wont have many of the benefits of a Private Motor Policy if it is not in your name. You will NOT have Driving Other Cars and you will not have the Personal Accident Benefits payable.

If its a Commercial Vehicle, then you will need to contact an insurer that insures commercial vehicles.

As RedOnion says, maybe a broker is the best path for you.
 

RedOnion

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deemed commercial, although there will be 0 business miles
Sorry, I was thrown by the commercial title, and it's only rereading after @Ravima post I saw this.

You just need a private policy (i.e. class 1), but on a car that's owned by your company? I've heard FBD will quote on that. I've not used them, but it's even an option on their online quote.
 

RedOnion

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@seamless
Glad you got sorted. It'd be useful if you comment on anything specific about the process that might be helpful to others in a similar situation in future.
Happy motoring.
 
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