Why Use Company Car Insurance for Your Business
Interested in buying a policy for your company car? If you have just started your own business you probably already know about all of the multitudes of expenses that you’re in for during the first year. Even seasoned business owners may benefit from using company car insurance for business.
Find free online car insurance quotes with just your zip code now!Many new business owners watch the funds rapidly decline and begin to panic. Their first thought is to start cutting corners where they can. One might even consider cutting down on company car insurance. This could be a very costly mistake.
Questions about Company Car Insurance
What if there was an accident that totaled your business car? Would you be able to replace it out of pocket? Few small businesses can afford to give away that much capital at once. There are many types of business vehicles that you might use in a day’s time, depending on your industry; and as many types of commercial car insurance to cover them.If you are a repair man you may use your company van to transport all your tools and necessary equipment to a new location. If you deal with some big clients you may well have a limo as a company car in order to transport them around. Perhaps you just run around town from time to time to meet with clients in your office vehicle. Whatever your business is, most business owners will need a reliable and well insured vehicle for professional use.
Does Company Car Insurance Really Save You Money?
One good reason to get company car insurance or a business auto policy is the fact that it can save you money! We’re not just talking about covered claims. Insurance on the car can be counted as a business expense on your taxes. Getting a break on your taxes, even a small one, can be very important to a new and emerging business.
Maintenance to the car and even the gas you use for business reasons can also be deducted as business expenses from your company’s taxes. Even that oil change you just had done can be written off! Just remember to keep good records of your mileage and car expenses just in case the IRS ever comes knocking wanting to see your receipts. Various rules and regulations apply, so always be sure you understand the ins and outs before making any tax deductions.If you are looking for more ways to save on company car insurance, be sure those employees you hire have squeaky clean driving records. You will be paying for their coverage, which is partly based on their personal auto history. Make sure your employees are very responsible. If they get into an accident while driving the company car, the company insurance rates will go up, not just their private rates.
This fact can actually cause some employees to drive with less caution than they would take with their own car. Accidents do happen, but carelessness or reckless driving can be avoided by educating your employees on proper company vehicle care and defensive driving. Be sure to keep track of each employee’s vehicle mishaps. Some insurance companies will give you a discount if your drivers attend a defensive driving course.
The Online Search for Company Car Insurance
There are plenty of discounts you can inquire about. If you are insuring a high number of vehicles, you can ask about fleet insurance which will give you discounts for multiple cars. If the car is driven less than 10,000 miles a year, you can also inquire about low mileage discounts.The key to finding the right business car insurance for you at the right price is to make sure you are getting all the coverage that you need—no more and no less. Perhaps liability coverage will be enough for your car, and you can drop full coverage. Perhaps a smaller insurable amount will suit you. A good way to save is to shop for new policies online. Getting price quotes through comparison shopping has helped some reduce their rates by hundreds of dollars a year.
The Internet makes the process easy these days. Instead of spending the entire day on the phone getting rates from multiple companies, with a few clicks of your mouse, you can have a number of quotes from different companies in a few minutes. Remember not only to look at the dollar signs but to also read the fine print of each contract so that you can understand exactly what the policy covers and what it doesn’t. Online quotes are just previews of the real contract, which will be mailed to you or signed in an office.
Running your own company is a big responsibility. Ensure that your company vehicle, be it one car or an entire fleet, is properly insured. Why not search for company car insurance quotes right now by entering your zip code and using our online comparison tool?
