UK Taycan Insurance

4SJB

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Churchill were fine with co being named. As for accountant, may relate to VAT reclaim if on finance but worth a chat.
A-Plan Private clients High Wycombe were not worried who owned the car and who was the registered keeper.
If you own your company however, just use a company debit or credit card to pay or put it on your expenses!!
Being the registered keeper has no financial bearing on who pays for the car or who owns it. The V5 just shouldn’t be an issue that your accountant is concerned about.
As your company has purchased the vehicle for your use, it is makes sense that you are the registered keeper.

BTW £890pa aged 55 15000 miles commuting AND business. New car replacement in the first year if written off. Which I thought was very good.
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bootsie

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If you own your company however, just use a company debit or credit card to pay or put it on your expenses!!
I'd be ok doing that if the policy specifically say the company name on the paperwork, not so much if it only has my name on there. Isn't that seen as some sort of benefit in kind?

Anyway, after me quoting a couple of sources my accountant has accepted that the registered keeper can be me and doesn't make any difference as long as the policy is billed to the company.
 

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I'd be ok doing that if the policy specifically say the company name on the paperwork, not so much if it only has my name on there. Isn't that seen as some sort of benefit in kind?

Anyway, after me quoting a couple of sources my accountant has accepted that the registered keeper can be me and doesn't make any difference as long as the policy is billed to the company.
I'd have thought the fact you're insuring a company car would get you out of the benefit in kind issue as you'd be recharging a business expense to the company, but HMRC can be funny on expense claims vs invoicing direct to the company in some situations, so you're right in being careful on that. You can usually have the insurance documents specify that the vehicle is owned by someone else e.g. your company or a leasing company (which is a requirement of some lease agreements).

If your insurance company won't bill the company, as I believe some just don't do 'company car' insurance, I know Adrian Flux don't, and you can't get a comparable price elsewhere I'd ask the accountant to double check the rules on recharging the insurance as an expense.
 

bootsie

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If your insurance company won't bill the company, as I believe some just don't do 'company car' insurance, I know Adrian Flux don't, and you can't get a comparable price elsewhere I'd ask the accountant to double check the rules on recharging the insurance as an expense.
Thanks, I am struggling to get anyone to bill the company (A-Plan are working on it but I'm expecting to pay a high price) so will take your advice and have the accountant check the rules.
At this point I'm starting to think it'll be better paying for it myself as the dividend tax will be substantially lower than the increased premium for the company policy.
 

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Thanks, I am struggling to get anyone to bill the company (A-Plan are working on it but I'm expecting to pay a high price) so will take your advice and have the accountant check the rules.
At this point I'm starting to think it'll be better paying for it myself as the dividend tax will be substantially lower than the increased premium for the company policy.
I’ve probably misinterpreted what you said but just to make sure - if you can pay for the insurance yourself and expense it without BIK issues then you don’t need to pay dividend tax

Good luck, I hope the accountant can confirm there is no issue for you
 


4SJB

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Bootsie, I just don’t understand this.
The insurance isn’t invoiced to anyone, you are the insured driver, so have to be listed. Might be worth a chat with my broker Tom (there are 2 Toms but both will help) at A-Plan Private Clients High Wycombe. It made no difference to them on my policy who owned the vehicle or was paying for it.
But your accountant is plain wrong. How can you be personally taxed on an insurance policy to cover a company asset?
He doesn’t drive a Tesla does he?
 

4SJB

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Sorry, also should have said that I had the policy in my name and just used a company card to pay for it. Then provided the book keeper with a copy of the receipt.
 

bootsie

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I’ve probably misinterpreted what you said but just to make sure - if you can pay for the insurance yourself and expense it without BIK issues then you don’t need to pay dividend tax

Good luck, I hope the accountant can confirm there is no issue for you
Right - I'm hoping it can be recharged as expenses (waiting for accountant to confirm) but if he won't have any of it I'll just pay for it personally and add it on to my Director's Loan account..
 


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Just to update this, my accountant now agrees I can recharge this to the company with no issues whatsoever.
Apparently he was just concerned that my insurance policy was for a company-owned vehicle rather than a private one. There is no NO tax issue with claiming the insurance costs back from the company (or it just paying for it in the first place).
Wow, that was difficult. The irony is that the car will be financed on a PCP so neither me nor the company own the car anyway!
 

