Opting Out of Your Company Car Scheme
Just a couple of months ago we revealed the new tax measures affecting company car schemes. And with the tax goalposts continuing to shift over the next few years, firms are already starting to restrict the choice of company cars they offer to their employees.
Out go the highly desirable (yet highly-powered and consequently highly-taxed) models – in come the less glamorous, lower emission alternatives.
So it’s perhaps no surprise to see more and more people opting out of their company car schemes.
But those very people could be in for a shock further down the road when they come to insure their own vehicle - especially if they’ve been driving a company car for a number of years.
That’s because when it comes to company cars, the vast majority of motor insurers make no allowances for a history of safe driving. You could rack up ten years ‘no claims’ in your company car, and find it absolutely worthless when you insure your own.
The lack of a no claims discount can add hundreds to a premium. But thankfully, there’s a better way.
Ex-company car driver insurance
Specialist insurance brokers offering dedicated ex-company car insurance will be far more sympathetic to your plight – and take into account your previous years on the road.
As a result you’re likely to find a lower premium – helping to justify your decision to opt out of your company car scheme in the first place.
Ex-company car driver insurance is a specialist product and not the kind of cover you can find on the high street, but steer towards QuoteRack and you’ll find a number of brokers able to provide you with a quote.