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.
We compare the offerings of several insurers
An adviser checks whether the cover suits your situation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Financial lease, private lease, operating lease and an ordinary loan all four put a car on the drive, but leave you in a very different insurance position. With financial lease you are the economic owner: you insure the car yourself and the finance provider usually requires comprehensive cover for as long as the instalments run. With private and operating lease the company remains the owner and the cover is included in the monthly payment.
Whatever the form, under Article 2 WAM every motor vehicle must at least be insured for third-party liability as long as the registration is in your name. The real fault line lies elsewhere, namely with total loss and theft. The insurer pays the market value. The finance provider wants the outstanding balance. The difference between the two is residual debt, and it is yours.
We do not broker credit or lease contracts. The car insurance that belongs around it, including noting the finance provider as an interested party, we do arrange.
The structure of the cover in three parts, with an overview per situation below.
In advance
What you need
What a lender asks for.
Income details
Value of the collateral
Overview of obligations
In addition to the interest
What it costs
What is often forgotten.
Advice and arrangement fees
Valuation and notary
Property transfer tax
Conditions
What goes with it
What the lender requires.
Buildings insurance compulsory
Sometimes term life cover
Interested party on the policy
What is covered
Subject
Explanation
Advice is independent
Yes
We compare several providers
Yes
We arrange credit ourselves
No
Referral to a specialist party
Yes
A first conversation without obligation
Yes
Costs clear in advance
Yes
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.
Market value against outstanding balance
If the car is a total loss or is stolen, own-damage cover pays the market value at the time of the loss. In the first years of a finance agreement the outstanding balance is almost always above that. You still owe that difference to the finance provider, even though you no longer have a car. So ask expressly about additional residual debt cover and about the conditions on which it pays.
Purchase price rules are limited in time and application
Many comprehensive policies have a replacement value as new or purchase price rule, but it usually applies only during a set initial period, only to the first owner and only where the car was supplied new or nearly new. After that you fall back on market value. On an older used car bought on finance, that rule usually does not exist at all; check it before you sign.
Who is the policyholder under each form
With financial lease the policy is in your name, you build up no-claims years and you bear the excess. With private and operating lease the company is the policyholder: the premium is in the instalment, the excess is set out in the lease contract and usually you build up no no-claims years. You only notice that when you take out a policy of your own afterwards.
Exclusions that leave the residual debt with you
If the loss is not paid for, the instalments simply continue. There is no cover for driving under the influence or without a valid licence, for intent, for taking part in speed events, or for misappropriation where you have let someone else use the car. Wear, mechanical failure and damage from the wrong fuel are not covered either.
What does your premium depend on?
Purchase price and how the model holds its value. Determines both the own-damage premium and the size of the residual debt risk.
Type of cover chosen. Third party, third party fire and theft or comprehensive; under financial lease a finance provider almost always requires comprehensive cover.
Age and no-claims years of the regular driver. With a lease in the company's name you do not build up those years yourself.
Annual mileage and use. Private, commuting or business use with changing drivers each count differently.
Security class and how prone it is to theft. Some models carry a requirement for an approved alarm or tracking system.
Excess and additional residual debt cover. A higher excess brings the premium down; residual debt cover pushes it up.
Insurers weigh these details differently. That is where your saving is.
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.
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.
You do. You are the economic owner and take out the policy in your own name. The finance provider is noted on the policy as an interested party and usually requires comprehensive cover while the finance runs. After a claim, the settlement can be paid directly to the finance provider. Ending or reducing the cover without permission is a breach of the lease contract.
What exactly is residual debt?
The difference between what the insurer pays on a total loss or theft, the market value, and what you still owe the finance provider at that moment. That difference does not disappear with the car: you go on paying it. Additional cover can bridge it, but has its own conditions, such as a maximum term and a requirement that the finance can be shown to have been running.
Do I build up no-claims years on private lease?
As a rule, no. The policy is in the lease company's name, so the no-claims years are registered there. If you take out car insurance yourself when the contract ends, you often start without any discount built up. Some companies issue a statement of claim-free driving; ask about that at the start of the contract.
Can I choose my own insurer under financial lease?
Usually yes, provided the cover meets the requirements in the contract: comprehensive cover, the finance provider as an interested party and no unusually high excess. We then compare what several insurers offer on premium and conditions. We do not arrange the finance itself. For that we refer you to a party holding a credit licence.
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.
