Professional Athletes and Coaches are often furnished vehicles from luxury automobile manufacturers, or high end auto dealerships, with the intent of promoting a specific brand.
While not expected to make monthly lease payments, the arrangement may come with a non-monetary consideration for the vehicle loan, inclusive of signed merchandise and memorabilia; appearances or commercials; and tickets to games and events.
In these arrangements, the auto manufacturer or dealership retains the registration and title of the vehicle, but the matter of insurance can be quite unclear. Typically a formal contract agreement will outline the duration, and other key elements of the arrangement.
Careful review of the agreement by your insurance professional is crucial to ensuring the proper insurance placement for the vehicle and appointed drivers.
Rachele Spencer, CIC, CISR
Client Executive | 216.658.3725
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information.