Point of Lease Automobile Insurance
Source: Philadelphia Insurance Companies
The primary lease fleet insurance policy gives an independent
leasing company a master policy of primary liability and
physical
damage insurance for the benefit of individual lessees.
Financial Institutions and leasing companies are "on the
risk" today
when they lease automobiles to the public. Many states have
vicarious liability laws which hold the owner (lessor) of the
automobile liable at varying levels. Therefore, having the
ability to
provide your lessee with quality insurance at the "point of
sale" is
not only a value-added service, it's a prudent business
practice for
you.
The primary lease fleet insurance policy gives an independent leasing company a master policy of primary liability and physical damage insurance for the benefit of individual lessees.
Philadelphia Insurance Companies Coverage Features Include:
- Primary Bodily Injury and Property Damage Liability: The
driver, and lessor, are insured for bodily injury
liability of
$100,000 per person, $300,000 per occurrence and
property damage of $50,000 per occurrence. Limits of
$500,000 or $1,000,000 combined single limit (CSL) are
available.
- Primary Physical Damage Insurance: The driver receives comprehensive and collision coverage for his/her leased auto, and may choose from a variety of deductible plans. Minimum deductible is $500.
- Completed and signed leasing application.
- Copy of current lease agreement.
- Three full years of company-documented loss experience (if applicable).
- Current listing of scheduled vehicles by year, make, model and serial number.
- Listing of vehicle garage locations and vehicle costs.
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