Systems and methods for providing supplemental insurance for leased vehicles

• US 20100114612A1
• Filed: 10/26/2009
• Published: 05/06/2010
• Est. Priority Date: 12/10/2002
• Status: Active Grant

• Current Assignee: Owen D. Stanton
• Original Assignee: Owen D. Stanton
• Inventors: Stanton, Owen D.
• Granted Patent: US 7,987,104 B2
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods of the present invention are designed to offer insurance to lessees of vehicles to cover up front, out-of-pocket lease expenses in the event of a total loss, e.g., theft, and preferably include steps performed by a vehicle leasing dealer as well as steps performed by one or more participating insurers. The steps are preferably performed with the aid of computing devices which are in communication. When the lease is prepared, the relevant information about the lease and the lessee is submitted by the lease dealer to the participating insurers. The insurers determine the cost of supplemental insurance based on this information and, if the cost is acceptable, offer insurance coverage to the lessee.

Claims

1. A system for providing supplemental lease insurance to a lessee of a vehicle to cover at least one up front cost of a lease in the event of a total loss of said vehicle, said system comprising:

at least one computer processor for processing data;

at least one storage medium for storing data;

a user interface in communication with said at least one computer processor for receiving relevant information of a lease, said relevant information comprising at least one up front cost of said lease;

said at least one computer processor is in communication with an insurer'"'"'s computer processor and is configured to process said relevant information;

wherein said insurer'"'"'s computer processor generates an insurance policy based upon said relevant information to cover at least one up front cost of said lease in the event of a total loss of the leased vehicle, and wherein said insurer'"'"'s computer processor issues said insurance policy to said lessee; and

said at least one computer processor configured to process a claim in the event of a total loss and to process a payout for said at least one up front cost to said lessee.

2. A system according to claim 1 wherein said computer processor is configured to determine a premium for issuing said policy to cover at least one up front cost of said lease in the event of a total loss of the leased vehicle.

3. A system according to claim 1 wherein said payout comprises all of said at least one up front cost paid by said lessee.

4. A system according to claim 1 wherein said payout is pro-rated.

5. A system according to claim 1 wherein said vehicle is an automobile.

6. A system according to claim 1 wherein said at least one up front cost comprises a down payment.

7. A system according to claim 6 wherein said at least one up front cost comprises tax on said down payment.

8. A system according to claim 1 wherein said at least one up front cost comprises a single payment lease amount.

9. A system according to claim 1 wherein said at least one up front cost comprises tax on a single payment lease amount.

10. A system according to claim 1 wherein said at least one up front cost comprises a security deposit.

11. A system according to claim 1 wherein said at least one up front cost comprises at least one bank fee.

12. A system according to claim 1 wherein said at least one up front cost comprises state sales tax.

13. A system according to claim 1 wherein said at least one computer processor is in communication with a plurality of computer processors of a plurality of insurers.

14. A system according to claim 1 wherein said user interface is located at a location remote from said insurer'"'"'s computer processor.

15. A system according to claim 14 wherein said remote location is at a lease dealer.

16. A system according to claim 14 wherein said remote location is at an insurance broker.

17. A method for providing supplemental lease insurance to a lessee of a vehicle to cover at least one up front cost of a lease in the event of a total loss of said vehicle, said method comprising:

collecting relevant information regarding the vehicle lease;

identifying a total loss of said leased vehicle as an insurable event;

processing said relevant information and determining a cost of insuring based upon at least said relevant information;

issuing supplemental insurance to cover at least one up front cost of the lease;

processing a claim in the event of said insurable event; and

determining a payout amount based on said at least one up front cost of said lease;

making a payment to said lessee for said payout amount.

18. A method according to claim 17 further comprising the step of:

providing a computer processing system comprising;

at least one computer processor for processing data;

at least one storage medium for storing data;

a user interface operatively connected to said at least one computer processor for receiving relevant information of a lease, said relevant information comprising at least one up front cost of said vehicle lease;

19. A method according to claim 17 further comprising the step of collecting at least one up front cost for the vehicle lease.

20. A method according to claim 17 further comprising the step of collecting a premium for said supplemental lease insurance.

21. A method according to claim 17 wherein said user interface is located at a location remote from each of said at least one computer processor and said insurer'"'"'s computer processor.

22. A method according to claim 17 wherein said remote location is at a lease dealer.

23. A method according to claim 17 wherein said remote location is at an insurance broker.

24. A system for providing supplemental lease insurance to a lessee of a vehicle to cover at least one up front cost of a lease in the event of a total loss of said vehicle, said system comprising:

a user interface for receiving relevant information of said lease, said relevant information comprising at least one up front cost of said lease;

a distributed network for transferring data from said user interface;

an insurance policy processing module, remote from said user interface and coupled to said distributed network, that processes said relevant information, identifies a total loss of a leased vehicle as an insurable event, and determines a premium for issuing supplemental insurance to cover at least one up front cost of said lease in the event of a total loss;

wherein an insurer'"'"'s computer generates an insurance document and issues said supplemental insurance to said lessee, and

wherein said insurer'"'"'s computer is configured to process a claim in the event of a total loss, and to process a payout for said at least one up front cost to said lessee.