Hi all, I recently bought out my 2020 Tundra lease and I’m getting ready to sell the vehicle to my company for the tax deduction this year. Does anyone have a commercial vehicle insurer they recommend in Texas? I know the policy will most likely be more expensive than our personal policy was.
Can’t you insure it under your current personal insurance as a business vehicle?
My understanding from the CPA is that the company needs to maintain the insurance since the company would own the vehicle. It won’t be for personal use anymore.
Right. Ask your current insurance if they sell business insurance. I have this arrangment.
It varies by state. I have leased a car thru my company in the state of MD under my own personal insurance policy and the company listed as another “driver”. I also recently leased a vehicle from a PA dealer but to be registered in MD. PA required a legit Business/Corporate policy for me to drive it off the lot in PA, but then I could switch it over to my personal policy again when registered in MD.
And the corporate policy premium was approx. 10x what the personal policy is. I wouldn’t have leased the car because the premiums would have been more than the payments.
It might also depend on the Bank/lender - and how they will want it insured. If you are financing it.