The process of validating insurance coverage for leased vehicles can be a time consuming and expensive process for all parties.

This is especially true for leasing companies, as they may have to engage a number of different insurance companies to ensure that the vehicle continues to be insured and has the appropriate coverage and deductibles. If there has been a change of insurance companies, the process can be even more difficult and time consuming.

From an insurance company and brokerage vantage, the process can also be time consuming.

With the above in mind, CGI has developed a service called ‘Leasing Validation Service’ (LVS) that facilitates the process of insurance validation for leasing companies.  

The service is available in three different models:

1. On-line Query – You simply type in the Vehicle Identification Number (VIN)  for the vehicle in question and it checks the Autoplus database and produces a report that provides the required information.
2. Batch Process – This model sees the leasing company send in a ‘file’ of VIN’s to be confirmed and receive (typically over night) a file that contains all the information required for the VIN’s provided. This file can then be converted (by the leasing company) to either a set of reports or directly feed into their own in-house system and solutions.
3. Portfolio Service – Leasing companies may wish to have all the vehicles in their fleet checked on a scheduled basis, thereby enabling them to be aware of any changes that may have taken place.

The costing for this service depends on the model chosen (ie On-line, Batch or Portfolio) volumes and frequency.

For those companies who are looking for predictable costs a monthly ‘flat fee’ option is also available, once the company’s volumes are known.