Insurance For Leased Car - What You Need To Know?

When you get a car on lease, it is important that you get it insured. Such a proposition may grant complete financial protection against any eventuality that might arise during the leasing period.

Cars on lease to protect from stolen, damaged or destroyed and fleet policies purchased by rental companies may not cover other drivers than those that are employed with them. Collision, coverage and gap insurance coverage features add teeth to overall financial protection that drivers of leased cars can accrue. All these aspects need to be considered when researching best insurance for leased cars.

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Check Your Eligibility To Get Discounts On The Best Insurance For Leased Cars

To save money on auto insurance for leased vehicles, here are some vital guidelines that you may find extremely useful. By doing extensive shopping and comparing of multiple free quotes, you can identify the best as well as cheapest quote.

If you are member of some club or organisation such as AAA, college alumni, civil services group, professionals’ association, military personnel’s’ association, etc. then you could be entitled to get premium discount for insurance on leased cars.

You can obtain a special premium discount for even a leased vehicle if your driving slate is clean and free of any previous accidents or collisions. Besides, have good credit is also considered as signs of a responsible driver by insurers and to that effect, if you have excellent credit, you might be offered an additional discount on car insurance premium.

Auto insurance for leased car could be cheaper if you agree to pay entire premium amount for 6 months or 1 year (term as you choose) at one go in lump sum instead of paying it monthly. Most of the insurers are likely to extend a discount on premium.

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Forms of Coverage on Insurance for Leased Car

While requirements for lease car insurance coverage are likely to be different state wise, some common coverage forms could be as are mentioned below:

  1. Liability coverage for bodily injury: Pays for expenses on bodily injuries caused to persons who need treatments due to accidents involving the insured car. Normally, liability coverage limits may be $ 25,000 per person and $50,000 per accident.

  2. Liability coverage for property injury: Pays costs for damages caused to other person’s property caused due to accident involving the insured car. Usually, liability coverage limits may be at least $10,000.

  3. Collision coverage: Pays expenses for damages caused to car because of collision with other car or object.

  4. Comprehensive coverage: Pays expenses for damages caused to car on account of theft, fire, falling objects as well as natural disasters.

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Buying Guides on Car Insurance For Leased Vehicles

To protect your finances from taking a dig, when buying cheap auto insurance for leased cars, you need to take the following aspects into consideration.

  • As you are not the owner of the leased vehicle, you must make sure that it is comprehensively insured and not just purchase minimum coverage.
  • It is important that you let the insurer know the name of the rental car company from which you are getting a vehicle on lease.
  • If situation warrants you to choose deductible on insurance for leased car, there is little need to get confused. Gap insurance doesn’t count towards deductible.
  • It is vital for you to check out whether the amount of down payment that you pay for leasing vehicle is covered by gap insurance.
  • You can buy gap insurance coverage even after lease date but make sure that you purchase this feature as it might prove to be crucial.
  • Lease car insurance coverage is different from gap insurance. Therefore, Don't confuse gap insurance with wear and tear insurance (i.e., insurance that covers typical wear and tear damage to a vehicle), your leased car's warranty. Neither of these types of insurance policies is gap insurance policies and will not be of any help if leased car gets totaled or stolen.

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