AXA Assistance, in collaboration with Complectus, has developed a new end of lease insurance product covering the refurbishment costs for returning a vehicle within fair wear and tear standards.

Lease Guard will cover multiple items such as scuffs, chips, scratches, small dents, alloy wheels and interior trim, not normally insured under a car or van insurance policy.

With average fleet refurbishment recharges currently in excess of £300, Lease Guard provides a managed return process, tailored to meet the specific requirements of a lease contract.

Rick Ware, sales and marketing director of AXA Assistance, explained that the product has been designed for vehicle manufacturers, finance companies and fleets, and more specifically for leasing companies.

He said: “Lease Guard is suitable for companies leasing vehicles that are financed on agreements where there is an end of term return obligation to redeliver the vehicle in a certain condition.”