UK Taycan Insurance

Smithy37

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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!
Thanks for the advice.

I spoke to Novo insurance this morning who have recommended first speciality who are underwritten by first prestige (related to first point?).
They have mirrored my NCD, offered me a Porsche approved repairer scheme, guaranteed porsche courtesy car, fully comprehensive cover of any other vehicle, 60 day EU cover, UK & EU breakdown cover and agreed cover for the Taycan (not market value like others & negates the need for GAP). Also offering me an excess protection insurance policy too.
Cost is £1153 , with a £2k theft excess and £134.40 to insure excess.

It’s the best quote I’ve had by miles and pretty comprehensive.

I may still give first point a call in the morning but as I’m collecting the car at 2pm tomorrow time is against me.

One thing I don’t understand is how the GAP can be bundled into an insurance policy. I think I understand the agreed cover aspect but that is surely only applicable as long as I’ve got the car insured with them. If I change providers after 12 months then I can’t buy GAP so that would leave me exposed for the balance of the lease.
Hmmm?!
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Codeias

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Thanks for the advice.

I spoke to Novo insurance this morning who have recommended first speciality who are underwritten by first prestige (related to first point?).
They have mirrored my NCD, offered me a Porsche approved repairer scheme, guaranteed porsche courtesy car, fully comprehensive cover of any other vehicle, 60 day EU cover, UK & EU breakdown cover and agreed cover for the Taycan (not market value like others & negates the need for GAP). Also offering me an excess protection insurance policy too.
Cost is £1153 , with a £2k theft excess and £134.40 to insure excess.

It’s the best quote I’ve had by miles and pretty comprehensive.

I may still give first point a call in the morning but as I’m collecting the car at 2pm tomorrow time is against me.

One thing I don’t understand is how the GAP can be bundled into an insurance policy. I think I understand the agreed cover aspect but that is surely only applicable as long as I’ve got the car insured with them. If I change providers after 12 months then I can’t buy GAP so that would leave me exposed for the balance of the lease.
Hmmm?!
Yes I’d imagine the agreed 3 year GAP will be honoured as long as you renew with the insurer but don’t quote me on that, but that is my understanding, so no haggling at year 2 like you’d get with the Novo policy, their GAP is only 1st year, you’d then have to agreed the new value at renewal rather than it being purchase price. I tired both Novo and First Point and found First Point to be higher premium but a better policy, underwritten by Aviva Private Clients (in my instance!) and I went with them. Hope you get it all sorted and enjoy the car, it’s some piece of kit.. might be an EV but it’s most definitely a porker in all other aspects.
 

bootsie

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Just some general notes to feed back to this thread in case anyone's interested..
  1. I'm keeping my existing Mercedes for a while since it's still under a finance agreement until March 2021 and we haven't quite decided what to do with it. I expected the worst when moving my NCD away from the Mercedes (since you can only have it on one car at a time and that really needed to be the Taycan) but my insurer (LV) didn't seem bothered in the slightest and actually gave me a £32 credit for the NCD protection I no longer needed! I really expect that to cause issues and the price for the Merc insurance to shoot up without the NCD applied, but no. So it's actually cheaper to insure my Mercedes now I have the Taycan!
  2. I insured the Taycan with Admiral who were cheapest by quite a way. Reading through their policy documentation it says "new vehicle replacement in the first 12 months" if stolen, which I've seen others refer to on here as a reason not to have GAP insurance in the first year. However.. if you read further it also says this replacement clause is only valid if "it was purchased under an agreement where ownership was passed to you". On my PCP agreement the ownership stays with VWFS until then entire agreement is paid off. So, I'm not sure this new replacement within the first 12 months is ever valid for a financed vehicle. So I'm definitely getting GAP insurance from day 1!
  3. I noticed on my policy they asked about the installed security - so I answered tracker and alarm/immobiliser. Without the tracker the policy quote increased by £100 or so. I read through their policy document and it listed Extra Conditions which may be applied to your policy, one of which was to have an active subscription. However, my actual policy schedule doesn't have this shown as an additional condition so (according to their policy booklet) therefore doesn't apply. So I don't have to have an active PVTS subscription. I thought this was amazing on a policy for a £123K Porsche. I need to decide what to do about this now, since it's a car I'm handing back in 3 years and don't really care if it gets stolen and not returned to me. And I wouldn't have to carry around those stupid PVTS+ tags!
 

4SJB

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@RG2020 The Porsche GAP cover only lasts for 3 years not 5. I have a 4 year lease, but took the chance, anticipating resale prices should still be high enough in 2024 to overcome the outstanding finance.
 

RG2020

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@RG2020 The Porsche GAP cover only lasts for 3 years not 5. I have a 4 year lease, but took the chance, anticipating resale prices should still be high enough in 2024 to overcome the outstanding finance.
Their contract hire GAP is 5 years. They also have return to invoice which is 3 years.
 


tez1

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I put it down as owned by the company, but i'm the registered keeper. I'm thinking of buying through my limited company to save on all the tax etc, have not fully made up my mind on that though. I like to keep toys out of the company. I bought a boat a few years ago and did that privately, could have claimed the vat back but decided not to.
Doesn't the vehicle have to be 100% Use exclusive to the company, ie no private use including driving to and from work? So HMRC Point out.
 

