Insuring Long-term Leased Vehicles

Insuring Long-term Leased Vehicles
Type of Policy
Administrative
jbarber32
Policy No
8.15.2
Last Revised
Review Date
Policy Owner
Insurance and Claims Management
Contact Name
Frederick Trotter
Contact Title
Director of Insurance & Assets
Contact Email
Frederick.trotter@business.gatech.edu
Policy Statement

Overview
The State Insurance program includes identical coverage for Long-Term leased vehicles as found in "Insuring of State Owned Vehicles".

Policy Terms

Long Term Lease
A rent or lease of a vehicle for greater than 30 days.

Procedures
  1. Georgia Tech employees, in order to obtain low cost liability and physical damage coverage must specify the minimum 31 days (or more) rental period on the leasing agreement.
  2. The employee shall decline liability and collision coverage offered by the rental/leasing car company.
    Caution:
    Do not confuse this policy with the policy on Rental Vehicles (see "Insuring Rental Vehicles")
  3. The rental/leasing car company will require proof of insurance. This can be obtained by calling the Georgia Tech Insurance & Claims Management and requesting same. Be prepared to give pertinent vehicle and company information including; year, tag number, make, model, and V.I.N. of car to be rented/leased. Obtain name of company, address and email or fax number.
  4. Georgia Tech Insurance & Claims Management will notify DOAS Risk Management and request a Certificate of Insurance naming the rental/leasing car company as Certificate holder. The Certificate will be emailed or faxed to the rental/leasing car company as expeditiously as possible.
  5. Upon receiving the lease agreement, the employee shall forward a legible copy to Georgia Tech Insurance & Claims Management for forwarding to DOAS. It is required that a copy of the lease be kept at DOAS.
  6. The vehicle shall be added to DOAS Fleet Management’s Vehicle Inventory System (VITAL) for auto physical damage coverage.
  7. Georgia Tech Insurance & Claims Management shall be notified at lease end.
Policy History
Revision Date Author Description
March 2015 Insurance and Claims Management Minor language update and contact information