Smithy37

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My Turbo S is being leased as a company vehicle directly from VWFS.
This will be my 2nd vehicle as I’m keeping my 911.
My goodness, I’ve never struggled more to insure a vehicle. Even though I’m 50, been driving since I was 17, only 3 points for a minor Sp30 indiscretion & 25+years of no claims history it appears my NCB is tied to my 911 so I effectively have zero NCB.
This has made obtaining a sensible policy nigh on impossible. I’ve actually been quoted 4 grand.
My current insurer, NFU has referred me to their underwriter and I await their answer.
Confused,com have come back with one provider who will cover me for around £1450 if I activate the Porsche tracker.

Also, I don’t know what to do about GAP. Can you indeed get GAP on a company leased vehicle?
ALA doesn’t ask who the owner is & activating the discount code gets the premium to around £400. However, their limit for the policy is £149,999 & my car is a little over that. So I assume it won’t cover me?

Bloody minefield.
 

bootsie

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Can you not insure it as a second vehicle on your existing policy, like a multi-car? Or switch your 911 to a limited-use policy (assuming it’s relagated to nice toy and the Taycan is daily driver) and the main car to the Taycan, along with the NCD? But wo7ld have thought NFU would have looked at all the options for you already. Try Admiral if you haven’t already, they are cheapest by far for me.
And yes, GAP is really for any finance. I think Porsche’s own is £599 so there’s always that.
 

Smithy37

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Can you not insure it as a second vehicle on your existing policy, like a multi-car? Or switch your 911 to a limited-use policy (assuming it’s relagated to nice toy and the Taycan is daily driver) and the main car to the Taycan, along with the NCD? But wo7ld have thought NFU would have looked at all the options for you already. Try Admiral if you haven’t already, they are cheapest by far for me.
And yes, GAP is really for any finance. I think Porsche’s own is £599 so there’s always that.
I talked through my options with NFU but insuring it as a separate stand alone policy seems my only choice. They did say they’d offer me a NCB boost for being an existing customer but my 3 points denied me that privilege.
I can’t drive both cars simultaneously so mileage will drop on the 911 substantially, but as they are processing separate policies that won’t help in this instance.
Appreciate the advice though.
 

RG2020

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I talked through my options with NFU but insuring it as a separate stand alone policy seems my only choice. They did say they’d offer me a NCB boost for being an existing customer but my 3 points denied me that privilege.
I can’t drive both cars simultaneously so mileage will drop on the 911 substantially, but as they are processing separate policies that won’t help in this instance.
Appreciate the advice though.
I have mine insured with NFU on a company policy and my NCB were used on other cars. I also have 3 points but NFU gave me 3 years NCB on this policy for free, which is I think 60% discount. So maybe they’ve got the 3 points thing wrong in your case or are mistaken. I’m 35 and the policy is around £1k for 20k miles. New for old cover.

I also asked NFU if I need GAP as their cover Seemed very good, but eventually they confirmed I do still need GAP in case I need extra to cover finance. £599 for 5 years from Porsche seemed no hardship anyway so I just did it
 

Codeias

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My Turbo S is being leased as a company vehicle directly from VWFS.
This will be my 2nd vehicle as I’m keeping my 911.
My goodness, I’ve never struggled more to insure a vehicle. Even though I’m 50, been driving since I was 17, only 3 points for a minor Sp30 indiscretion & 25+years of no claims history it appears my NCB is tied to my 911 so I effectively have zero NCB.
This has made obtaining a sensible policy nigh on impossible. I’ve actually been quoted 4 grand.
My current insurer, NFU has referred me to their underwriter and I await their answer.
Confused,com have come back with one provider who will cover me for around £1450 if I activate the Porsche tracker.

Also, I don’t know what to do about GAP. Can you indeed get GAP on a company leased vehicle?
ALA doesn’t ask who the owner is & activating the discount code gets the premium to around £400. However, their limit for the policy is £149,999 & my car is a little over that. So I assume it won’t cover me?

Bloody minefield.
Call Matthew at First Point, they’ll sort something very reasonable and comprehensive for you being specialists, along with simply mirroring your NCD... Direct Dial: 01604 498866 sorted me out with no problems. The policy will more than likely include GAP secured for 3 years as well. Worth a call at least!
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