Finance Values / Lease Value
Insurance For The Independent Contractors
Leased Value and Financed Value Endorsements
Did you know that during the first half of a five-year lease or loan, your “payoff” is usually higher that the actual cash value (ACV) of your unit? Insurance policies are typically only obligated to pay the ACV amount, and any difference becomes your personal obligation.
We offer these value-added coverages in the event of a total loss covered by the policy. The coverage will respond when the cost to pay off a lease or loan exceeds your unit’s actual cash value. Other features include:
- Coverage that applies to specific tractors, trailers, or trucks. You don’t need to pay for “blanket” coverage on all your units, just the ones that need coverage.
- Claim payment that is made within 30 days for any covered loss (60 days for theft), or we will pay for the additional interest payments your lease or loan generates after the 30th day (60 day for theft).
This coverage does NOT apply to:
- Overdue lease/loan payments or penalties due at time of loss.
- Financial penalties imposed for excessive use abnormal wear and tear, or high mileage.
- Security deposits.
- Cost for extended warranties (such as credit life).
- Carryover balances from previous leases/loans
- If the scheduled value is not within 25% of the financed value.
The description of coverage is general and intended only to summarize the type of insurance, and not the terms and conditions of the insurance. For details of the actual terms and conditions of coverage, please refer to the actual policies.
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