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Read on to understand how you can insure your vehicle when you work for yourself and how car insurance could be a tax deductible expense.
If you’re self-employed and your car is just for personal use – like visiting friends or going to the shops – regular car insurance will cover you. If you use your car to commute to work, you may need to add cover for commuting.
But if you use your car for work purposes, perhaps you’re a care worker who drives to visit patients, you’ll need to have business car insurance. You’ll also need to make sure any employees driving their own vehicles for work are covered for business use.
There are three classes of business car insurance:
If you’re delivering commercial merchandise or driving a private taxi, you’ll need a different kind of insurance.
It can be. Business car insurance is often more expensive, because insurance providers consider business drivers to be at greater risk of having accidents – and making claims.
The price of your insurance also depends on what you do for a living.
You’ll need to tell you insurance provider you’re self-employed to make sure you get the right cover for your needs.
Yes, if you use your car for work. Car insurance is counted as a ‘running cost’ of your vehicle, along with petrol, parking fees, servicing and repair costs, so you can claim it as an allowable business expense. You can’t, however, claim the cost of buying a vehicle.
Whether you’re self-employed or not, there are a few tips for getting cheaper car insurance.