Company bike - insurance?

[clerici]

I'm thinking about changing the "owner" of my GS from me to my company.
The tax side of it seems better than for a company car (never had one of those) but getting company bike insurance appears to have limited choice and premiums significantly higher than if it remained my private bike.

I would remain the only rider.

Has anyone any advice?
Any good deals on insurance?

 

[beemerman]

I'm thinking about changing the "owner" of my GS from me to my company.
The tax side of it seems better than for a company car (never had one of those) but getting company bike insurance appears to have limited choice and premiums significantly higher than if it remained my private bike.

I would remain the only rider.

Has anyone any advice?
Any good deals on insurance?

Hi Ant, When i bought my new GS in July i bought it through my company. The first thing you can do is claim the VAT back, about £1500 on a high spec GS & its perfectly legal. You then pay tax on 20% of the net cost as a benefit in kind, i reckon that works out at tax on about £1700 a year. Even if you are paying 40% it is less than £800 to you. The firm can then depreciate the bike as you would any other asset, although the benefit in kind remains the same at 20% of the purchase price. You will also have to pay VAT when it is sold.

The insurance issue is tricky. I told my insurers that the bike was being provided by my company but it was registered in my name. Dont forget the name in the log book (or whatever its called these days) is supposed to be the registered KEEPER, not necesarily the owner. I pay about £300 per year full comp with business use cover and only 3 years NCB.

All told i think it will work out cheaper in the long run. Its certainly much much cheaper for both the company and me than having a company car

 

[clerici]

thanks beemerman - who are you insured with????

And yes with 12k miles last year, of which 8k were for my business it makes sense. And I understand that the maintenance, fuel etc can be paid by the business...I just need time to organise it....

 

[beemerman]

thanks beemerman - who are you insured with????

And yes with 12k miles last year, of which 8k were for my business it makes sense. And I understand that the maintenance, fuel etc can be paid by the business...I just need time to organise it....

i am with Bennetts. they probably are`nt the cheapest but i have been with them for 3 years so transferring the NCB etc was easy. Having said that the GS is not covered under their`special` BMW scheme so it is more expensive than my R1150R. You are correct about the running exes. they can be treated like any other business cost. But if you fuel the bike yourself you can charge the firm 20p per mile, technically you are providing the bike because you are paying the tax for the benefit in kind. I think there is a point (maybe after 4000 miles) where the 20p allowance drops i think to 8p per mile

 

[rocks]

Might help

Umm not sure if these folks do commerical bike insurance but they do commercial vehicles..ie vans..

H&R insurance of aberdeen.. (Hanson and Roberts)..
https://www.insurance2000.co.uk

They have been pretty good with a few vehicles for myself.
Worth a quick ring. Their direct number is : 01224 848111 for commercial stuff.

Just another option to try.. All the best.