Registration in whose name · acceptance · business asset
Insuring a classic car in your company's name
As soon as a classic car is registered in the name of a bv or a sole trader, the question of acceptance changes. Many classic car policies are private products and assume a hobby driver, not a legal entity.
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Deze pagina in het Nederlands: Een oldtimer op naam van uw onderneming verzekeren.
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- We compare the offerings of several insurers
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- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
The first question is not which cover you want, but whether the insurer is willing to take the risk in a company's name. A large part of the classic car market is set up for a private enthusiast with a second car in the household and a garage at home. As soon as the registration moves to a legal entity , that starting point falls away: there is no household, several people may drive the car and the vehicle stands on business premises. Some companies accept this under a clause naming one regular named driver on the policy schedule.
The second point is the no-claims years. These are built up in the name of the registered keeper. If you transfer a classic that was privately insured for years to your company, the discount built up does not automatically move with it, and neither does it on a later transfer back. Have this recorded in writing before the transfer, because it cannot be put right afterwards. The same applies when a business ends: on cessation the vehicle has to be insured again in whatever name it then carries.
If the car remains a hobby vehicle even in the company's name, the clause on use is still the heart of the policy. If it is actually put to work, for example for representation or promotion, see business classic car insurance. If you own several classics, a collection policy is often cheaper than separate policies; you can read about that on the classic car portfolio. The general product explanation is on the hub page on classic car insurance.
This page deals with one situation. The full overview is on Compare classic car insurance.
What to look out for
Four points that arise as soon as the classic becomes a business asset.
Who may drive is stated on the policy schedule
With business registration, not everyone in the company is automatically covered. Insurers work with a named driver clause: a minimum age, a minimum number of years holding a licence and sometimes an exhaustive list of names. If you let an employee or a business contact take a run that falls outside it, the own-damage claim is not covered and the third-party liability insurer can recover the amount paid from you.
The valuation and the book value are two different amounts
On the balance sheet there is a book value determined by depreciation or indeed by a revaluation. The insurer pays on the basis of the agreed value from a valid report by a recognised valuer. If that valuation expires, you fall back on market value. Article 7:960 of the Dutch Civil Code prohibits a payment that puts you in a distinctly better position; within that limit the valuation gives certainty.
Kept on the company site
A classic car in a business unit often stands among plant, stock and forklift trucks. Check whether the storage clause allows that situation and whether damage from other activities in the same space is covered. If a member of staff runs into it with a forklift, that claim does not go through the own-damage policy on the classic but through your company's liability; see the public and employers' liability insurance.
What the policy does not cover
Even with business registration the standard exclusions continue to apply: hiring out and carrying people or goods for payment, taking part in races and speed trials, damage caused by wear, corrosion and inherent defect and damage during maintenance work. Driving without a valid licence or under the influence also removes the cover, and deliberate acts fall under Article 7:952 of the Dutch Civil Code.
What does your premium depend on?
- Legal form and registered keeper — sole trader, general partnership or private limited company
- Circle of drivers — one regular driver or several people
- Agreed value — established by a recognised valuer
- Where the vehicle is kept — business unit, garage or rented space
- Use agreed — hobby runs or genuine use for the business
- The company's claims history — with several vehicles the overall picture counts
Insurers weigh these details differently. That is why comparing pays off.
What is covered
| Situation | Third-party liability | Comprehensive |
|---|---|---|
| Your works manager runs the classic into the loading dock while manoeuvring | No | Yes |
| An oncoming driver is injured in a collision for which your driver is at fault | Yes | Yes |
| The classic burns out through a short circuit on the way to a client visit | No | Yes |
| The vehicle is stolen from the locked business site | No | Yes |
| The gearbox fails on the road and the car has to be towed away | No | No |
| The car is damaged while being loaded on to a low-loader for an exhibition | No | Provided that |
Transport on a low-loader and storage with third parties fall under different conditions from driving itself; ask about that in advance.
Frequently asked questions
The questions we are asked most often about this.
Can any classic car policy be put in the name of a bv?
No. Some classic car products are offered only to private individuals, because acceptance assumes a private situation with a second car and a garage at the house. Other companies do accept a company, usually with a clause about the regular driver. That difference lies in the acceptance conditions and not in the price, so comparing on premium alone quickly leads to a refusal here.
Do I take the discount built up privately with me to the company?
Sometimes, and only if you remain the regular driver yourself. Insurers apply their own rules here and rarely record them of their own accord. Ask for written confirmation before you change the registration. Without that confirmation you start at the entry step in the company's name, while your private accrual falls away as soon as the registration leaves your name.
What happens if the business is sold or ceases?
The policy is tied to the policyholder. If the business is transferred or wound up, the insurance ends or has to be put in a new name. Arrange that in advance, because a day without cover on a live registration is a breach of the insurance obligation under Article 2 of the Dutch Motor Insurance Liability Act (WAM) and also leaves an uninsured vehicle in the unit.
May I use the classic for a client visit?
That depends on the clause on use. If it says the car is insured for hobby and recreational runs only, a business journey falls outside it, even though the registration is in the company's name. If you genuinely want to use the car now and then, have a wider description of use included. The premium rises, but the question of cover is then no longer open to argument.
