The Car and Truck Fleet and Leasing Management Magazine

Insurance

The availability of certain forms of vehicle-related insurance through a leasing company. In certain countries, the laws require leasing companies to provide insurance coverage, sometimes for damage to or loss of the vehicle (also known as comprehensive), other times for property damage or personal liability to third parties. In other countries, practices differ and insurance may be made part of the leasing contract or it may be contracted for separately with a third party insurer. 

In the United Kingdom and the United States, insurance is almost always contracted for separately and, especially in the U. S., the risk is frequently self assumed (very often  for damage to the vehicle itself and, sometimes, even for third-party liability, up to certain defined amounts with umbrella coverage provided by a regulated insurance company). 

When coverage is provided for the vehicle itself, the lessee is usually responsible for the initial cost of  damage or loss up to a certain amount (referred to as the “deductible” in the U. S. and the “excess” in some other countries), beyond which the insurer assumes cost responsibility. Typically, the “deductible” is in the range of US$150 to $1,000, depending on the country and the specific contract terms.

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