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Insured Vehicle Lease

Insured Lease is an innovative new product to the vehicle leasing industry, which provides you with an Insured, maintained leased vehicle. 

We are now able to offer a complete and hassle-free approach to your vehicle needs and saves you time and money. You have a fixed outgoing for all your vehicle costs in one consolidated place at a competitive price for the duration of the vehicle's term.

This innovative new product means you know exactly what your monthly payments will be which helps you to budget and makes managing your cash flow much easier. The maintenance cover ensures your car is maintained and serviced to keep it in excellent working order and we also provide you with an extensive breakdown package so that you are never stranded. Third party motor insurance comes as part of the lease. This means that you get all the benefits of leasing, including insurance at a fixed rental for the length of the vehicle lease (up to 5 years).
The own damage vehicle cover will ensure that accident damage throughout the life of your lease is repaired on your vehicle following any incidents. 

What services are provided under an Insured Vehicle Lease contract?

What is “Own Damage Protection”?
The finance company will be responsible for repairing any damage to your vehicle resulting from an incident. You will not be responsible for the costs but you will be required to pay the “Customer Incident Charge” (CIC) this is similar to the excess payment on a standard insurance policy. The Own Damage Protection does not include damage caused by driver abuse or neglect.

Are there any restrictions on who can drive the vehicle or have the product?
Yes, the eligibility criteria for the agreement is laid out in a schedule to our contract. It is important that the contents of this schedule is fully understood and complied with for the duration of time in which the vehicle is in your possession.

What is an “incident”?
An incident translates as any event or accident involving the vehicle covered under this contract, resulting in damage, loss or theft of the vehicle or damage to third party property or the personal injury/death of a third party.

 insured vehicle lease car leasing insurance

I’ve had an accident, what should I do?
In the event of an accident, you must contact the finance company at the earliest opportunity (full details will be provided upon completion of the finance documentation/vehicle delivery). They will then deliver a complete accident management solution, recording the relevant details, recovering your vehicle if it is immobile and allocate a repair garage.

Will I have to make any payments following an incident?
Yes, in the event of an incident where you are deemed to be at fault you will be required to pay the Customer Incident Charge (CIC). The CIC charge works on a sliding scale, whereby the more “at fault” incidents you incur, the higher the CIC will be with the first CIC being £250.

What happens if my vehicle is deemed a “total loss” as a result of an incident?
Once the vehicle has been assessed and deemed uneconomical to repair, the lease agreement will be terminated. At this point if it is deemed that you were at fault, the finance house will invoice you for the Customer Incident Charge applicable at that point in the contract. Your liability for the monthly rentals for the vehicle will cease from here for any future rentals.
If there is a third party at fault, the finance company will seek to recover the costs from the insurers of the aforementioned third party. If the losses are non-recoverable due to any act or omission by you, the finance house will charge you the full written down value outstanding against the vehicle.

What happens if the vehicle is stolen?
In the event the vehicle is stolen, contact the Police to obtain a crime reference number, once you have this contact the finance company to advise them.

If the vehicle is stolen, non-recoverable or deemed a total loss, what other liabilities do I have other than the monthly rental?
If the vehicle was over the contracted mileage at the point of the incident then the finance could levy a charge against you for excess mileage.

Are my Personal Belongings covered?
No, the insurance is in the finance company’s name and so cover cannot extend to the personal belongings of the vehicle’s driver.

Is Personal injury covered?
No, the driver is not covered for personal injury under the terms of this agreement.

Can I take the vehicle overseas and will the insurance cover me whilst I am away?
If you contact the finance company at least 14 days prior to travelling and they shall issue a VE103 Vehicle on Hire certificate, alongside a copy of an insurance certificate. The VE103 form is to be carried in lieu of the vehicle registration documents in the event that you are stopped by local authorities on your journey.
There is a £15+VAT administration fee for the production of a VE103 certificate.

 

Frequently Asked Questions:

Are vehicles insured from the delivery of the vehicle onwards? Yes, Vehicles are insured from the point they are delivered and will be updated on the Motor Insurance Database within 21 days.

Can a letter be provided to show a customer has not made any claims during the period of insurance as an alternative to no claims? Yes, this can be obtained however, customers may be charged a £15+VAT administration fee for creation of this letter by the finance company.

If anything changes during the contract, i.e. a change of overnight address, what is the procedure for me to update my details? If you confirm the change of details to ourselves, we then forward these details on to the finance company who will attempt to keep the cost of the policy unchanged and fixed where possible.

If I take out an insured lease contract, can I opt out if my situation changes? Under the conditions set out by the finance house, the only opportunity to opt out is if the pricing is changed during the contract, but they will always attempt to keep the pricing fixed where possible.

Can somebody else drive the vehicle under their own insurance policy? No, the vehicle is insured by the finance company and no other forms of insurance can cover the vehicle whilst this cover is already in effect.

By taking out an insured lease product does this eliminate the need for GAP insurance? Essentially, yes. If the vehicle is written off then the finance company will suffer the loss and the customer will receive a Customer Incident Charge (CIC) if at fault. Once the vehicle has been terminated, there may be charges payable against the maintenance portion of the contract.

If the vehicle is used by multiple drivers and an incident occurs at another overnight postcode (i.e. not the one supplied for the contract) is the insurance still valid? Yes, the restrictions of the policy covers employees (on a business contract) and spouses/partners (on personal contracts) the postcode which should be supplied at point of quotation should be the postcode at which the vehicle will spend most of the time of the contract.

In the event of a non-fault incident, will the hire car costs be provided under the third party’s insurance? If the incident is non-fault then costs can be reclaimed from the third party.

Is an insured lease contract available if I live in Northern Ireland? Yes, mainland United Kingdom and Northern Ireland are both covered.

If you would like to know more, or have any further questions please don't hesitate to get in touch.

Call 1606545900 or email sales@tilsungroup.com now for your bespoke all-inclusive leasing package today!