I have my lease on my 2006 g coupe all locked up, and I'm supposed to be taking delivery on it today or tomorrow. Now, at the last minute I hit a bit of an insurance snag.

The deal is this, my company is paying for the car. I assumed I would just have it in the company name, with me listed as the driver. The problem with that is apparently you have to get commercial automotive insurance which is more expensive. I'm trying to verify whether or not that's true with different companies now. Even though, I hardly ever use the car for daily business activties, only getting to and from.

My boss suggested that I have it in my name, but the company would still pay for it. This would mean the insurance could be personal and therefore it would be cheaper. My credit scores are good, but I don't have much history because I'm only 22. So I don't know if I could get the same lease payment.

Anyone know anything about this commercial vs personal insurance and what the difference in cost would be?

 

Well I have a Q45 and a RX330 for our company car and the way my company did it was put both cars and insurance under the company. Nothing was under my name. This allows for anyone who works for my company to drive the cars, but nobody actually does. The good thing about having the car under your company's name is that when you get pulled over in the city you're working in, the local police tends to cut you some slack because it's your company's taxes that are important to the city.

 

well it would help you build positive credit...who is your insurance company?

 

Putting the car in your name can cause problems when your company tries to take the tax deduction from the lease. I suppose some creative accouting could make up for that, but you should check with your company's accountant before you put the lease in your name.

Insurance varies wildly and sometimes commercial insurance can be cheaper than personal. Talk to a few agents to see what they can work up, but it sounds like the whoever you are talking to does not completely understand what you are asking for.

It really shouldn't matter who owns the car; you should be able to get insurance for it. The policy would state used "To and from work, and misc personal use for X miles per year." Keep in mind however under this policy if you got into an accident visiting a business client they could refuse the claim. You need to talk to an experienced agent.

 

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