We have concluded a brokerage agreement with IIZI Kindlustusmaakler AS, which makes insurance offers regarding our leasing assets. The insurance offer is based on the data of the leaseholder, the actual user of the asset.

We introduce the received insurance offer to the leaseholder and authorise him/her to voice their opinion on whether the received offer corresponds to the asset`s actual intended use. If the policyholder of the asset is the Lessor, according to the leasing agreement, then the leaseholder is obliged to compensate the expense of insurance to the Lessor. This can be done once a year as an annual payment or as monthly payments with the leasing invoice. A fee for financing insurance expenses is added to the monthly payments. 

NB! IIZI Kindlustusmaakler AS does not provide insurance brokering service to the leaseholder and a brokerage agreement is not concluded between IIZI Kindlustusmaakler AS and the leaseholder.

As IIZI Kindlustusmaakler AS provides brokerage service to the Lessor, but not to the leaseholder, therefore, when insuring the leasing asset, IIZI Kindlustusmaakler AS does not owe any obligations arising from a brokerage relationship to the leaseholder, including due diligence and duty of loyalty. 

Traffic insurance

According to the law, every vehicle participating in traffic must have motor third party liability insurance. In essence, motor third party liability insurance is liability insurance – the insurance compensates material damage or personal injury caused to third persons.

We take traffic insurance offers for our assets through IIZI Kindlustusmaakler AS from the following insurance companies:

  • AAS BTA Baltic Insurance Company
  • ERGO Insurance SE
  • If P&C Insurance AS
  • AB "Lietuvos draudimas" ( PZU as Estonian Branch)
  • Seesam Insurance AS
  • ADB Gjensidige Eesti filial

When we take out an insurance policy, then the policyholder is the Lessor. The Leaseholder is offered the possibility to compensate the expense for motor third party liability insurance to the Lessor as an annual payment or monthly payments. Based on the choice, the insurance payment is reflected on your leasing invoice once per year or on a monthly basis. The fee for insurance payment financing is added to the monthly payments.

You do not need to worry about on time insurance contract extension, as our insurance broker IIZI Kindlustusmaakler AS will take care of it.

If you wish, you can conclude the motor third party liability insurance contract yourself.  We accept all insurance companies that have been authorised by the Financial Supervision Authority to offer motor third party liability insurance in Estonia.

NB! If the leasing contract provides that the policyholder is the Lessor, then changing the policyholder (if you want to conclude the insurance contract yourself) is considered an amendment to the leasing contract. To amend the leasing contract, you must submit an application and the amendment is for a fee.

Casco insurance

Casco insurance compensates damage due to an accident with the vehicle that the mandatory motor third party liability insurance does not cover. Traffic accidents, natural disasters, fires, vandalism, robberies and thefts are considered accidents.

We take Casco insurance offers for our assets through IIZI Kindlustusmaakler AS from the following insurance companies:

  • AAS BTA Baltic Insurance Company
  • ERGO Insurance SE
  • If P&C Insurance AS
  • AB "Lietuvos draudimas" (Eesti filiaal PZU)
  • Salva Kindlustuse AS
  • Seesam Insurance AS
  • ADB Gjensidige Eesti filiaal

If we take out Casco insurance, then the policyholder is the Lessor. The Leaseholder is offered the possibility to compensate the expense for Casco insurance to the Lessor as an annual payment or monthly payments. Based on the choice, the insurance payment is reflected on your leasing invoice once per year or on a monthly basis. The fee for insurance payment financing is added to the monthly payments.

You do not need to worry about on time insurance contract extension, as our insurance broker IIZI Kindlustusmaakler AS will take care of it.

Requirements for insurance policies

If according to the leasing contract, the lessee has the obligation to conclude an insurance contract, then the lessee is obliged to conclude an insurance contract with an insurance company of their choosing, which has been authorised by the Financial Supervision Authority to provide the corresponding insurance product in Estonia.

The insurance contract must correspond to requirements set by us.

General requirements

The insurance contract must enter into force at the latest when then risk of accidental destruction and damage to the property is transferred to the lessee (from date of signing the instrument of delivery and receipt). The beneficiary must be the lessee.

