There are various expenses that your business has to keep accounting for in its continuing mission to preserve and grow its profits. The cost of car insurance could prove a particular bugbear.
You could be heavily reliant on a vehicle for regularly getting yourself between home and work and making other journeys, such as to corporate events and team bonding sessions. However, a number of us have continued to face rising auto insurance costs, The Boston Globe has reported.
While there is a variety of ways in which the problem of expensive insurance can be tackled, you might have overlooked the worth of taking out a temporary, rather than year-long, insurance policy. Having insurance in place over a shorter period can, unsurprisingly, trim the financial price of that insurance; however, the rest of this article can tell a more comprehensive story of the financial benefits of such cover.
The six appeal of a half-year policy
If you intend to source a policy from a big name car insurance company, the shortest policy they would likely offer you is a six-month one, advises Nasdaq. This is unlikely to present a big problem if you won’t actually be using the vehicle for all of those six months, as it’s generally possible to cancel this kind of policy once it is no longer needed.
However, if you do take it out, aim to make payments month-by-month and check by which date the contract would have to be cancelled if you want to avoid paying a further month’s charges. That way, you can better ensure that you truly get your money’s worth. Nonetheless, the insurer might insist on you making the complete six months’ payment in advance – in which case, it will be necessary for you to request a refund for any of the policy’s months you don’t end up using.
Still, when making the cancellation request, seek a confirmation number and note details of the representative that you interacted with and the time and date when you did. If the insurance provider is a major one, it is unlikely to charge for that cancellation or refuse to refund unused premiums. However, it isn’t uncommon for customers to complain about monthly charges continuing after a cancellation request or refunds taking strangely long to be made; therefore, you should watch your bank account’s balance like a hawk.
A six-month policy could also be worth taking out if you intend to keep the vehicle in storage over numerous months. In that instance, you might be able to find a policy sufficiently comprehensive to cover the risk of damage or theft even when the car isn’t being driven. Your state might even require insurance that remains when the vehicle isn’t in use. Fail to maintain such insurance, and there could be a need for you to unregister the car and surrender its license plates.
What if you will be recruiting new people?
Naturally, as your business grows, you could often chase opportunities to add to your company’s employee count. However, you should make sure that, when someone new does arrive, your company will be able to fully accommodate them. To that end, if you are currently advertising a vacancy for a particular job position, you should check whether whoever ends up taking that post will immediately need access to a car.
It’s possible that whatever car your company will give them will not actually be ready until at least two weeks after their employment begins. Hence, temporary cover could assist in ensuring that the new worker can, straight away, embark on road travel while meeting their legal obligations. Business Car Manager observes that businesses of various sizes are attracted to these policies due to the flexibility that they allow.
This insurance can also help with overseas trips
There might also be occasions when members of your workforce need to travel abroad. This could be with the aim of forging international business links, a possibility at such events as tradeshows. Alternatively, you might want to mentally refresh some workers by giving them a team bonding event in a setting as new as a completely different country. You could even be seeking to set up a new office overseas; as you get underway, a car could help you to transport essential items to it.
Let’s assume, for instance, that you wanted to open a satellite branch in the United Kingdom – perhaps, more specifically, one of its major cities such as London, Manchester, Birmingham, or Leeds. Wherever the exact setting of the new premises, you could, after landing in the UK, source some temp car insurance from Call Wiser. This broker can look at policies from major UK-based insurers before presenting you with a free quote for a particularly financially attractive policy.
That policy can be for insurance lasting only a day, should that be as little time as you need in order to do all of your necessary UK-based driving. It’s vital to remember that taking an uninsured vehicle to a UK road is illegal in that country; fail to heed this, and you could end up with not only a massive fine and six penalty points but also a driving ban. Therefore, don’t consider going without insurance – which, in temporary form, can alternatively be maintained for up to 28 days. Many more details about the implications of such cover in Britain can be read on Call Wiser’s website.