Creating a Car Policy for My Company: Any Ideas or Suggestions?

Hi friends,

I am making a car policy for my company. Can anyone please help me with some ideas for the same?

Thanks,
Jyoti
Delhi

Hi Jyothi,

I am not sure of what it can be, but someone can confirm this.

You can first segregate the wheelers, whether a four-wheeler or a two-wheeler, and decide whom you would like to assign two-wheeler eligibility and whom you would like to assign four-wheeler eligibility.

Usually, a four-wheeler will be assigned to Managers, and a two-wheeler for all the next cadre people, especially those who use it for official purposes.

As this is a car policy, you can divide it from the Managerial level to the higher level, where petrol reimbursement can be mentioned. The company can provide a loan to the employee to buy a car, but it can be deducted with the employees' consent that a certain percentage of EMI will be deducted from their salary, and until then, the car would be in the name of the company.

This way, we will not lose out on anything.

Please confirm this and then proceed with preparing the policy. I am only trying to share, as I am not exactly aware of what you would like to include in a car policy.

Warm Regards,

Poustina :D

Hi Poustina,

Thank you for your reply. I appreciate your response. Yes, you are right; I have already identified who needs to be provided with 4-2 wheelers. Basically, I am looking for a policy like "own your vehicle" after 3-4 years. In this scenario, the employee does not need to make an initial payment, but after three years, they can own the vehicle by paying its depreciated value.

Alternatively, some percentage could be paid initially by the employee, followed by monthly deductions from the employee's salary for 3-4 years. After this period, the car would be transferred to the employee's name.

Another option is for the employee to use the car during their employment and leave it upon departure, after which it would be passed on to a new joiner.

These are some options I am considering before implementing such a policy. I would appreciate your advice on which option would be better and would result in a win-win situation for both the employee and the employer.

I look forward to your reply!

Thanks,
Jyoti

Hi Jyothi,

Attached is the information collected and consolidated but not formatted from the internet. Please let me know if it is helpful to you.

Regards,
Poustina

Hi Jyoti,

I am also working on the same project in my company. If you are looking for a company car lease scheme, it's a good option. You can contact lease management companies like LeasePlan, Sixt, Orix, etc. They will come and explain the whole lease concept.

Regards,
Mithila

My company wants to provide a 24-hour car facility to a certain level. I require a policy for it. Can anyone help, please?

Regards, Zakir