Recommend insurance broker for car in LTD company name?

Trojan

I haven't had much luck with this query over in Motors, maybe someone from here has some experience with this: I'm looking to buy & register a car - not a commercial - in the LTD company's name. I am a directory and sole employee. I believe I'm looking for Class 1 insurance, i.e. to get me to meetings as well as private usage of the car.

I've spoken to a couple of brokers and they've told me most insurance companies they work with don't do it, so I need to find someone who specialises in this. Has anyone got any suggestions?

pedroeibar1

Sort of mixed info there Trojan, so not exactly sure what the problem is. There has to be an insurable interest to insure something, so the insurance needs to be in the name of the company if the company is the owner. If you have access to and use of the car you will have BIK issues; however I don't see why a broker cannot get cover for the company with you as a named driver, it is IMO a simple commercial motor policy with just one car and driver named. Many insurers will cover you to drive to/from meetings on an ordinary motor policy, provided you do not carry samples, etc. Commission is limited on motor, so many brokers just could not be ar$ed if you have no other business with them. (I'm not currently involved in motor insurance, but it cannot have changed that much!)

Trojan

I think the confusing part (at least for me) is that I'm looking for a simple commercial motor policy that covers a car, but any time I look for that I end up in section that only covers vans and "Commercials". I've contacted a selection of insurers using the wording you've used above, hopefully that gets some results.

thecommander

Benefit in kind will be a killer. Buy the car yourself and pay yourself director expenses.

Talk to your accountant before buying.

Trojan

thecommander wrote: »

Benefit in kind will be a killer. Buy the car yourself and pay yourself director expenses.

Talk to your accountant before buying.

Yeah, looking at the numbers it looks like the only way it'd be financially beneficial is if it was a classic with a very low MSRP. Back to the private purchase I think.

thecommander

Trojan wrote: »

Yeah, looking at the numbers it looks like the only way it'd be financially beneficial is if it was a classic with a very low MSRP. Back to the private purchase I think.

The BIK being based on the original sale price is what makes it a tough one to swallow.

Trojan

thecommander wrote: »

The BIK being based on the original sale price is what makes it a tough one to swallow.

It doesn't make sense. But does clarify for me why some people I know drive certain cars.

Glenalla

Hi Have you had any luck with this, I am in a similar position. Need to insure a company car for two drivers but so far no-one I called does this. Thanks

Glenalla

Hi, Just got insurance on a company car with Liberty for two directors at a reasonable price. I have no connection at all with Liberty.

Trojan

I went private purchase in the end, the BIK was a total killer as the car MSRP was fairly high even though current market value is not (E39 525i).