Insuring Long-term Leased VehiclesInsuring Long-term Leased Vehicles
Type of Policy
Insurance and Claims Management
Director of Insurance & Assets
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|