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.
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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While requirements for lease car insurance coverage are likely to be different state wise, some common coverage forms could be as are mentioned below:
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.
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.
Collision coverage: Pays expenses for damages caused to car because of collision with other car or object.
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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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.