  • The Lessee is obliged to submit the insurance policy (except for the motor third party liability insurance) to the Lessor within three (3) days from gaining possession of the asset and the renewed policy fourteen (14) days before expiration of existing policy, but not later than three (3) days from existing policy renewal date.
  • If the insurance policy is not submitted on time or there is no valid motor third party liability insurance, the Lessor has the right to conclude an insurance contract according to the leasing contract provisions on its own initiative and the Lessee is obliged to pay the Lessor for insuring the asset on basis of an invoice from the Lessor.
  • IIZI Kindlustusmaakler AS monitors insurance coverage of assets under leasing. Please send your insurance policies to the e-mail address luminorpoliis@iizi.ee

Accepted insurance companies

We accept insurance companies and their Estoian branches:

  • AAS BTA Baltic Insurance Company
  • AAS BALTA
  • Compensa Vienna Insurance Group ADB
  • ERGO Insurance SE
  • ADB Gjensidige
  • If P&C Insurance AS
  • AB "Lietuvos draudimas" ( Estonian Branch PZU)
  • Salva Kindlustuse AS
  • Seesam Insurance AS
  • Swedbank P&C Insurance AS

Requirements for motor third party liability insurance

  • The mandatory motor third party liability insurance policy must correspond to terms and conditions provided by law.
  • If according to the leasing contract, the Lessee is obliged to formalise a motor third party liability insurance contract for the asset, then the Lessee has the full liability for having valid motor third party liability insurance coverage.
  • If the Lessor is the policyholder, then termination of the motor third party liability insurance contract is only allowed with prior consent from the Lessor.

Requirements for Casco insurance

  • The insurance contract must be valid in the full value of the vehicle including value-added tax ( full replacement/recovery value ).
  • The insurance contract`s period of validity must be at least one (1) year.
  • Insurance coverage must be valid in the actual region where the vehicle is used, at least in Europe, except CIS countries (ATVs` insurance coverage must be valid in at least Estonia).
  • The insurance contract must provide deductible for passenger cars and vans up to 500 euros, theft – robbery deductible up to 15%; lorries`, buses`, trailers` deductible up to 1000 euros and theft-robbery deductible up to 15%.
  • The insurance contract must cover all risks related to possession and use of the asset (including damage, fire, flood, natural disaster, theft, robbery, vandalism).

Insured event

If a traffic accident has taken place, then before leaving the scene of the accident, the motorist who caused the accident and the victim must be fixed in writing. The most convenient option is to use the form Traffic accident notice, which is available at insurance companies` and their representatives` offices or filling stations.

It is recommended to always keep this document in the vehicle.

If notice of the traffic accident is not provided, then the circumstances of the accident should be put down on paper, which clearly and understandably (for example with a drawing) describes how the accident happened and the drivers sign their liability (victim and motorist who caused the damage).

If the parties cannot agree who the guilty party is and who the victim is, then the police must be called.

In case of damage

  • Avoid further damage, fix the circumstances of the accident, if possible, the photos, formalise papers, where both parties` exact data is written, parties explanations and signatures.  
  • Inform the police; in case of human injuries, the police must be called. If the motorist who caused the damage is unknown or the parties cannot agree, then call the police.  
  • In case of a traffic accident, the victim must inform the insurance company of damage at first possibility, where the valid motor third party liability insurance is. The motorist who caused the damage is obliged to notify the insurance company no later than 5 days from the event.
  • If a vehicle has been hit in a parking lot, then it is a traffic accident. If the motorist who caused the damage is unknown, then the police must be notified.  
  • If you hit another vehicle or other object and the owner of the vehicle cannot be identified, then notify the police. It is not enough to leave your contacts to the owner of the other vehicle – leaving may be interpreted as fleeing the scene of the accident.  
  • If the vehicle has Casco insurance, then notify the insurance company within 3 business days at the latest and agree on further action.  

Compensation of damage

  • For vehicle repairs calculation, turn to the car dealership. In case of damage, the vehicle may be repaired after confirmation from the insurance company.
  • All vehicles with a valid manufacturer`s guarantee, are repaired at official car dealerships and A-spare parts are used.
  • All up to 6-year old vehicles are repaired with A-spare parts (except PZU, up to 5y).
  • After guarantee lapses, the car is repaired in an official car dealership if possible.

To repair glass damage or to receive a repairs calculation, turn to: