Did you know that during the first half of a five-year lease or loan, your payoff is usually higher than the actual cash value (ACV) of your unit? Insurance policies are typically obligated to pay only the ACV amount, and any difference becomes your personal obligation. Great West offers these value-added coverages in the event of a total loss covered by the policy. The coverage will respond when the cost to pay off a lease or loan exceeds your unit’s actual cash value.

Other features:

  • Coverage applies to specific tractors, trailers, or trucks - you don’t need to pay for “blanket” coverage on all your units, just the ones that need coverage.

  • Claim payment is made within 30 days for any covered loss (60 days for theft), or we will pay for the additional payments or interest your lease or loan generates after the 30th day (60th day for theft).

This coverage does not apply to:

  • Overdue lease/loan payments or penalties due at time of loss.

  • Financial penalties imposed for excessive use, abnormal wear and tear, or high mileage.

  • Security deposits.

  • Cost for extended warranties (such as credit life).

  • Carry-over balances from previous leases/loans.

This summary is intended for informational purposes only and does not replace or modify the definitions or information contained in any insurance policy or declaration page, which controls all coverage determinations. Terms and conditions may vary by state, and exclusions may apply.