Currently, the leasing and fleet management company makes a recharge for the cost of any repair or replacement of a tyre resulting from a puncture, sidewall damage or driver misuse. The cost to the driver is calculated on the tread life left on the tyre.
The new policy, which could wipe thousands of pounds from some customers' bills, intends to end conflict with full service leasing customers over damage recharges. It will add £1 a month to maintenance contracts, but could save firms £41 every time a tyre is unexpectedly replaced.
HSBC claims the initiative will also slash its administrative costs, as it replaces or repairs 11,000 tyres a year, and avoid lengthy disputes with customers over bills for damage.
Tim Holmes, director and head of HSBC Vehicle Finance, said: 'The change to our tyre policy brings greater price transparency and moves us closer to offering a genuine fixed cost motoring package. It means less hassle for the driver, less administration for the fleet manager and makes it easier to budget for vehicle maintenance work.'
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