An insurance company has launched a new car insurance product in the market for the businesses that run an employee salary-sacrifice car scheme. The new block car insurance policy is a car insurance policy that will benefit both the employer as well as the employee.
According to the policy, the employer gets a vehicle of his choice from the leasing company just by paying net of tax rather than paying full prices. This way the employer gets a new vehicle and he does not need to pay complete amount so he can easily manage the new car in his monthly salary budget. The insurance company also passes the benefit to employee also as he can buy a new car at affordable price as compared to the one opted independently to the leasing company. The employee can enjoy a good class car and that too at better price under this scheme.
The leasing company will take the repayment of the vehicle from the employee salary directly. It usually takes two to three years to complete the due amount to the leasing company and the leasing company will be deducting the monthly instalment every time from the employee salary every month. The employee can this way save on income tax as well as national insurance under this scheme.
This blocks insurance package will be available to the businesses later this month. There is no limit on the number of vehicles covered by the insurance policy. This policy is flexible for any type and size of businesses. You can check car insurance comparison site as this policy will not only help the employer but also the employee. The new policy will attract the companies and the businesses with large fleets as this way they will be able to maintain the more number of vehicles in their fleet at better prices.