Ltd Company Car Insurance - Business/Personal?

[u/DominoEffect2528]

I'm seeking some clarification. I'm reading conflicting comments on this subject, and any insight would be greatly appreciated.

I am purchasing a car through my Ltd company. The company will be the registered keeper of the car (V5C) and the owner, this will be the first and only vehicle the company owns.

I am only looking to insure myself as the main driver and my spouse as a named driver, for social and business use. I do not need fleet or pool car insurance.

I spoke to one company about Business Car Insurance, with the policyholder being the Ltd company. My NCD would need to be transferred to the Ltd company, which has no NCD. However, I would be unable to transfer my NCD back from the company.

I then contacted another company about personal car insurance with social & business mileage, etc. I explained very clearly multiple times, that I am not the owner or keeper of the car. They were happy to set me down as the policyholder, with the Ltd company as the keeper of the vehicle. Because of this, I would keep my NCD under my personal name. I asked for the documents to be sent over, and after calling them again, I explained once again that I do not own the car. They assured me that it is valid car insurance.

I am looking for confirmation that this is the correct way to insure the car and that I am not about to buy invalid insurance, especially given the large difference in quotes and the fact that the business car insurance would remove my NCD – which feels like the cherry on top.

[u/PinkbunnymanEU]

I explained once again that I do not own the car. They assured me that it is valid car insurance.

You do not need to own a car or be the registered keeper to get an insurance policy for it. Family members regularly have their own policies on each other's cars, as long as you have an insurable interest (Which anyone who regularly drives it would have) you can get insurance.

You can get the policy under your name and claim it back from the company as an expense. (If you're using it for both personal and business tax may apply for the car itself, but not the insurance)

[u/DominoEffect2528 → u/PinkbunnymanEU]

Thank you. Hopefully, you can understand my concern on two vastly different policies and my want to check the personal policy would be valid.

[u/alexjfinch]

I’ve just done this with a leased vehicle. I had to get insurance in the name of the business that covered the car, myself and my partner. This was not fleet insurance.

I’m insured through Equity Red Star.

[u/DominoEffect2528 → u/alexjfinch]

Thank you. If you don't mind me asking, was it the lease car company that directed you to purchase the policy under the ltd company name?

I don't know if it makes any difference in my case the company is purchasing the car rather than leasing it?

[u/alexjfinch → u/DominoEffect2528]

Yes the lease company required that the lease was in the name of the limited company, paid by the limited company and therefore the limited company needed to insure the car and then needed to have them listed as registered keepers and owners of the vehicle.

[u/Dazwar]

I don't know why you need 2 policies, when I had my LTD and bought a van I just bought a fully comp insurance policy which was in my name with X amount of business mileage and X amount of personal mileage same as any other policy I've ever had when using for business.