If you’re lucky enough to get a company car for work, you already reap plenty of benefits. You don’t have a car payment; you don’t need to pay for gas, tolls, or maintenance; and you don’t have to put wear and tear on your own vehicle. However, while there are plenty of benefits to driving a company vehicle, it’s still important that you understand the rules, laws, and expectations of being behind the wheel of that vehicle. Before you graciously accept the keys from your employer, here are four things you need to know about your company car.
1. Your driving history could have an impact on this benefit.
If you have a poor driving history, your employer could decide not to give you a company car. At the same time, if you violate the driving laws and end up with a specific amount of traffic violations while you already have the company car, the company could decide to take it away from you. Before you sell your personal vehicle because of a sought-after company car, it’s important for you to determine if your current driving record could play a role in the future of this benefit.
2. Know the insurance details.
Every company that offers company cars will have some sort of policy in place, and this includes insurance. While most companies will pay for the insurance of the vehicle, it’s still important for you as a driver to understand what that insurance is and what it covers in the event you’re ever in an accident. According to a Detroit Worker’s compensation attorney, “Every employee should always have a basic understanding of their rights when it comes to their job or their job benefits. This not only helps in the event of an accident, but could also help in any situation.” If you have a company car, be sure you have a copy of the insurance card and a solid understanding of what that coverage entails.
3. You may not get a choice.
When you purchase your own personal vehicle, you have a say so in what make and model that vehicle is. However, most companies don’t offer you a choice when it comes to a company vehicle. Instead, they provide you with the vehicle of their choosing, and most of them tend to choose the same make and model for all company vehicles. If you are picky about what type of vehicle you drive, having a company car may not be a perk you want.
4. There may be rules and restrictions.
The rules and restrictions of company cars will vary based on your employer, but it’s important for you as the car driver to know what you can and cannot do with the vehicle. For instance, are you only supposed to use the company vehicle for work-related instances and events, or are you allowed to use it for personal reasons? It’s important for you to know this before making an assumption.
After all, the last thing you want to do is take a company vehicle on a personal vacation and find out that you are being reprimanded for that decision. If you don’t want to be limited to what you can and cannot do with your vehicle, then you need to either decline the company vehicle or have a solid understanding of what’s expected of you with that vehicle.
Find out what your options are.
When it comes to company vehicles, companies tend to work in two ways: they either provide you with an actual car or they provide you with a monthly stipend for a company car. Both of these options have different pros and cons associated with them, so it’s important for you to find out what your options are, and if offered both options, determine which is the right choice for you.
Some people prefer not to deal with the hassle of getting a car, so they would prefer to just be handed one by the company. However, other drivers like to have a say in the make, model, and functionality of the vehicle they drive, which is when a stipend will be beneficial. Talk with your employer and get a full understanding of your options.
Having a company vehicle does have its perks, but it also has some drawbacks. If you are offered a company vehicle, the best thing to do is gather all the information you can first before making a final decision. After all, the more knowledge you have, the smarter decision you will make.
Article Submitted By Community Writer
