Company car insurance problem

mulletamoeba

Hello,

I have bought an electric car through my small limited company to replace my previous personal car. I thought it would be a simple matter to ring my insurer (allianz) and take out a new policy in the name of the company instead. However, allianz have no interest in this and I have tried three other insurance companies, none of which would quote for a company-owned car.

I have 20 years driving with no claims, no penalty points. Previous premiums were c. 500 euro.

I have spoken to a broker who sighed and told me that this will be difficult and expensive to arrange and that he will get back to me in a few days.

What is going on here? Anyone have any tips on insurance companies who are open for this type of business?

cfingers

HI I just asked same question.

https://www.boards.ie/vbulletin/showthread.php?p=110607204

It looks like FBD is the best option.

notharrypotter

If the company owns the car how can a private individual have an insurable interest in something they do not own?
Like why would a Tennant get buildings insurance as they have no insurable interest in the structure, just the contents.

mulletamoeba

notharrypotter wrote: »

If the company owns the car how can a private individual have an insurable interest in something they do not own?
Like why would a Tennant get buildings insurance as they have no insurable interest in the structure, just the contents.

I was looking for insurance in the name of the company, not in my own name.

Have it sorted now with liberty, although premium is about 300 dearer than the exact same car and drivers would be on a personal basis!

cfingers

notharrypotter wrote: »

If the company owns the car how can a private individual have an insurable interest in something they do not own?
Like why would a Tennant get buildings insurance as they have no insurable interest in the structure, just the contents.

The insurable interest in the car is the fact that the employee needs to give the car back in a similar condition at a certain date.

If I buy a car under hire purchase, I don't own the car until the final payment is made but I can still get insurance on it. The insurable interest in this case is the contract that means I need to pay for the whole car or half the car and give it back.

Eggs For Dinner

cfingers wrote: »

The insurable interest in the car is the fact that the employee needs to give the car back in a similar condition at a certain date.

.

An employee using a company vehicle is under no such obligation and has no insurable interest in his employers property

cfingers

Eggs For Dinner wrote: »

An employee using a company vehicle is under no such obligation and has no insurable interest in his employers property

It obviously depends on your contract, as as the OP controls the company , she can set her own contract.

mulletamoeba

Just to clarify, I am buying the policy on behalf of and in the name of the company, not in a personal capacity. The only two directors and employees are my wife and I.

cfingers

mulletamoeba wrote: »

Just to clarify, I am buying the policy on behalf of and in the name of the company, not in a personal capacity. The only two directors and employees are my wife and I.

Sorry, I got a big caught up answering notharrypotter about how a private individual could have insurable interest in the company car and buy private insurance via FBD.

Enjoy the EV. You won't look back.

bonnamh

cfingers wrote: »

HI I just asked same question.

https://www.boards.ie/vbulletin/showthread.php?p=110607204

It looks like FBD is the best option.

FBD just came in half the price of Lilberty AND including Third Party to drive other people's cars which Liberty excluded - that's something to check.