Financial Guarantee

Even for total write-offs there’s a solution!

The financial guarantee is a cover that guarantees the difference between the financial value of the car hired and the compensation amount awarded by the insurer in the event of an incident involving a total write-off, in other words:

  • When it does not prove materially possible to repair the damage or this is not recommended, technically speaking, in order to comply with safety requirements;
  • Or when the repair is possible, but its cost exceeds the insured value of the vehicle.

When this protection is taken out, any losses deriving from the incident are covered when the insured car is declared as a total write-off, as well as the compensation-related amount when it is not sufficient to cover the financial value of the car as at the date of the incident. If you are considered to be liable for the incident, you will be responsible for paying the deductible amount.

How does it work?

In a practical case, assuming the financial value and insured sum of a vehicle worth €30,000 and:

• Repayment of the financial value at 200€/month • Devaluation at 1%/month of the insured sum in accordance with the capital devaluation table included in the clauses • A theft or robbery incident with total write-off of the vehicle in the 13th month of the contract

As at the accident date, the financial value is €27,400 and the sum insured is €26,100. This means that there is a difference of €1,300 outstanding in the operational leasing agreement. If there is no financial guarantee cover, the customer shall be responsible for paying this amount.

By taking out the cover, this difference is safeguarded by the insurance!

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