Who insures company lease vehicle?

curiousJudg

Looking for some help. I am switching from private car insurance on my own car to a company lease vehicle so will be on company insurance, surrendering my NCB etc. Now, I was going with FBD got a good quote but they have just informed me that they won't offer insurance for company vehicle if the vehicle is leased i.e the company must own it. Does anyone have any suggestions as to who might offer this type of insurance?

Allinall

Surely it’s up to the company to take out insurance on the vehicle?

Damien360

Your employer takes out the insurance.

curiousJudg

Sorry should have clarified. I am director of very small company so we don't have a fleet etc - I am leasing a vehicle in company name and trying to arrange insurance. Have driven privately all my life, so will be transferring NCB to company insurance etc I am just having a lot of difficulty getting a quote for one company lease vehicle. If it was a private lease theres no issue and I was going with FBD, all was well and then she informed me that the quote was invalid because the vehicle (which is in company name) is a leased vehicle. So yes insurance will be in company name i'll be main driver it's just getting companies to quote for one lease company vehicle is the issue . I didn't know that a vehicle on a lease was a problem

Del2005

Your company needs to insure the vehicle and any employees you are authorising to drive need to be added to the company policy or get open drive, everyone from 25 to 70 with a full licence is insured.

curiousJudg

I understand that and the company will be insuring it…… but I find out today that because the vehicle is a lease vehicle and not actually owned by the company FBD won't insure it. This is the issue i'm having

Eggs For Dinner

I'm surprised you are having difficulty. Are you sure it's not because your 'company' doesn't have a NCB or driving experience? No insurer has to accept your private

peacock_lane

You're just talking to the wrong insurer. It's standard that companies don't own the vehicles they use. Try a specialist commercial broker or insurer who should be able to help out.

Be mindful around preserving your own NCD for a year or two down the line if you go back to having a private car you want to insure - there are rules around it and it can be tricky.

beachhead

As #8 try another insurer(s)

curiousJudg

Okay so by way of update there are apparently about 3 specialist insurance companies who insure company vehicles on a lease, now my understanding is if they were vans/commercial vehicles there is no problem but because it is an SUV on a company lease it has to be insured via one of these three companies. To insure the jeep in my name privately comes in at €548 euro, to insure it in my name as director of company one of the quotes so far has come in at €2549 and that is with my NCB handed over to company.

Pilotbiker

I've had a similar issue insuring a 'high-performance' company car that's on a lease. I found it difficult to find an insurer to cover this, so our broker is absolutely skinning us with a 40% mark-up over the underwriter's premium. The underwriter won't deal directly with us, so it seems we're at the mercy of the broker.

galwaytt

https://www.boards.ie/discussion/comment/122563603#Comment_122563603

that makes no sense. No car on HP, PCP or lease is 'owned' by anyone except the finance company involved, and title doesn't pass to you until HP/PCP/Lease ends. There are thousands upon thousands of cars on the road like this every day.

Someone in FBD doesn't seem to understand this.

Tefral

Also, just as an FYI, if you start driving the company car and have no policy of your own privately, you'll lose your NCB after 2 years.

I have to swap as the named driver to policy holder of my wifes vehicle to hold on to the NCB. My Car is classified as a Van though, not a crewcab so that might play into it.

MIKEKC

https://www.boards.ie/discussion/comment/122563580#Comment_122563580

DDidnt know you could transfer your NCB to company.