Company car insurance
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How to save money on car insurance
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Read our guide
Learn how to save money on your car insurance with our special guide...
What is company car insurance?
Many businesses lease cars for their employees, but not all of them cover the insurance. If you are a company car driver you might find that arranging car insurance for it can be a bit of a hassle.
Some car insurance companies won’t offer cover for lease vehicles because their policies state that the driver must also be the owner of the vehicle.
Therefore you might find that the best options is more specialist company car insurance policies, which also have the benefit of being tailored to those who drive their car for business use.
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Who needs company car insurance?
Standard car insurance policies provide cover for social and domestic use, which includes commuting to and from work.
If you use your car for more than just that in relation to your work, then you will need to take out a more specialist business or company car insurance policy.
The first thing you need to know about company car insurance is that it is not as straight-forward as getting a standard social and domestic use policy. There are lots of different types of car insurance available depending on your job and what you use your car for at work.
Some obvious jobs that require their own kind of insurance policy include:
As well as these types of policies, company car insurance can come in more specific forms for people who use their car a lot during work but not necessarily as part of their job:
Business use – This will cover you for everything included in a standard policy, as well driving to, from and between multiple work offices or sites.
Business use by you and your spouse – This extends the standard business use policy above to also provide cover for your spouse.
Commercial travelling – This may be needed if driving is a permanent part of your job, and you are selling goods or services.
As many workers’ company car use is different, these types of policies can be complicated and have a lot of different factors and features. Therefore it is always a good idea to read the small print and compare quotes from lots of different providers to make sure you get the right policy for you.
Some common uses of business vehicles that could require specialist insurance cover include:
- Regularly driving to different locations / work premises
- Driving a lot of miles every week
- Regularly driving colleagues around
- Using your car for tasks related to your work – appointments etc.
How to get cheap company car insurance
As company car insurance is needed because you use your car more for different purposes than just ‘social’ and ‘domestic’, they can tend to be more expensive than standard insurance policies.
Insurance companies use a range of different factors to calculate premium prices, such as:
- When and where the car will be driven
- Who will be driving the car
- How many business miles the car does
- What the car will be used for
As all of these factors will differ depending on each individual case, the cost of company car insurance is likely to vary depending on your individual needs and requirements.
It may feel that not declaring to the insurance company that you plan to use the car for business purposes will save a bit of money, but failure to do so could lead to your policy being invalidated and unable to pay for your claim if you have an accident.
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