Currently, damage to leased vehicles is charged for at the end of the contract. But Bank of Scotland Vehicle Finance (BoSVF) is launching a new product that covers minor repairs for a set monthly fee.
The minor damage repair plan is available to all of the firm’s car and light commercial vehicle contract hire customers, both new and existing, at a fixed cost of £99 per year.
For this, customers receive an annual vehicle condition report, with colour photos of the car, and up to four repairs to single areas of minor damage each year, other than regular wear and tear. Minor damage is classified as dents and scratches, stone chips, kerbed alloys and upholstery burns.
Graham Hale, head of corporate business for BoSVF, said benefits included clarity of fixed-cost budgetary control. The service costs a fraction of the cost of bodyshop charges, he claimed.