Leased vehicles must be insured on a fully comprehensive insurance policy, which covers the full cost of repairing any damage to your vehicle, as well as third-party property, in the event of an accident.
For personal lease agreements, the hirer obtaining finance must be the main policy holder on the insurance certificate.
For business lease agreements, the insurance certificate should be in the company name or a director's name. If an employee is required to drive the vehicle, a letter on company headed paper may be requested confirming that the employee is authorised to drive the vehicle and confirming his/her position in the company.
The insurance provider needs to be advised of the following:
The vehicle is a leased
That the main policy holder on the insurance certificate is the lessee
The registered owner and keeper of the vehicle is the finance provider