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Presumably your company has various insurances in place for when an employee travels on company business. These won't normally cover motoring breakdowns.
This cover, as has been pointed out is provided by the lease company when you have a company car. Any repairs, servicing, insurance, breakdown assistance, VED etc are benefits that are not directly taxed when you take a company car. The BIK tax is purely on the list price and CO2 figure of the car.
If you opt for the cash instead, then that's all you get, which is taxed as part of your income via PAYE in the normal way.
If you don't take the company car, but take the cash instead then normally your employee will pay you a fuel allowance for any business journeys. These must not include communting! Normally this will be under the HMRC "fixed profit scheme" which is around 10p a mile for fuel.
However, because you are using your car for business (it does not matter how you have financed it) you can claim the overhead rate from the HMRC "fixed profit scheme" which is about 30p a mile for the non fuel costs associated with running a car. You do this via your end of year tax return, so that it ends up as an increased PAYE tax code.
Please check out the figures on the HMRC website.
Unless you do a lot of business miles this is not going to make much difference.
I would always take the company car option myself.
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