Company "auto benefit"

[fletcher]

What is the name of your state? Ohio
I work for a small medical practice and drive 60minutes each way to work. I've worked for this doctor for 1 year. He provided a vehicle for me (part of my compensation package). First was a honda CRV which the payment was $800 month, I paid $300 & all the gas and maintenance. Gas was killing me so I finally talked him into a Honda Civic. He pays the $600 month payment & I'm going to pay some kind of tax at the end of the year. The car is in his name personally (not the business). He also has insurance on it, personally. I'm worried that if I get in an accident that I won't be covered under his insurance. I drive this vehicle all the time, it's my only car. Like I said I pay for all the gas and maintenance of the vehicle. Now that I don't pay the $300 a month, I feel like it is more of a benefit. I don't know if this is how compensation on an auto is usually handled, but this doesn't seem right to me. Any advice? I've tried to talk to him about the insurance issue, but he doesn't seem to think it's a problem. Thanks!

 

[pattytx]

What part of it "doesn't seem right"? I think you're making out like a bandit!

 

[mlane58]

Somebodys just a LITLLE CHEAP wouldn't you say. Most people would be happy as hell to not have a car payment and only have to pay for gas and maintenance. Your employer doesn't have to provide you with anything but minium wage. GEEZ! talk about greed!

 

[moburkes]

You can (and should) purchase your own insurance policy for the vehicle. Many companies allow you to insure a vehicle that you do not own, but drive regularly. It would be in your best interest to do so.

 

[Beth3]

What is the name of your state? Ohio
I work for a small medical practice and drive 60minutes each way to work. I've worked for this doctor for 1 year. He provided a vehicle for me (part of my compensation package). First was a honda CRV which the payment was $800 month, I paid $300 & all the gas and maintenance. Gas was killing me so I finally talked him into a Honda Civic. He pays the $600 month payment & I'm going to pay some kind of tax at the end of the year. The car is in his name personally (not the business). He also has insurance on it, personally. I'm worried that if I get in an accident that I won't be covered under his insurance. I drive this vehicle all the time, it's my only car. Like I said I pay for all the gas and maintenance of the vehicle. Now that I don't pay the $300 a month, I feel like it is more of a benefit. I don't know if this is how compensation on an auto is usually handled, but this doesn't seem right to me. Any advice? I've tried to talk to him about the insurance issue, but he doesn't seem to think it's a problem. Thanks!

You need to talk to an insurance agent. You probably don't need insurance on the vehicle itself but you may need an unbrella liability policy if you harm someone else and if your employer doesn't provide it, you definitely need health insurance. An insurance agent is in the very best position to advise you.

 

[moburkes]

Um, Beth. I am an insurance agent. And an umbrella policy will NOT help the OP. An umbrella policy only pays out when the underlying auto insurance policy has been exhausted. It will only be exhausted if it exists in the first place.