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  • Prepare for emergencies

  • Achieve peace of mind

  • Top up your coverage

Keep the financial investment you’ve made safe with our Vehicle Protection Plan and Loss Damage Waiver Program.

Vehicle Protection Plan

Gap protection

If your vehicle is written-off, this protection bridges the financial “gap” between the payout by your insurance company and the balance owing on your lease or loan up to $100,000. Plus, a $5,000 reimbursement on your deductible is also included with Gap protection. 

Down payment protection

For the first two years after financing your vehicle, you may recover up to $30,000 towards the financing of a replacement vehicle, making for a sizeable next down payment. Think of it like keeping your business’s nest egg safe in case of emergency.

Downtime protection

Accident Downtime

While any Class 8 truck is repaired due to a collision or fire, get reimbursed up to $12,000 per claim up to a maximum of $25,000.

Mechanical Downtime

While any Class 8 truck is repaired due to power train, transmission or drive train breakdown, get reimbursed up to $12,000 per claim up to a maximum of $25,000.

Choose one or choose them all

If you are considering a new lease or loan, make sure you add-on the Vehicle Protection Plan to keep your finances safe. Ask us how to select the right combination of vehicle protection for you. Available on all eligible trucks and trailers with a VIN at time of purchase.

 

Still not convinced?

Check out Debunking the 3 biggest myths of truck and trailer protection or consider this scenario:

Your equipment purchase is $220,000. Your down payment is $20,000, and you finance the rest. Your finance contract begins with a balance of $226,440. After 12 months, your equipment is a total loss due to an accident.

 
  $181,000 Balance owing on financing at time of total loss
- $153,000 Primary Insurer's settlement
+ $5,000 Primary Insurer's Deductible
= $33,000 Your out-of-pocket loss
(does not include $20,000 down payment)

Graph showing loss

With Gap and Down Payment protection, National Leasing will waive the balance owing on your account, as well as credit your deductible (up to $5,000) and your initial $20,000 down payment (if the write-off occurs in the first two years) to help you purchase or lease a new unit.

Ready to keep your future safe?

Contact us to add this protection to any new eligible vehicle lease.

    Loss Damage Waiver Program

    You’re responsible for obtaining insurance on all equipment financed from National Leasing, and you’re required to provide us with written proof of insurance. We’ll waive your obligation to obtain such insurance, provided you pay into our Loss Damage Waiver Program during the course of your lease agreement.
    1. Implementation of program

    If you, the lessee, does not obtain insurance covering leased equipment for loss or damage as required by the lease contract or if the lessee does not provide National Leasing, the Lessor, with proof of such insurance coverage, indicating Lessor as loss payee, then the lessee will be charged a loss damage waiver fee. Lessor will waive the lessee’s obligation to obtain such insurance, as set out in the lease contract provided that the lessee pays and continues to pay the applicable loss damage waiver fee to Lessor during the term of the lease. The amount of the loss damage waiver fee will be calculated and provided to the lessee by Lessor at the commencement of the lease term. The fee amount is fixed for the term of the lease.

    2. General scope

    In the event of loss or damage to eligible leased equipment, Lessor shall at its option either repair the leased equipment if repairable or replace the leased equipment provided that all of the following conditions are satisfied by the lessee:

    • the equipment is eligible property as described in paragraph 3 and 4 of this Program;
    • the lessee pays to Lessor the first $250 of the cost of replacement or repair (the first $500 for portable lap top computers);
    • the loss or damage to the equipment is caused by an event set out in paragraph 5 of this Program;
    • the loss, damage or the equipment is not otherwise excluded from the scope of this Program;
    • Replacement cost value on items two (2) years or newer
    • Actual cash value on items beyond two (2) years; and
    • all of the other conditions set out in this Program are otherwise satisfied.
    3. Location of eligible equipment


    Only leased equipment located within Canada or in transit or temporarily stored at a location not owned by the lessee in the continental United States is eligible for the Program.

    4. Ineligible equipment


    The lessee remains responsible for and Lessor does not waive the lessee's responsibility for damage or loss to leased equipment if the equipment is:

    • Equipment which is waterborne;
    • Aircraft or watercraft, including their motors, equipment and accessories;
    • Automobiles, trucks, or any self-propelled vehicles or machines primarily designed and licensed for road use;
    • Trailers or semi-trailers, unless the trailer is part of a single work unit and is intended primarily to provide mobility to the main item of equipment; and both the trailer and the main item of equipment are covered under one agreement;
    • Equipment used in mining, logging, lumbering, or oil or gas explorations or processing;
    • Underground equipment or equipment while located underground; or
    • Equipment valued in excess of $100,000.
    5. Events

    Under the lease contract, the lessee is responsible for and accepts the risk of loss or damage to the leased equipment. In consideration of the payment of the loss damage waiver fee, Lessor will waive the lessee's responsibility in this regard but only in the event the leased equipment is damaged or lost due to one of the following events:

    • Burglary
    • Theft
    • Attempted theft
    • Fire
    • Lightning
    • Windstorm
    • Tornado; or
    • Vandalism
    6. Minimum repair or replacement values

    The lessee remains responsible for and Lessor does not waive the Lessee's responsibility for damage or loss to the eligible leased equipment if:

    • The eligible leased equipment is a portable lap top computer and the cost to replace the lost equipment or to repair the damage, as determined by Lessor's Program Administrator, does not exceed $500 in which case the lessee remain entirely responsible for and accepts the risk of such loss or damage; or
    • The eligible leased equipment is any other type of eligible equipment and the cost to replace the lost equipment or to repair the damage, as determined by Lessor's Program Administrator, does not exceed $250 in which case the lessee remains entirely responsible for and accepts the risk of such loss or damage.
    7. Excluded damage or loss

    The lessee remains responsible for and Lessor does not waive the lessee's obligations for damage or loss to eligible leased equipment resulting from:

    • Wear and tear;
    • Mechanical breakdown;
    • Loss of market;
    • Damage caused by dampness, dryness, changes in or extremes of temperature;
    • Loss disclosed upon taking inventory; or unexplained loss;
    • Artificially generated electric current;
    • Water damage;
    • Any earth movement;
    • Voluntary parting with any property;
    • Conversion;
    • Breakage, unless caused by a covered peril such as fire, theft, wind, etc.; and
    • All insured articles must be stored under lock and key.
    8. Withdrawing from the program

    The lessee can withdraw from the Program at any time by obtaining insurance covering the leased equipment for loss or damage as required by the lease contract and providing Lessor with proof of such insurance coverage, indicating Lessor as loss payee.

    9. Reporting loss or damage

    If your eligible leased equipment is lost or damaged, contact Lessor with the details of the loss or damage. Call us at 888-830-7117 or email information to insurance@nationalleasing.com. Lessor will forward the details of the loss or damage to our Program Administrator who will contact you if additional information is required.