An insurance lease refers to the leasing arrangement where the individual taking the lease is responsible for the insurance and related issues of the commodity being leased. An auto insurance lease is similar to a lease where the individual taking the automobile on lease is responsible for the insurance of the respective vehicle. Given below is a sample of an auto insurance lease document which records all the relevant and important details regarding an auto insurance lease arrangement between two parties involved in the lease arrangement.
Sample Auto Insurance Lease
This document has been prepared to certify that Mr. Dane Mosby and Mr. Josh Carnet have entered an insurance lease arrangement as on the 23rd May 2011. Mr. Josh has leased a Rolls- Royce Phantom Drop-head Coupe, black in color, plates no. – BEN 231, from Mr. Dane Mosby of Mosby Vehicles and Dealers Ltd. by paying an amount of $70,000. The parties have to adhere to the following terms and conditions:
- The lease arrangement holds for a period of 1 year only.
- After the expiry of this lease the individual taking the lease has to sign up a new contract for continued use of the automobile.
- As per the arrangement the individual who has taken the lease of the automobile is the sole individual responsible for the insurance and insurance related issues of the automobile.
- For the duration of the lease period the individual leasing the vehicle is responsible for the maintenance of the automobile.
- If the vehicle is returned on the expiry of this contract (i.e. no renewals) then the individual leasing it required to pay for major damages particularly due to accidents.
The undersigning parties hereby agree to the above mentioned terms and conditions. They are well aware of and agree to the legal consequences of any violation of the terms.
_________________________ (Mr. Dane Mosby)
_________________________ (Mr. Josh Carnet)