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Thread: Company vehicle and personal policies?

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    Company vehicle and personal policies?

    I have a company vehicle now and we have 3 other vehicles (plus my fully insured buggy), between my wife and I. My wife needs a vehicle full time, and I'm very happy driving the company vehicle, and the only other vehicle I need occasionally is my truck to tow the buggy, but that's mostly in the summer.

    I was gonna get rid of the old little beater, but I started thinking about the affect that'll have on my own personal insurance history. If I don't have a policy in name for a few years, will that turn me back into a new driver insurance history wise?

    If I have to keep something in my name, will just fire and theft do? Does my offload buggy insurance count? Or maybe I can list myself as an occasional driver under my wife's policy? I'll call my insurance company tomorrow and ask, but I wanted to hear others experiences who were in my shoes, and there's no guarantee I'll go back to my current company in the future so I don't just want their answer.

    Thanks
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    Fire and theft definitely works. It shows coverage. I went through the same thing years ago when I was in school and could walk to the course so I opted to save on insurance.

    Your work vehicle will also work but then you might need proof that you are on their policy which means lots of corporate red tape which in the end can put you in an unfavorable light at work. It is sometimes best to just avoid that and keep your personal issues from becoming an office problem.

    The other option is to have you as a secondary on your wife's vehicle. It might not cost you a dime if you can prove you have FULL UNRESTRICTED personal use of the company car. Otherwise they might consider you to not have an insured personal use vehicle and will assume you will be driving the wife's car more than you claim. I have to have my wife on my truck insurance even though she has never driven any of my last 4 vehicles EVER. Not even to move them in the driveway. Doesn't cost me anything but insurance company wants her on the policy and it is better than the effort of excluding her. I even have to give them her license for any motorcycles I have insured even though she doesn't have an M license. Doesn't make sense but I play the game.
    Last edited by EXRACER#2; 06-22-2013 at 09:12 AM.

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    Company vehicle and personal policies?

    Thanks EX, and yeah I just confirmed with my personal insurer. They said I will not restart as a new driver, but they may require a letter of experience and confirmation that the company vehicle was mine the entire time. I will also put myself under my wife's policy, at no cost, which is kinda surprising.

    I will do some more digging around, but I'm very likely going to get rid of my car and insurance. Even though my wife will lose the multi line discount, and I'll lose my loyalty credits, I'll still save a bunch over the years to come.

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    It gets silly which hoops to jump through sometimes but unfortunately you can't afford to screw it up.

    Every insurer has different rules and requirements. I would even go as far as asking them to write you a letter documenting what they just told you so that there is no miscommunication issues later. I was even told that if you were to leave the country for a period of time unless you keep a vehicle insured as fire/ theft it still means you have a lapse in coverage and your start as a new driver. Unfortunately the system (insurance) makes up its own rules and there are no (very little if at all) accommodations for any situation aside from the completely straight forward.

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    Re: Company vehicle and personal policies?

    Quote Originally Posted by EXRACER#2 View Post
    It gets silly which hoops to jump through sometimes but unfortunately you can't afford to screw it up.

    Every insurer has different rules and requirements. I would even go as far as asking them to write you a letter documenting what they just told you so that there is no miscommunication issues later. I was even told that if you were to leave the country for a period of time unless you keep a vehicle insured as fire/ theft it still means you have a lapse in coverage and your start as a new driver. Unfortunately the system (insurance) makes up its own rules and there are no (very little if at all) accommodations for any situation aside from the completely straight forward.
    This is indeed true. I have a friend who moved to Bermuda for 3 years, came back and both he and his wife are now new drivers
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    Company vehicle and personal policies?

    All licensed drivers residing at the address of the policy have to be on the policy. Example - if you have a kid and he turns 16, whether he drives or not he has to be put on as a occasional driver.

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    Re: Company vehicle and personal policies?

    Quote Originally Posted by bierchef View Post
    All licensed drivers residing at the address of the policy have to be on the policy. Example - if you have a kid and he turns 16, whether he drives or not he has to be put on as a occasional driver.
    Not so, my wife had to provide a letter to her insurance company stating her parents would not drive her car, then she didn't have to list them.

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    OK, some information is correct here, some is unclear.

    Drizit, what they did was exclude your inlaws from your wifes policy, its done via a endorsement, and is done all the time. Its endorsment 28a FYI. Its done to exclude someone who has a DUI, or too many tickets etc.

