What are the Different Types of Vehicle Reimbursement Programs Everlance Provides?

A FAVR vehicle reimbursement program tailors employee mileage reimbursements based on their geographic location and a base vehicle chosen by the employer (considering the vehicle types/models employees might drive to perform business tasks).

Click here to see the most commonly asked FAVR questions.

A cent-per-mile program, often referred to as a "CPM" program, is a method used by some companies to calculate and reimburse individuals for their travel expenses based on the number of miles traveled. 

A cent-per-mile program is popular because it simplifies the reimbursement process and provides a straightforward and equitable way of compensating employees for their business-related travel expenses. 

Click here for some of the most commonly asked questions about the CPM program.

An accountable car allowance is designed to give employees a monthly reimbursement for work-related expenses, such as driving their personal car for work. Mileage reimbursement can be calculated in different ways, by using the IRS standard mileage rate, a personalized rate, or a mix between fixed and variable rates (these won't depend on location or a program's base vehicle, unlike FAVR programs). 

Employees are required to submit their work-related expenses, including mileage logs, within a reasonable time period (usually no longer than 30 days) to justify the reimbursement they receive. Funds that exceed their substantiated expenses will be returned to the employer.

Click here if you're interested in learning more about the accountable plan.