[MYLR] Young Driver Insurance through Company

[ROTA]

Make sure you speak with the Tesla specific team in Direct Line.
Don’t call the general number, go to insure my Tesla and there’s a different number I believe, ring that.
The normal customer assistants can be very clueless.. they told me they couldn’t give me an approximate quote because the car wasn’t registered
(They can and they do. Just enter brand and model instead of reg number)

Great tip! Thank you, I’d have probably called up the normal number and been stuck with someone who is misinformed.

 

[fentor]

I’m not sure if they will cover Tesla but check out Ticker - much cheaper than any other insurers for my lads cars (similar age to you) and they are decent - we had a terrible experience with the telemetry box for Adrian Flux so wouldn’t touch them with a barge pole

 

[ROTA]

I’m not sure if they will cover Tesla but check out Ticker - much cheaper than any other insurers for my lads cars (similar age to you) and they are decent - we had a terrible experience with the telemetry box for Adrian Flux so wouldn’t touch them with a barge pole

Interesting, if it comes down to getting monitored insurance then I might give these guys a go. I’ll start searching when I get a VIN assigned

 

[adambg]

Update: I spent an hour or so getting online/phone quotes from various companies on the weekend. For me, the cheapest was Churchill, followed by Direct Line (about £300 more than Churchill). The others weren't even worth considering. Most of the online quotes have a box saying 'who owns the car?' and a separate box 'who is the registered keeper?' so that all seems fairly easy given our set-up. One thing I did notice was the fairly significant impact the estimated mileage can have on the quote (seems obvious). I don't drive much, maybe about 5000 miles a year. The difference in my quote between 5000 and 10000 was about £10, so I went for 10000 to be safe, but the difference between 10000 and 15000 was about £350. So one to make sure you estimate properly!

 

[ROTA]

Update: I spent an hour or so getting online/phone quotes from various companies on the weekend. For me, the cheapest was Churchill, followed by Direct Line (about £300 more than Churchill). The others weren't even worth considering. Most of the online quotes have a box saying 'who owns the car?' and a separate box 'who is the registered keeper?' so that all seems fairly easy given our set-up. One thing I did notice was the fairly significant impact the estimated mileage can have on the quote (seems obvious). I don't drive much, maybe about 5000 miles a year. The difference in my quote between 5000 and 10000 was about £10, so I went for 10000 to be safe, but the difference between 10000 and 15000 was about £350. So one to make sure you estimate properly!

Wow that's some really good insight! Especially on the mileage because I've been variable with mine and estimating 8,000 - 10,000. Good to know the difference here is minimal and I should probably go for the safer option.

Were both Direct Line and Churchill okay with the setup with the company being the owner and the director being the registered keeper? Is that how you've gone about it?

 

[adambg]

Wow that's some really good insight! Especially on the mileage because I've been variable with mine and estimating 8,000 - 10,000. Good to know the difference here is minimal and I should probably go for the safer option.

Were both Direct Line and Churchill okay with the setup with the company being the owner and the director being the registered keeper? Is that how you've gone about it?

Yes, from what I've read here and from speaking to accountant, exactly that. Company is owner and I am registered keeper.

On the online quotes they had a box which said, 'who owns the car?' with drop-down options so I selected 'Limited Company' and a separate box 'who is the registered keeper?' with the same drop-down options and I selected 'Proposer' i.e. me individually. Not sure if there's any more to it than that tbh

 

[Blueskye]

Interesting, if it comes down to getting monitored insurance then I might give these guys a go. I’ll start searching when I get a VIN assigned

You can’t have a black box in a Tesla as far as I’m aware..
I had a black box and when took delivery of my M3 had to send it back as there was nowhere to put it (that I had access to)

 

[Blueskye]

Update: I spent an hour or so getting online/phone quotes from various companies on the weekend. For me, the cheapest was Churchill, followed by Direct Line (about £300 more than Churchill). The others weren't even worth considering. Most of the online quotes have a box saying 'who owns the car?' and a separate box 'who is the registered keeper?' so that all seems fairly easy given our set-up. One thing I did notice was the fairly significant impact the estimated mileage can have on the quote (seems obvious). I don't drive much, maybe about 5000 miles a year. The difference in my quote between 5000 and 10000 was about £10, so I went for 10000 to be safe, but the difference between 10000 and 15000 was about £350. So one to make sure you estimate properly!

The other way to do it is to simply put the lower mileage and if you get close (say 100 miles to the limit call them and say you believe you need more miles because you’ve been driving more than usual lately).
They will then only charge you pro-rata.

So for example if the higher mileage costs £100 a year, and you inform them on month 9, you only pay the portion for the remaining 3 months.

This is the case with any chargeable services, upgrades to your car etc.

Bear in mind on cheaper cars higher mileage is usually insignificant cost but on high class insurance it can be quite significant when your already shelling out in the region of £2,000+ a year.
I remember my quotes varied a LOT if I were putting 6,000, 7,000 or 10,000 miles.
Even during covid when most people drove at least half of their miles their refunds were silly useless and now they only refund if you overestimated by at least a 1,000 miles and it’s a maybe £50?
So I’d much rather underestimate and then upgrade if needed.