TomC

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For future use for others, I contacted Novo and A-Plan and both of them declined my wife (I'm buying it, but she's driving it) as she's never owned a "supercar" before. A very strange chicken/egg situation that, where you cannot have one without having owned one. As we're buying this as a family vehicle I turned the story into a "super family car" instead. It definitely worked.

We ended up with Admiral at around £1200/y for a £131k Turbo.
 

torx

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For those leasing through your own LTD company. Can you insure the vehicle personally through your own insurance even though it's a company car? Do I have to notify the insurance company about if I was to do this?

I ask as I have 15 years no claims that I have gained on a personal insurance and was intending to use that when my car arrives in April, getting a quote around £650 for SDPC and Business Use.

I will be the only driver/user.

From what I understand the registered keeper will be the lease company as that is the name on the V5 when you lease a vehicle.

My other worry going through personal insurance is if you had accident the payout would be to rather than to the LTD company. Not sure how this would work out when the company has leased the vehicle.
 


tez1

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Just some general notes to feed back to this thread in case anyone's interested..
  1. I'm keeping my existing Mercedes for a while since it's still under a finance agreement until March 2021 and we haven't quite decided what to do with it. I expected the worst when moving my NCD away from the Mercedes (since you can only have it on one car at a time and that really needed to be the Taycan) but my insurer (LV) didn't seem bothered in the slightest and actually gave me a £32 credit for the NCD protection I no longer needed! I really expect that to cause issues and the price for the Merc insurance to shoot up without the NCD applied, but no. So it's actually cheaper to insure my Mercedes now I have the Taycan!
  2. I insured the Taycan with Admiral who were cheapest by quite a way. Reading through their policy documentation it says "new vehicle replacement in the first 12 months" if stolen, which I've seen others refer to on here as a reason not to have GAP insurance in the first year. However.. if you read further it also says this replacement clause is only valid if "it was purchased under an agreement where ownership was passed to you". On my PCP agreement the ownership stays with VWFS until then entire agreement is paid off. So, I'm not sure this new replacement within the first 12 months is ever valid for a financed vehicle. So I'm definitely getting GAP insurance from day 1!
  3. I noticed on my policy they asked about the installed security - so I answered tracker and alarm/immobiliser. Without the tracker the policy quote increased by £100 or so. I read through their policy document and it listed Extra Conditions which may be applied to your policy, one of which was to have an active subscription. However, my actual policy schedule doesn't have this shown as an additional condition so (according to their policy booklet) therefore doesn't apply. So I don't have to have an active PVTS subscription. I thought this was amazing on a policy for a £123K Porsche. I need to decide what to do about this now, since it's a car I'm handing back in 3 years and don't really care if it gets stolen and not returned to me. And I wouldn't have to carry around those stupid PVTS+ tags!
They insisted I had a monitored factory fitted tracker!!
 

4SJB

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For those leasing through your own LTD company. Can you insure the vehicle personally through your own insurance even though it's a company car? Do I have to notify the insurance company about if I was to do this?

I ask as I have 15 years no claims that I have gained on a personal insurance and was intending to use that when my car arrives in April, getting a quote around £650 for SDPC and Business Use.

I will be the only driver/user.

From what I understand the registered keeper will be the lease company as that is the name on the V5 when you lease a vehicle.

My other worry going through personal insurance is if you had accident the payout would be to rather than to the LTD company. Not sure how this would work out when the company has leased the vehicle.
The car can be financed by your Ltd company and you can be the registered keeper. Just ask your dealer to ensure your personal details are on the V5.
In previous posts there are Incidents of dealers saying this is not possible or that it is not their policy, but Porsche Reading had absolutely no issues with it.
For insurance, APlan private clients in High Wycombe were in phased who the owner, the fiancée or the keeper were!
 

torx

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The car can be financed by your Ltd company and you can be the registered keeper. Just ask your dealer to ensure your personal details are on the V5.
In previous posts there are Incidents of dealers saying this is not possible or that it is not their policy, but Porsche Reading had absolutely no issues with it.
For insurance, APlan private clients in High Wycombe were in phased who the owner, the fiancée or the keeper were!
Just spoke to Admiral online chat with regards to this they have stated can insure it on personal lease with no amendments to where the vehicle is registered. The V5 will be in the name of the lease company, not in my ltd companies or my name.
 

schwar

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I amended my Admiral insurance online to swap my BMW M4 Comp (personal contract hire) for the Taycan Turbo (which is company registered), and it let me put that in and it had no impact on the premium increase (£88 either way).
 

torx

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I amended my Admiral insurance online to swap my BMW M4 Comp (personal contract hire) for the Taycan Turbo (which is company registered), and it let me put that in and it had no impact on the premium increase (£88 either way).
So did your Taycan stay under your personal insurance?
 

schwar

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@torx Yeah, still just my personal insurance... here are the options it gave me.

Porsche Taycan UK Taycan Insurance Capture.JPG
 

Alex

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I'm still having issues as collection date gets closer. Car will be owned by the business with myself as RK. Problem as others are having is NCD as they are used on my other car.

Putting some more feelers out today after our business insurance broker had the usual suspects decline to quote. Possibly down to my wife being a bit younger and me being 35.

If I come across any pearls of wisdom, I'll let everyone know.
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