Insuring Your Company Cars: Everything You Need to Know
Learn how to compare business car insurance quotes effectively with this guide! In today’s economy, owning and maintaining a vehicle can be expensive, whether you own or lease the vehicle or provide it to your employees as part of their job benefits package. If you decide to go the latter route and provide company cars to your staff, there’s a good chance you’ll need to pay some sort of insurance costs on each vehicle owned by the company. This can add up very quickly! Learn how to compare business car insurance quotes effectively with this guide! Read more . . .
The Benefits of Insuring Your Company Cars
Many small business owners think it's a waste of time and money to spend hours researching insurance for their company cars. After all, the company car is used for work purposes only and driving is not part of the job description. However, when you provide your staff with company cars there's a good chance you'll want them insured - after all, if they get into an accident while on the job they'll be covered by your business's insurance policy. And that coverage doesn't come cheap! Fortunately, we've got some tips on how to get the best value out of your commercial vehicle insurance plan. For starters, don't forget about regular maintenance like tire pressure monitoring systems or wheel alignment. These two components alone can help cut costs down significantly because they're usually in-house items and can reduce claims as well as damages in the event of an accident. Next up are features like anti-lock brakes (ABS) which will minimize any damage done in case of a collision. Other low-cost features include air bags, side door beams (for added protection), power windows (which are easy to roll up instead of paying someone) and fuel-saving technologies like start-stop ignition or dual control transmissions which save gas at every stop light. Finally, keep in mind these five critical points before signing on for a commercial vehicle insurance policy 1. The age and condition of your vehicles
2. Your personal risk tolerance
3. The number of employees using company cars 4. How much mileage each car accumulates monthly/yearly
5. Whether you're looking for liability or full coverage
How Much Does It Cost to Insure a Company Car?
There are four main types of business car insurance available. The first is Comprehensive, which covers all the perils that can come your way. This includes hail storms, theft, vandalism and accidents caused by uninsured or underinsured drivers.
The second type is Collision, which pays for damages to your vehicle due to a collision with another object or vehicle.
The third type is Liability, which provides coverage if you cause an accident that involves injury or property damage and you're found at fault.
The fourth type of car insurance is Uninsured Motorist Protection (UMPP), which pays for injuries incurred in an accident with a driver who doesn't have any form of auto insurance. If you own a fleet of cars, consider purchasing fleet protection, as this will cover not only your company cars but also any employee-owned vehicles on company grounds. Another option for businesses that operate fleets is buyback insurance, which will help cover the cost of replacing a lost vehicle when it's no longer usable or irreparable.
What Does It Mean to Insure Employees' Vehicles?: Employees' vehicles may be insured as long as they're parked on company grounds during working hours and their employer has purchased their own motor carrier liability policy.
What Does Company Car Insurance Cover?
Car insurance typically covers your vehicle, but it also covers you and any passengers in the event of an accident. The more passengers, the more expensive it will be. If you are driving a company car and are involved in an accident while not at work, both your own auto insurance and your employer's insurance might cover damages up to the limit of liability on each policy. If you have an accident with a company car while at work, only your employer's policy would cover damages up to its limits. What Happens When Employees Drive Company Vehicles Privately? Employee use of the company car for personal reasons is covered by the employee's personal auto insurance, but some companies do offer limited coverage when employees drive their vehicles privately. It is best to check with your HR or management team about what options are available if you intend to occasionally use the company car for personal purposes. In general, drivers who keep track of mileage driven during personal versus work-related trips should use this information to divide the cost of gas, maintenance, and other expenses between the two categories as fairly as possible. For example, one driver can save 100 miles worth of fuel for private travel by letting his coworker take him to lunch; then he reimburses his colleague for that trip out of his own pocket when he makes that same round-trip from home to work next week. Likewise, drivers should keep receipts and make sure they pay for services such as oil changes or tire rotations themselves rather than letting them come out of corporate funds.
Do I Need to Insure All of My Company Cars?
Whether you run a small business or a much larger enterprise, if you provide your staff with company cars there's a good chance insuring all of those vehicles. This can be an expensive endeavor and it's worth your while to compare the market carefully before making any decisions. Here are some tips on how to get the best deal on company car insurance:
- Gather quotes from at least five different companies before settling on one.
- Make sure that you cover as many drivers as possible and make sure that they each have their own policy. - Ask about any discounts that might apply for your business model, such as bundling policies, bundling services like auto insurance and life insurance, and more.
- Compare prices for individual coverage versus family coverage. Find out which option is cheaper in terms of price per driver, cost per day, and more. It may seem tempting to buy just one policy for everyone but this isn't always the cheapest option. - Find out what type of coverage is available for your specific needs. While most people will find themselves purchasing liability-only coverage (which provides protection in case another person is injured or property damaged), you should also look into adding collision and comprehensive protection (covers damage caused by factors outside of accidents) if applicable.
How Can I Get the Best Deal on Company Car Insurance?
The first step in getting the best deal on company car insurance is knowing which coverage levels your business needs. Do you need liability, collision, and comprehensive? Or just liability? Knowing this will help you find a policy that works for your budget and risk tolerance.
It's also important to know how many vehicles are in your fleet. The more cars there are, the higher the cost of insurance will be because it's riskier. For example, if there are five employees and they each have their own car, then one vehicle is likely enough. However, if an employee has a small family or lives far away from work then they may need two or three cars- thus doubling or tripling the insurance costs. If it turns out that you'll need multiple vehicles, then there are several ways to reduce your company car insurance costs:
Second, pay in advance. With monthly payments it's easier to forget about the bill until the end of the month and not remember to send in payment. Paying for your policies upfront ensures you don't miss a payment. Third, buy as few policies as possible. In most cases, businesses with fewer than 20 cars should stick with liability only so they can get competitive rates. Finally, consider discounts like safe driver and good student; these can save up to 15%. They're worth considering, especially if you're worried about rising premiums.
Third, buy as few policies as possible. In most cases, businesses with fewer than 20 cars should stick with liability only so they can get competitive rates. Finally, consider discounts like safe driver and good student; these can save up to 15%. They're worth considering, especially if you're worried about rising premiums.
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