 

[ROTA]

Update: I've spent some time over the past 2 days searching for online quotes on the same comparison sites as last time and my results match that of others, the prices really have shot up! People are saying this is down to a long lead time on repairs but if I'm honest, I have no clue.

My original cheapest quote was for £4,191.76 from Admiral. After doing some quotes, just 1 month later, Admiral isn't even quoting and the cheapest I've seen is £5,800+

Ultimately, I'm unlikely going to just cancel the order since I've waited so long and got my heart set on the car but I really do hope that the prices drop soon, for the sake of my wallet we're meant to be exchanging and paying the deposit on our new house around the same time the car is expected to come too so we'll have massive outgoings in September

 

[adambg]

Update: I've spent some time over the past 2 days searching for online quotes on the same comparison sites as last time and my results match that of others, the prices really have shot up! People are saying this is down to a long lead time on repairs but if I'm honest, I have no clue.

My original cheapest quote was for £4,191.76 from Admiral. After doing some quotes, just 1 month later, Admiral isn't even quoting and the cheapest I've seen is £5,800+

Ultimately, I'm unlikely going to just cancel the order since I've waited so long and got my heart set on the car but I really do hope that the prices drop soon, for the sake of my wallet we're meant to be exchanging and paying the deposit on our new house around the same time the car is expected to come too so we'll have massive outgoings in September

Such a ridiculous price and so annoying for you that it just keeps going up. I fear it will be the same for me when I check again in a few weeks.

Good luck for September! I know how it feels when it all happens at once!

If you're set on the car but insurance is too much, you could always still get the car but just keep it off the road You won't be able to drive it but at least you'll be able to admire it and sit in it and pretend

 

[ROTA]

Such a ridiculous price and so annoying for you that it just keeps going up. I fear it will be the same for me when I check again in a few weeks.

Good luck for September! I know how it feels when it all happens at once!

If you're set on the car but insurance is too much, you could always still get the car but just keep it off the road You won't be able to drive it but at least you'll be able to admire it and sit in it and pretend

THAT WOULD BE SO MUCH WORSE

I’d never sleep at night. Although saying that I did post that update at 4am so not much would change there

 

[EverWave]

Hey!

Similar position as you guys above, first-time driver youngish (29) purchasing car through company. Can't find any quotes at the moment below £6,000.
Quite an unreasonable amount that would love any tips/tricks/companies that can help get this number down!

 

[adambg]

Hey!

Similar position as you guys above, first-time driver youngish (29) purchasing car through company. Can't find any quotes at the moment below £6,000.
Quite an unreasonable amount that would love any tips/tricks/companies that can help get this number down!

I'm also 29 and in London. Comparison sites didn't help me, I tried Admiral, LV, Churchill direct. My cheapest quote was Churchill for £1700 ish. That's with 10000 estimated annual mileage. Unsure why yours is so high.

 

[EverWave]

I only passed 2 months ago, will try ringing Churchill!
Will update with any progress

 

[adambg]

I only passed 2 months ago, will try ringing Churchill!
Will update with any progress

Ah I think that must be why! I've had my licence since I was 19. Good luck to you!

 

[ROTA]

I'm also 29 and in London. Comparison sites didn't help me, I tried Admiral, LV, Churchill direct. My cheapest quote was Churchill for £1700 ish. That's with 10000 estimated annual mileage. Unsure why yours is so high.

Oh man £1700 sounds so good to me right now

Plus side, I turned 21 yesterday so hopefully the quotes drop even by a few pennies

 

[adambg]

Oh man £1700 sounds so good to me right now

Plus side, I turned 21 yesterday so hopefully the quotes drop even by a few pennies

Mine's gone up £50 since I got a quote two weeks ago, but thanks to your recommendation to use Forza instead of my current provider, my finance may go down £1000. So still a big win.

PS Happy birthday for yesterday! Hopefully you get a belated VIN-assignment today

 

[ROTA]

Mine's gone up £50 since I got a quote two weeks ago, but thanks to your recommendation to use Forza instead of my current provider, my finance may go down £1000. So still a big win.

Oh sweet! Glad you made an enquiry and hopefully it all works out and ends up being cheaper!

 

[adambg]

Unsure if you're in the whatsapp group but there was a chat about changing the insurance quote by changing job title and someone posted a link which shows what reductions you can get based on a bunch of factors https://www.moneysavingexpert.com/car-insurance-compareplus/

I haven't been on that link yet but I went back to my Churchill quote and tried changing my job title. My mind is blown. I changed my job title from 'Computer Engineer' to 'Software Engineer' and the quote went down £40. I then changed it to 'Computer Programmer' and it went down another £150

I haven't tried changing the 'Industry' yet but that may make a difference too.

Go and see for yourselves!

 

[Tony Hoyle]

You can’t have a black box in a Tesla as far as I’m aware..
I had a black box and when took delivery of my M3 had to send it back as there was nowhere to put it (that I had access to)

They plug into the USB port. The older ones that needed hardwiring aren't common any more, because the insurance company often had to pay someone to fit it.