Insurance for financed products is a type of insurance that covers the borrower in the event that the financed product is damaged, lost, or stolen. This type of insurance is often required by lenders as a condition of financing a product, as it protects the lender's investment in the event that the borrower is unable to pay for the damages or loss.
Ask your company's Velory admin if you want to know which insurance is automatically applied to the products you finance through Velory. It is also important to know that the insurance cost is not always included in the price shown in Velory.
There are several types of insurance that may be required for financed products, depending on the type of product being financed. Below we present a few alternatives, but be aware that not all alternatives may be selectable for your company particularly.
Note, it is important for borrowers to carefully review the terms of their insurance coverage when financing a product, to ensure that they have the necessary coverage to protect their investment in the event of damage, loss, or theft.
Insurance from finance partners
When purchasing financed products, it is common for the insurance company to offer its own insurance as a supplement to the agreement. If you do not know what applies to your particular purchase, contact your reseller and / or the finance partner that intends to finance your order.
If your Velory partner offers AppleCare+, you can choose it as your default insurance when your employees order Apple products in Velory, if AppleCare+ is available for that product.
If your Velory partner in Velory offers Samsung Care+, you can choose it as your default insurance when your employees order Samsung products in Velory, if Samsung Care+ is available for that product.
Your company can also use the company's own insurance on financed products if it specifically covers leased possessions. If your company already has insurance that will cover products financed in Velory, but you do not have an agreement for this with a finance partner, contact your reseller for information on how to proceed so that your company can use its own insurance. As part of that process, the finance partner can request that your company send them insurance certificates and insurance confirmations.
The insurance cost is not always included in the price shown in Velory. Contact your reseller or your finance partner for more information.