For many people, their company car is essential for their job. Not only does it provide a reliable mode of transport, but it may also offer additional benefits such as free servicing or insurance. But, is this insurance classed as ‘no claims’? The answer to this question may depend on the type of policy and the company, so it’s something worth researching further before committing to a purchase.
According to policy expert Adrian Flux, the majority of car policies provided by a company are classed as ‘third-party’, meaning that they provide the legal minimum cover required of all drivers. Unfortunately, while this type of car insurance covers any damages to a third party in the event of a collision, it does not count towards a no claims bonus.
However, not all company policies are third-party. In fact, some companies may offer fully comprehensive car insurance to their employees. This type of policy means that any damages to the driver’s car (as well as the other party’s) will be covered by their insurer. This can provide greater peace of mind for drivers, knowing that accidental damages will not result in costly repair bills. Furthermore, in circumstances where the employee makes a claim on their policy, most insurers will count this towards the driver’s no claims bonus.
Of course, the terms and conditions of each policy may differ depending on the company, so it’s important that drivers read any documentation thoroughly before signing up to any service. For instance, if the agreement states that the car must be returned in its pre-accident condition, then the driver will be liable for any repairs, so it’s essential that a policy be taken out that covers these eventualities.
Aside from the financial implications of company car insurance, drivers must also consider the other perks that may be included. For example, some policies may include roadside assistance in case the car breaks down or runs out of fuel. This type of cover can provide immense peace of mind while driving, hitting the road knowing that any issues can be quickly resolved.
Finally, when it comes to company car insurance, it’s important that drivers take all relevant factors into consideration before making a decision. With any luck, employers will provide comprehensive policy details, allowing staff to make an informed decision on whether to take out insurance with the company or to go with a third party provider.
Are There Other No Claims Benefits?
While company car insurance may not count towards a driver’s no claims bonus, there are other ways to get preferential treatment from insurers. For instance, some insurers may offer a reduced premium for drivers who have held a policy for a certain number of years, or for those who have not made any claims in the last 12 months.
Moreover, many policies allow flexible payment plans, meaning that payments can be spread across the year in smaller increments. This can help drivers stick to their budget and provides extra incentive for those who can pay in one lump sum. Furthermore, many insurers offer multi-driver discounts, so additional drivers may be covered at a reduced rate.
Not only this, but some car insurers may provide additional benefits such as legal cover or income protection. This type of policy helps to cover any legal fees and may provide some financial security in the event that the driver is unable to work. Again, these terms may vary between providers, so it’s always worth talking to an expert to see what best suits the driver.
Do Drivers Need to Use Specialised Companies For Company Car Insurance?
When searching for car insurance, it’s important to remember that all insurers are different. For example, some may provide third-party cover, while others may not. As such, it’s a good idea to shop around and compare different providers, looking for a policy that best suits the driver’s needs.
In addition, it’s important to remember that some companies may specialise in more specific types of insurance such as fleet cover. If a business provides cars for its employees, then this type of cover may be beneficial. Furthermore, these policies often provide a range of added extras such as breakdown assistance, covering all drivers on the same policy. Again, it’s always worth speaking to an expert to see what type of cover is available.
In short, when it comes to company car insurance, drivers must always remember to read the small print to ensure that they have the right policy for their individual needs.
Does Company Car Insurance Affect Personal No Claims?
When it comes to personal car insurance, some drivers may be eligible for a no claims bonus. This allows drivers to reduce their premium by as much as 65%, giving them peace of mind in the event of a claim. But, does company car insurance affect personal no claims?
Unfortunately, it is not possible to transfer a no claims bonus from one vehicle to another. However, most insurers do track how long a driver has held a policy for, so those with a longer driving history may be eligible for a discount. Furthermore, some insurers may offer a discount to those who have held company car insurance for a certain length of time, so this may be something worth considering.
Not only this, but personal car insurance may also provide additional benefits such as breakdown cover or legal protection. These extras can help to provide the driver with extra financial security in the event of an incident, so it’s worth researching the policies thoroughly.
Finally, it is important to remember that the terms and conditions of each personal policy may differ between providers. As such, it is always wise to thoroughly read any documentation before signing up to a service.
Are There Other Benefits to Non-Company Car Insurance?
It’s important to remember that not all car insurance is created equal. While a company may provide a policy to its employees, this may not be the best deal for the driver. For example, some non-company car insurance policies may provide greater protection in the event of an accident, and may also cover any driver protection needs.
Furthermore, some non-company car insurers may provide lower premiums than those provided by the company, meaning that drivers can save money in the long run. Not only this, but some third-party insurers may provide an additional discount if the driver signs up for a certain number of years, or if they have held a policy with another provider for a certain time period.
In addition, some policies may provide more flexibility for drivers, for example, allowing them to pay monthly rather than in one lump sum. This can provide a great deal of freedom when managing finances, and can be a huge asset when budgeting for a car.
Finally, some third-party insurers may provide additional cover for the driver’s vehicle such as breakdown cover or legal protection. This type of cover can provide immense peace of mind, allowing drivers to hit the road knowing that their car is protected.
How Can Drivers Find the Best Car Insurance Deals?
When it comes to shopping for car insurance, it is important to remember that different policies offer different benefits. As such, it’s always a good idea to shop around and compare different providers before committing to a policy.
Fortunately, this is much easier than it used to be, with many comparison websites now available online. This can provide drivers with a greater understanding of the different policies on offer, allowing them to make an informed decision while looking for a policy.
In addition, it’s important to remember that insurers may specialise in certain areas. For example, there may be providers who only offer comprehensive policies, or those who focus on business car insurance. As such, it is always wise to talk to an expert who can advise on what product best suits the driver’s needs.
Finally, when it comes to car insurance, it’s important to remember that drivers are in control. With so many providers now available, there will be one that matches the driver’s needs, offering the cover they need at a price they can comfortably afford.
