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With so many vendors today auto-debiting customers’ accounts, most of the time, there is a charge to the bank account and little attention is paid to the invoice. Review the invoice and do not allow a vendor to add insurance coverage on an item your firm already covers. It is easy to miss at the beginning of two, three or four year loan periods because in many cases, the invoice is sadly ignored since the charge is the same each month.
If your leasing company has added insurance coverage to your invoice and auto-debit, contact them and instruct them to remove it after your show your coverage to them and their status as a ‘loss payee’.
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