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Discussion Starter #1
Afternoon All,
I took delivery of my NP300 almost 2 weeks ago now and it is the first commercial vehicle I have ever owned. I am not using this vehicle for practical trade purposes, more for the tax benefits in me having my own limited company (I am an engineering consultant). The question I have regarding insurance concerns the policy holder identification. The policy is currently in my name and not the company. The V5 for my NP300 is now in the company name. The question I have is, do I have to change my insurance policy so that the company is the policy holder? I am the director and the only employee of the company by the way. Thanks for any advice. Cheers.
Paul
 

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I seem to remember being asked this by my insurance company (NFU), my truck is registard to me (my name) even though it's bought through the buisness so can claim back VAT. I think I'm right in saying the insurance policy holder HAS to be the same as the registard owner.
 

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The insurance policy and V5 should be in the same name, otherwise you may have complications if you need to claim.
As to who should be named, it's up to you, as it can still be a company owned car, but you are registered to tax and insure it.
 

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Captain - you sound the same as me, although my accountant said vehicle must be owned by the company so on the V5 it states my company name and when I did my insurance I said the owner was the company and I was the main driver (wife second driver) and insurance didn't bat an eye, very use to doing it and I used my previous NCD no problem at all. I used a commercial insurer - Admiral Van.
My accountant just said that if registered to company it just makes everything simple and gets away from any questions of who owns the vehicle and why claim the vat if its a personal name. Hope it helps.
 

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Afternoon All,
I took delivery of my NP300 almost 2 weeks ago now and it is the first commercial vehicle I have ever owned. I am not using this vehicle for practical trade purposes, more for the tax benefits in me having my own limited company (I am an engineering consultant). The question I have regarding insurance concerns the policy holder identification. The policy is currently in my name and not the company. The V5 for my NP300 is now in the company name. The question I have is, do I have to change my insurance policy so that the company is the policy holder? I am the director and the only employee of the company by the way. Thanks for any advice. Cheers.
Paul
Paul

You may be able to get your insurance company to amend the policy information to show Paul xxxxx trading as paul xxxx engineering consultants.

(I didnt know your surname or the name of your business so just put xxxxx)

That way the insurance shows you are insuring the vehicle in connection with your work. I assume you have personal business use on the policy as opposed to a full commercial (tradesman type policy)

Kind Regards
Neil
Greenlight
 

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Seems accountants give differing advice, we bought our v6 through the company, accountant told me to put it in my name which I did, gave my 07 in as p/x (my own personal vehicle) and claimed that allowance back as a business loan. I pay for the insurance myself (in my name) just to keep up my no claims, but guess I could claim that back but cant be doing with any hassle. It's now the best looked after motor I've owned, oil change every 6000, wheels swapped around every 6000, bed liner, rear cover etc etc.

All fuel and even toll charges claimed back on jollies abroad and no problems to date !
 

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Afternoon All,
I took delivery of my NP300 almost 2 weeks ago now and it is the first commercial vehicle I have ever owned. I am not using this vehicle for practical trade purposes, more for the tax benefits in me having my own limited company (I am an engineering consultant). The question I have regarding insurance concerns the policy holder identification. The policy is currently in my name and not the company. The V5 for my NP300 is now in the company name. The question I have is, do I have to change my insurance policy so that the company is the policy holder? I am the director and the only employee of the company by the way. Thanks for any advice. Cheers.
Paul
If the truck has been purchased by the company then the company name should be on the V5.

With regards to insurance I think you'll find unless you are a large company then the insurance will be in a single named person only, in this case your own name.

This is how we insure our van, single name with additional drivers, I tried to have the insurance in the company name but they insisted on one named person.
 

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I found out an interesting piece of information I wish I'd known a few months ago, I was having some work done on our caravan last weekend at the storage site we keep it at, a new van had appeared in the bay next to ours a couple of weeks earlier, anyhow it was having a motor mover fitted when I arrived.

Turns out the owner was sat in his day old Ford 4x4 3.2 (had a amorak before and sang its praises) with my v6 parked behind it. We got talking, he was a first time vanner, but here's the bit that I found interesting, he and his business partner had bought it though the business as a perk and if they get on with it they'd buy another one!

Who'd of thought it could of saved 20k and all running costs and put all the major extras on all under the company banner!
 

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I hope the HMRC aren't reading this!
I have no problem if they are, all receipts are submitted for expenses claimed including foreign fuel and toll receipts - converted at whatever rate was for that day euro to sterling. Have done this for 2 yrs without issue.

Advised by accountants and all returns etc done by them, the only expenses not claimed are ferry / tunnel and of course pitch fees.
 

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Discussion Starter #18
Well I've had fun over the past few days over this!


I rang my insurer (Tesco) on Monday to inform them I had purchased a Navara and that it was registered to my business. I asked if my insurance policy had to be in the same name and they replied that yes it would.


The next problem was that because I wanted to insure the truck in my business name, Tesco wouldn't insure me because they said I needed a commercial policy (which is something they don't do). They asked me for loads of details so that they could go back to their underwriters to see if they would insure me.


I asked them if that meant I was or wasn't insured in the interim. The answer I got was "we're not saying yes but we're not saying no". Not exactly confidence inspiring!


After thinking all was lost they called me back today to say that the underwriter was happy with everything and that nothing had to change. I'm totally confused by it all but as long as I am insured I'm not bothered!
 
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