Equipment financing: Vehicle protection plan

LEASES AND LOANS

What is the vehicle protection plan? 

The vehicle protection plan includes optional coverage to help protect your vehicle in addition to your standard insurance. These options apply to both leases and loans and include: 

 

  • Gap protection 
  • Down payment protection 
  • Downtime protection 

 

What is gap protection? 

If your vehicle is declared a total loss due to an accident, fire, or theft, this protection bridges the gap between the amount paid by your insurance company and the balance owing on your lease or loan, up to $100,000. National Bank Equipment Finance will also cover the deductible of your primary insurance up to $5,000.  

 

What is down payment protection? 

If your vehicle is declared a total loss due to an accident, fire or theft within the first two years of financing, this protection covers up to $30,000 as a down payment to finance a replacement vehicle.  

 

What is downtime protection? 

Downtime protection helps reimburse lease or loan payments while your truck is out of service due to covered repairs. It is available for Class 8 trucks only and includes two types of coverage: 

 

  • Accident downtime: While your truck is being repaired due to collision or fire, you may be reimbursed up to $12,000 per claim for a maximum of $25,000 across all claims. 
  • Mechanical downtime: While your truck is being repaired due to powertrain, transmission or drivetrain breakdown, you may be reimbursed up to $12,000 per claim for a maximum of $25,000 across all claims. 

 

Important: Downtime protection is not available in Quebec. Mechanical downtime is only available for vehicles less than five years old. 

 

LEASES ONLY

What is a Loss Damage Waiver program? 

The Loss Damage Waiver (LDW) program offers protection against loss or damage to certain eligible leased equipment for an associated fee. If you do not provide proof of external insurance, your eligible leased equipment will automatically be enrolled in our LWD program.  

 

With our LDW, you benefit from: 

 

  • The convenience of your lease and protection coverage in one place 
  • No extra paperwork 
  • No changes to fees after a claim 
  • Low deductible of $250 

Contact us

General inquiries

Contact our customer support team to get the answers to your equipment financing questions.

Portals and tools

For all your questions about how to partner with us, or about our Equipment Financing Interactive Quote and Apply or Equipment Finance Interactive Dealer portal tools.

Contact a sales representative

Reach out to one of our experts for in-depth information about our equipment financing solutions.

Little details that matter

Services are provided by National Bank Equipment Finance Inc., a wholly owned subsidiary of National Bank of Canada.