Car Insurance For Lease Cars

Insurance coverages may be included with your car lease many leasing companies automatically include gap coverage in your lease payments says the iii.

Car insurance for lease cars. And insurance for a lease car is the same as any other car just compare providers to find cover that suits you choose a policy and off you go. Put an additional driver on the policy. Every car lease deal on our website has its insurance group listed as shown below so you can get a quick idea of insurance costs when comparing models. In order to assist you with arranging insurance comperquote insurance may be able to help.

If your insurance company determines that the actual value of your car is 27 000 then gap insurance covers the 3 000 difference between what insurance will pay and what you owe on the vehicle. Each car is assigned an insurance group number the lowest being 1 and highest being 50 which depicts the cost of insuring the vehicle. Lease cars with insurance already included aren t commonly available but it s easy to find the right cover. The company that handles your lease may also have additional requirements such as.

The main difference is that financed or leased cars will have to include the name of the lienholder or leasing company as a named insured whereas owned cars do not have to name a third party like a bank or leasing company. Insuring your short term car lease. Gap insurance helps pay off your auto loan if you re under water on the loan and the car you re leasing is totaled. For example say you lease a new car for 30 000 drive it around for a week and then total it.

Gap insurance for lease cars contract hire gap insurance is specifically designed for leased cars. Because the lessee still legally owns the vehicle you may need to name the company as an additional insured party and as the loss payee. Cars on demand short term lease and fixed contract prices do not include insurance and therefore it is the customers responsibility to ensure a fully comprehensive policy is in place during the term of any hire period. Leased car insurance and financed or owned car insurance are not that different.

Gap insurancemight be optional but some lessees automatically add the insurance to your lease and include the premiums in your lease payments or charge you a one time fee when the lease starts. Every state has minimum standards for auto insurance that apply to drivers who both own and lease their vehicles.