Liability
- Damage to third parties
- Employers' liability
- Care, custody and control as an extension
Economic owner · comprehensive cover · outstanding balance
Insuring a financial lease
With finance lease the asset is on your balance sheet and the funding sits with the leasing company, and that difference determines who is entitled to what when there is a loss.
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- 9.5 customer rating for a new policy
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Deze pagina in het Nederlands: Financial lease verzekeren.
Calculate your premium or request a quote
Without obligation; a reply within one working day.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert.nl or call 072 - 509 24 56 and we will take it from there.
Work out your own premium with the calculator.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Finance lease is a form of funding, not a service. You are the economic owner, the asset is on your balance sheet, you depreciate it and you arrange maintenance, road tax and insurance yourself. The leasing company remains the legal owner until the final instalment has been paid and therefore has itself noted on the policy as interested party or beneficiary. That means a payout after a total loss is not transferred to you, but to the funder.
For a financed vehicle, the compulsory insurance requirement of Article 2 of the Dutch Motor Insurance Liability Act (WAM) applies in full, but it does not stop there: the lease contract almost always requires comprehensive cover for as long as the funding runs. Third-party fire and theft, or third-party only, is a breach of contract, even if the policy is valid in itself. For business assets without a registration, such as a machine or an installation, an asset policy or plant and machinery cover takes its place.
The point on which finance lease differs from any other car policy is the residual debt. After a total loss the insurer pays the market value or the value under a replacement-as-new scheme. The outstanding funding balance is a different amount, and in the early years in particular it is higher. The difference remains your debt, while the asset no longer exists.
Finance lease: what is covered?
The structure of the cover in three parts, with an overview per situation below.
Assets and continuity
Business contents, goods and lost turnover during downtime.
- Business contents at replacement value as new
- Goods at cost price
- Business interruption or additional costs
Staff
Sickness absence, accidents and the traffic risk.
- Continued pay for 104 weeks
- Group personal accident
- WEGAS for traffic risks
What is covered
| Situation | AVB | BAV | Cyber |
|---|---|---|---|
| Injury to a visitor or customer | Yes | No | No |
| Damage to a client's property | Sometimes | No | No |
| Financial loss caused by an advisory or calculation error | No | Yes | No |
| Downtime after a ransomware attack | No | No | Yes |
| Data breach involving personal data | No | Sometimes | Yes |
| Damage to property in your care | No | No | No |
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
The payout goes to the funder, not to you
Because the leasing company appears on the policy as an interested party, the insurer pays it after a total loss or theft. That is exactly the intention, but it has consequences: you cannot decide for yourself not to repair the damage and spend the money on something else. Check that the name on the policy corresponds exactly to the party in your lease contract; a difference in registered name causes delay in a case in which you carry on paying in the meantime.
Cover for the outstanding balance is not standard
Insurers pay for loss, not for debt. Article 7:960 DCC prohibits a payout above the loss suffered, so you will not receive more than the value of the asset. The gap between the market value and the outstanding balance is not covered unless you cover it separately with outstanding balance or GAP cover, or unless a replacement-as-new scheme is sufficient in the early years. Work out that gap when you take out the policy, not when you claim.
What you declare about the use determines whether the policy holds
A van used as a driving school vehicle, a hire vehicle or a courier van is a different risk from the one declared. Under Article 7:928 of the Dutch Civil Code you must declare the actual use; if it emerges afterwards that it differed, the insurer may reduce or refuse the payout under Article 7:930 of the Dutch Civil Code . With a financed asset that means: no payout, but lease instalments that continue.
Downtime and continuing instalments are not insured
If the asset stands at the repairer for weeks after a loss, your lease instalments continue. Those instalments are not an insured loss; an own-damage policy pays for repair, not for funding costs. Replacement transport or replacement plant is a separate clause with a maximum number of days. For an asset that generates turnover directly, consider cover for business interruption or additional costs, and record within what time a replacement will be available.
What does your premium depend on?
- Type of object — Car, van, tractor unit with trailer or plant and machinery; each has its own rate and form of cover.
- List price and body — A fitted body, loader crane, refrigeration unit or interior fit-out must be declared separately to be insured.
- Term and final instalment — A long term with a high final instalment widens the gap between market value and outstanding balance.
- Type of cover chosen — Comprehensive cover is almost always required under the contract; third-party fire and theft is rarely allowed with funding.
- Use and annual mileage — Use in your own business, hire to third parties or carriage for the account of third parties weigh very differently.
- Security and storage — The security grade, a tracking system and whether the asset stands on a locked site overnight determine acceptance.
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, your risk and your wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Frequently asked questions
The questions we are asked most often about this.
Who takes out the insurance with finance lease?
You do. Unlike operating lease, the insurance is not included in the monthly amount; you are the economic owner and therefore the policyholder. The leasing company sets requirements for the cover and is added to the policy as an interested party, but does not take out the policy for you. You are also the one who notifies a claim, within the time limit of Article 7:941 of the Dutch Civil Code.
What is an outstanding balance and why is it not automatically covered?
The outstanding balance is the difference between what you still owe the funder and what the insurer pays after a total loss. Insurance pays the value of the asset, not your funding; Article 7:960 DCC does not permit a higher payout either. If you want that gap closed, ask expressly about outstanding balance or GAP cover, or about a generous replacement-as-new scheme.
May I switch to a different insurer during the term?
Yes, provided the new policy meets the requirements in the lease contract and the leasing company is again noted as an interested party. Do not cancel the old policy until the new one has been accepted, so that there is no day without cover. We arrange the cancellation and the confirmation to the funder in one go.
Does this also apply to machinery and plant on finance lease?
Yes, the structure is the same, but the cover has a different name. A machine without a registration is insured through plant and machinery or asset insurance, in which you agree separately whether damage in transit, during work on site and while hired out to third parties is included. If the asset works on a construction project, also look at Construction all risks (CAR) insurance.
Ready to compare?
Request a quote without obligation. We will look at which insurer best matches your activities and your risk.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was written and checked by an adviser at Finass Verzekert. Last updated on .
The information on this page is general in nature and is not personal advice.