It is always advisable to get car insurance on a leased cars as it is unlikely that the existing coverage of the Rental Company or person will cover you. Besides, in some states, it is mandatory for drivers to buy auto insurance for leased vehicles.
ICarInsuranceUSA can assist you in finding the best car insurance on leased cars at an easily affordable price.
Lease periods normally last for 2 to 3 years.
Low maintenance costs as new leased cars are under warranty.
Down payment is affordable.
A leased car has more insurance requirements, making it costlier to be insured. However, leasing a car instated of financing means cheaper monthly payments, making it insurance rates vs car payments. Remember that the insurance rate is also affected by the collision and comprehensive coverage.
HOW TO REDUCE MY LEASED CAR’S INSURANCE COST?
To get cheap auto insurance for leased cars even with a strict lessor, you should:
Pays damages caused to the leased car because of collision with another car regardless of whether driver is at fault or not.
Pays damages caused to the leased vehicle due to vandalism, fire, theft, extreme weather condition, some falling objects or an animal hit.
Pays difference between actual cash value (ACV) as determined by collision feature and remaining lease payments for completely paying off lease.
Pays costs for repair and replacement of original car parts post an accident involving the insured damaged leased vehicle.
Pays damages to uninsured/underinsured motorist that meets with an accident with a leased car.
At times, car lessors require drivers to buy more liability coverage than what is prescribed by states. It can increase premium substantially.
If you are leasing your car to other drivers then it is vital that your insurance company knows about it. While there might not be any change in premium, insurers may look to other risk assessment factors such as who is going to be the primary driver of your car.
Ownership of the vehicle is not an issue here but if the primary driver under consideration for the leased vehicle can be a risky proposition to the insurer. And misrepresentation of car ownership also serves no advantage. Companies even reserve the right to cancel or deny coverage in such cases.
WHAT DO YOU NEED TO KNOW?
Regardless of whether you lease a car or drive it yourself, having valid coverage is mandatory by law in U.S. To that effect, you at least need to buy minimum liability coverage for other persons’ bodily injuries and property damages as is prescribed by the state in which you live.
Yes. When you get a car on finance, monthly payments will stop once you pay off the loan in full. On the other hand, if you get a car on lease, you only have to pay monthly as long as you will be driving it.
There is no difference between insurance coverage options offered for purchased and leased vehicles. They could be very much similar in either case. But make sure that you buy at least basic liability coverage required by your state.
Whether you lease a car or get one on the lease, a lease car needs insurance. We can make your task simple and easy!