    If your over the age of 25 with a clean driving record there is no charge as an occasional driver, keep in mind, you have to have a accident free record. A letter of experiance is always a good things to have, and shouldnt be a lot of "red tape" as it is completed by the insurance company, a quick call to them and they should be able to send it out.

    If your buggy is a green platted vehicle, it will be insured on a auto policy somewhere, and registered to your drivers licence number. However, Iam not sure how you have it insured, nor have I ever insured one, but im assuming if is the same as an ATV/UTV.

    All insurance companies have the same rules when it comes to AUTO insurance in Ontario. We all write the same OAP 1. Although, that being said, we all have different underwriting rules on a company basis. Confused yet?

    Hope that helps.


    BTW... is this forum not suppose to be like the "ask an officer " forum. I know our local broker is recovering, but bad information can be spread really quick in these forums regarding insurance. Luckily this time, most of it was good info.
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    Company vehicle and personal policies?

    ^ Thanks for the info, my buggy is green plated and insured with liability, fire & theft, family protection, etc. but I'm pretty sure it's not a road policy, but it's a full policy otherwise.

    My insurance company said its no charge and no issues going on my wife's policy, but I can't start it until I get rid of my car and policy first.

    If a letter of experience from my company is only a letter from my manager stating I've had the company vehicle for so many years, then it would be no issue, but if I have to get that letter from their insurance company, I'm sure it'll be bucket load of headaches.

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    I'm trying to understand why you and your wife have separate insurance policies...we have a single policy that names both of us and covers both of our vehicles...single policy number...she is listed as primary on the van, and I am listed as primary on the Jeep...
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    Company vehicle and personal policies?

    Quote Originally Posted by igotafrigginjeep View Post
    I'm trying to understand why you and your wife have separate insurance policies...we have a single policy that names both of us and covers both of our vehicles...single policy number...she is listed as primary on the van, and I am listed as primary on the Jeep...
    Hopefully crazykid will chime in, but I can't remember the advantages of multi policies vs a single one.

    Some disadvantages to a single policy (I think anyways):

    - You make a claim on one vehicle, both cars get higher rates.
    - No multi policy discount
    - One of you gets a ticket, both vehicles pay more
    - possibly less coverage?

    I know I did some research on this years ago, and decided it was best to keep our policies separate. I might've posted it on here, I'll see if I can find it.


    EDIT: Found the thread I was thinking of, but what gives batman, it's a sticky in Jeeps for sale? LOL, anyways, the way Belaire Direct explained it to me at the time, it made good sense to spread the risk between two policies vs taking a major hit on one policy. Here's the thread, some good info there as well.

    http://www.jeepkings.ca/forums/showthread.php?t=102348
    Last edited by MUD DAWG; 06-24-2013 at 09:42 PM.

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    Quote Originally Posted by MUD DAWG View Post
    I was gonna get rid of the old little beater, but I started thinking about the affect that'll have on my own personal insurance history. If I don't have a policy in name for a few years, will that turn me back into a new driver insurance history wise?
    MUD DAWG - I retired recently after about 25 years with one company and having had a company car for that entire time. I had similar concerns and in the end it wasn't a problem at all. I got quotes from my wife's insurer and 2 others and they were all about the same. None of them asked for a "good driving" letter from the company I was employed by.

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    Company vehicle and personal policies?

    Quote Originally Posted by PCO6 View Post
    MUD DAWG - I retired recently after about 25 years with one company and having had a company car for that entire time. I had similar concerns and in the end it wasn't a problem at all. I got quotes from my wife's insurer and 2 others and they were all about the same. None of them asked for a "good driving" letter from the company I was employed by.
    Good to hear. And in reality, even if you had to start out again as a new driver for a couple of years, the amount you have saved over the 2 and a half decades vastly outnumbers the higher premiums now.

    Congrats on the retirement

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    Thanks. I saved for sure but I considered it to be part of my salary. I haven't paid attention to gas prices (sort of) over the years. It was a SHOCK ... but I bought a Jeep any way.

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    Company vehicle and personal policies?

    Quote Originally Posted by PCO6 View Post
    Thanks. I saved for sure but I considered it to be part of my salary. I haven't paid attention to gas prices (sort of) over the years. It was a SHOCK ... but I bought a Jeep any way.
    Gas prices and your Jeep must've been a double whammy to you for sure. My biggest shock was when I found out my diesel Suburban, loaded with gear, pulling a heavy car trailer loaded with my Jeep, actually got better fuel economy than my YJ did

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