The Glossary Jargon of Fleet and Company Vehicles
The world of fleet management and fleet insurance comes with its fair share of jargon. They key terms that will crop up again and again include:
Benefit in Kind : These are extras or perks that are given to an employee the company car being the most cited example, but could also include prizes given by the company.
Benefit in Kind Tax : Company car tax is calculated based not only their list price, but also the fuel type and the CO2 emissions.
Grey Fleet – This is the term used for a vehicle that is being used for business, but not owned by the company. For example the vehicles is owned by the employee or a private rental.
MID: Motor Insurance Database - A central record of all insured vehicles on the roads in the UK that is managed by the Motor Insurers Bureau.
MID: The Motor Insurance Database contains a central record of all UK insured vehicles updated daily by insurance brokers and accessible via the cloud. The database is maintained by the UK Bureau of motor Insurers.
Mileage Pooling : Being able to offset low mileage cars that have exceeded site limits imposed on miles driven per annum.
P11D Value : This value is used to calculate the amount of company tax that you are liable for. The price comprises of the vehicle list price delivery charges plus VAT.
PCH : A method of car leasing without ever actually owning the vehicle. The approach is to make an upfront payment followed by monthly payments. An option to buy outright is normally available at the end of payment period.
Telematics : This a device with a GPS component that enables tracking over the internet or the cloud. Key features include the storing of data that can then be sued to help improve driving of and optium routes when route planning.
VED : Better know as Vehicle Excise Duty is annual tax levied on the vehicle owner. As of April 2017 it is derived from the CO2 emissions level and list price. If your vehicle has zero CO2 emissions the good news is that you pay zero tax.
VIN – Vehicle Identification Number – A unique number that’s assigned to vehicles during the manufacturing process. VIN numbers are used to do HPI checks to determine the history of a vehicle.
VIN – The is a unique number that identifies each vehicle and is assigned by the manufacturer. These are checked to determine the true history of a vehicle and should be checked before the purchase of any vehicle.