Company Car for Personal Use Only - What kind of insurance policy do I need?

ShadysBack · 28-02-2022 9:03pm #1

So I'm in the middle of negotiating terms and conditions with a couple of potential employers at the moment and one company has made me a really interesting offer: the use of a company vehicle for personal use only - provided that I insure the vehicle myself.

I've never had the option of a company car before, so I've never to had worry about these sorts of things previously.

Anyone I know that has a company car actually has to drive it as part of their job, and as such, is insured by their employer, but in my case, the vehicle is strictly for personal use only. With this in mind, what kind of insurance policy do I need to take out on the vehicle? Is a simple, straight-forward "private motor insurance" policy sufficient? Or is the fact the vehicle would be leased mean that I need a different type of insurance?

Any help is much appreciated!

Borzoi · 28-02-2022 9:11pm

I'm not sure that this will be possible. You don't have a beneficial interest in the vehicle, so how can you insure it? You need to talk to a good broker.

Btw youll be crucified for benefit-in-kind it car

coylemj · 01-03-2022 3:26pm

https://www.boards.ie/discussion/comment/118710982#Comment_118710982

Most company cars are leased and the employer pays the insurance. How can a company insure a car in which they have no beneficial interest, given that someone else (the leasing company) owns it?

Marcusm · 09-03-2022 11:13pm

https://www.boards.ie/discussion/comment/118714616#Comment_118714616

You don't need a beneficial interest but merely an insurable interest. The insurable interest is the obligation to redeliver the car to the employer at the end of the term, or end of the employment. That deals with the technicals rather than whether an insurer is set up to do it.

Company Car for Personal Use Only - What kind of insurance policy do I need?

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