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Topic Review (Newest First)

04-24-2018 05:04 AM
Unregistered
Re: Can I personally insure a car that is used by and owned by my LLC?

Quote:
Originally Posted by Jason 45 View Post
NY
Am I allowed to pay the insurance bill (billed to the LLC) from my personal account if my LLC owns the vehicle?
That doesn't violate any insurance law does it?
That is also going to affect the tax and accounting of the LLC when you start making contributions and commingling your funds and the LLC funds. In essence you are making a contribution to the LLC by paying that bill.
04-11-2018 11:15 AM
adjusterjack
Re: Can I personally insure a car that is used by and owned by my LLC?

Quote:
Originally Posted by Jason 45 View Post
NY
Am I allowed to pay the insurance bill (billed to the LLC) from my personal account if my LLC owns the vehicle?
That doesn't violate any insurance law does it?
You can pay it from your personal account and there is no law against it.

However, the risk of paying any of your LLC expenses from your personal account is that you erode the barrier that separates you from the entity that is the LLC and makes it easier for the enemy to "pierce the corporate veil." (google it.)

Make sure you pay all your LLC expenses from the LLC account.
04-11-2018 05:05 AM
Jason 45
Re: Can I personally insure a car that is used by and owned by my LLC?

NY
Am I allowed to pay the insurance bill (billed to the LLC) from my personal account if my LLC owns the vehicle?
That doesn't violate any insurance law does it?
10-24-2017 09:42 AM
Lexus
Re: Can I personally insure a car that is used by and owned by my LLC?

A vehicle must need an insurance it is not relevant that who paid it.Since the LLC and the Vehicle is owned by you, there is no legal issues.
10-23-2017 09:36 PM
Highwayman
Re: Can I personally insure a car that is used by and owned by my LLC?

You apparently don't get it.
10-23-2017 08:07 AM
Katti87
Re: Can I personally insure a car that is used by and owned by my LLC?

To my knowledge anybody can make the payment but the car is still owned and titled however it is - and that is how the insurer will calculate the premium.

I paid for my mother's insurance one time and covered her for six months with that payment.
The insurer certainly never objected or even asked why I wrote the check from my account.
10-22-2017 12:40 PM
adjusterjack
Re: Can I personally insure a car that is used by and owned by my LLC?

The LLC would have to buy a commercial auto insurance policy at much higher rates than a personal auto policy.

A personal auto policy can be rated for business use of a car at lesser cost.

There isn't any disadvantage to owning and insuring the car yourself.

You'd be responsible for your own negligence anyway. The LLC isn't going to help you there.
10-22-2017 11:03 AM
Highwayman
Re: Can I personally insure a car that is used by and owned by my LLC?

Why don't you ask your insurance company?
10-22-2017 07:19 AM
Omaha2
Can I personally insure a car that is used by and owned by my LLC?

Can I personally insure a car that is used by and owned by my LLC?

Or must the LLC purchase the insurance?

Is there any disadvantage to me purchasing it, if it is allowed?

Thank you!

Nebraska

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