At Bounc-e EV, we are able to facilitate Early Termination insurance into your Salary Sacrifice Scheme if required. The details below provide an overview.
Salary Sacrifice: Corporate Early Termination Insurance
Provided by Virtual Insurance Products Ltd
Type of Insurance
Corporate Early Termination Insurance is available to employers providing an employer-backed salary sacrifice scheme for Pure Electric Vehicles and Hybrid Electric Vehicles. It is an insurance contract purchased by an employer which is designed to protect the business against early termination charges applied by a lender if a Contract Hire Agreement for a vehicle made available to an employee via salary sacrifice is terminated early due to certain insured risks. This document is intended to provide you with an overview of the cover. This type of insurance will typically provide cover for the duration of the Contract Hire Agreement for the vehicle provided to an employee under a salary sacrifice scheme.
The cover:
Early Termination Insurance provides the following cover:
Accidental Death: If the Contract Hire Agreement is terminated because of the Accidental Death of a driver (employee) this policy can pay the Termination Charge applied by the leasing company. Cover will not apply if this occurs within the first three months of the vehicle being delivered.
Loss of Licence: If the Contract Hire Agreement is terminated because of a driver’s (employee’s) driving licence being withdrawn for medical reasons by the issuing authority this policy can pay the Termination Charge applied by the leasing company. Cover will not apply if this occurs within the first three months of the vehicle being delivered.
Resignation: If the Contract Hire Agreement is terminated because of a driver (employee) resigning, this policy can pay the early termination charge applied by the leasing company. Cover will not apply if this occurs within the first 3 months of the vehicle being delivered.
Instalment Protection Benefit: In the event a driver (employee) takes Maternity, Paternity or Adoption Leave for more than 30 days and for each subsequent qualifying month up to a maximum period of 12 months this policy can pay the leasing company on the driver’s behalf the monthly rental (including maintenance and VAT) to which the Contract Hire Agreement refers up to a maximum of £10,000. Cover will not apply if this occurs within the first 9 months of the vehicle being delivered.
A maximum claim limit of £25,000 per vehicle applies. Full terms and conditions will be provided by Virtual Insurance Products Ltd.
How to obtain more information and a quotation?
- Virtual Insurance Products Limited can contact you to discuss your requirements. For GDPR purposes just let your Leasing Broker know that you consent to your contact details being provided to us
- Call Virtual Insurance Products Ltd on 01803 849031 ask for Andy Eaton and quote reference BounceETI2302.
Virtual Insurance Products Ltd is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register No: 307038 and this can be checked on the FCA website: https://register.fca.org.uk/s/