Hi, I am 19 and have a limited company, does anyone know how car insurance can be lowered through my company?
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Hi, I'm 19, have a limited company, and looking for a new car. Would have payed a deposit on a new merc c63 coupe for a contract lease last week but the only thing that stopped me was the lowest insurance I could find was £9545 a year! This was on confused.com and quoted as a limited company as owner of the car and me as the policy holder, even though the price was the same with just me as owner and policy holder. I'm sure you can get cheaper insurance through a company and I really really want this car but having second thoughts with that sort of insurance. I only properly registered my company last week so new to what perks you get. Any help would be greatly appreciated! Thanks!
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Answer:
It won't, until you own at least 10 vehicles on the policy, and no drivers under 26, and can get the "fleet" rate. The only way the limited company could be the owner, is if you or your company has enough funds to buy the car outright - you can't get a LOAN on this car in your name, with a policy in the name of the company. Owning a company doesn't get you "perks". It actually costs most small businesses MORE to operate as a corporation - it's done as a method of protecting your assets. Not saving you money.
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