Insuring of Vehicles Long-TermInsuring of Vehicles Long-Term jbarber32 Tue, 07/17/2012 - 10:03
Insuring Long-term Leased VehiclesInsuring Long-term Leased Vehicles
The State Insurance program includes identical coverage for Long-Term leased vehicles as found in "Insuring of State Owned Vehicles".
Long Term Lease
A rent or lease of a vehicle for greater than 30 days.
- 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.
- The employee shall decline liability and collision coverage offered by the rental/leasing car company.
Do not confuse this policy with the policy on Rental Vehicles (see "Insuring Rental Vehicles")
- 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.
- 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.
- 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.
- The vehicle shall be added to DOAS Fleet Management’s Vehicle Inventory System (VITAL) for auto physical damage coverage.
- Georgia Tech Insurance & Claims Management shall be notified at lease end.
|March 2015||Insurance and Claims Management||Minor language update and contact information|
Insuring of State Owned VehiclesInsuring of State Owned Vehicles
The State self insurance program administered by the Department of Administrative Services (DOAS) provides optional physical damage including, collision and comprehensive (e.g. fire, theft, vandalism, windstorm, etc.) coverage.
All vehicles assigned to the Institute must be insured by the departments for physical damage coverage. DOAS will provide this coverage through the state self-insurance program at a rate of $1.00 per $100 of vehicle cost/market value, subject to a $25 minimum premium, per vehicle.
*Low speed vehicles (LSVs) and carts licensed for public road use are covered under the DOAS-Automobile Physical Damage Agreement. LSVs and carts not licensed for public road use are covered under the DOAS Special Property All Risk Agreement.
Unless otherwise defined, a vehicle (including LSV) is considered a car, van, wagon, truck, motorcycle or trailer for use on roads and highways and equipped with a license plate or tag.
- Upon being procured either through purchase, manufacture, transfer from another state agency or donation, the department director shall cause the vehicle to be registered through Capital Assets Accounting and physically brought to GT Fleet Services for inspection, application of appropriate identifying numerals and logos, and maintenance scheduling.
- The GT Fleet Services Manager shall contact DOAS Fleet Management before releasing the vehicle and communicate pertinent data for insurance purposes. The data shall consist of:
- The four digit state vehicle number assigned by GA Tech.
- Make, Model and Vehicle Identification Number.
- Year of manufacture.
- Type of vehicle (sedan, station wagon, etc.)
- Cost/value of the vehicle
- Indicate whether or not physical damage (APD) coverage is to be added to the vehicle.