What Kind of Insurance Do I Need?

Insurance Requirements for Retail

Physical damage, comprehensive and collision insurance is required on all vehicles purchased under the New Retail Finance Program.

Insurance Requirements for Leases

  • HFS must be named as loss payee.

  • Effective February 1, 2015, state minimums for liability insurance apply for the entire term on each leased vehicle contracted on the revised Lease forms dated 02/15. Please refer to the State Guides for details.

  • The policy of public liability must show the Assignee (as stated on the Lease Agreement) as an additional insured.

  • The policy of physical damage must show the Assignee as loss payee.

  • HFS will not consider requests for self-insured liability coverage due to significant risk as legal owner of leased vehicles.

  • HFS, as owner of the leased vehicle, has exposure to claims in connection with both liability and property damage that may be caused by a leased vehicle.

  • One-Pay Lease HFS requires the following minimum insurance coverage on each leased vehicle for the entire lease term:

    1. Public liability insurance that either covers up to $100,000 for bodily injuries to any one person, $300,000 for bodily injuries for any one accident, and $50,000 for property damage, or has a combined single limit of $300,000 for bodily injuries and property damage for any one accident;

    2. Physical damage insurance covering loss or damage to the vehicle, with deductibles of no more than $1,000 for collision and upset loss, and $1,000 for comprehensive fire and theft loss. Special Insurance Requirements apply to the states of FL and HI. Please refer to the State Guides for details. The policy of public liability must show the Assignee (as stated on the Lease Agreement) as an additional insured.