Keeping costs down is a key consideration of any business owner and replacing a fleet of company cars with one singular pool car can be a great way to do it. As such, Well Dunn Insurance has put together this useful summary of the benefits of investing in a pool car for your business.
- Fuel costs – Keeping an accurate check of your employees’ fuel usage can be difficult, especially if they all have their own company cars which they also use for private journeys. But if you have one pool car, which is kept at your company premises and is only used by your employees for business-related journeys, it is far easier to keep track of journeys made, which in the long run will reduce fuel costs.
- Insurance – Insuring one vehicle rather than several has obvious financial benefits. One Pool Car Insurance policy also cuts down on documentation and means you only have one annual renewal date to deal with. It is possible to further reduce costs if you take on an Any Driver Over 25 or Any Driver Over 30 policy. Visit our Pool Car Insurance page for more information.
- Tax – Subject to certain conditions, you are exempt from National Insurance and expense reporting obligations, which can be a great way to save money. Visit https://www.gov.uk/expenses-and-benefits-company-cars/overview for more information.
- Initial costs – This is an obvious one, but buying one pool car is a lot cheaper than investing in a fleet of company vehicles. Money you save can be better used within your business and you also avoid wasted time and hassle.
- Parking space – City centre-based businesses in particular are very limited in terms of parking spaces, with some restricted to just one or two spaces. Pool cars can be very beneficial in such circumstances, as if staff have an immediate need to make a journey, they can make use of a pool car which is parked on site.
- Security – As a pool car is parked at your company site overnight, you can ensure it is safe and secure and do not need to rely on your staff.
For more information, visit our Pool Car Insurance page.