Auto Insurance for Leased Cars
If you are leasing a car, then you’re in a special position where you will ultimately have to give the car back to the dealer (or buy it from them, or sell it off). This means that you are seriously invested in the safety of the automobile, perhaps even more so than if you were just paying off a bank loan for the car. So, it’s imperative to have high-quality auto insurance if you’re driving a leased car.
When you lease a car, you are essentially renting it. That means that the owner of the car at the end of the lease will be the auto dealer, and you can be sure that when it comes to auto insurance, they’re going to want you to have the very best. In most cases, the terms of the lease will not allow you to get just your state’s minimum coverage option. Instead, your auto dealer will require you to get more expensive insurance. They will also require you to get more add-ons, like comprehensive insurance, which will protect you against vandalism and other random damage to your car that is not from an accident with another insured driver.
In addition, you may or may not be required to get uninsured motorist insurance. If your auto dealer does not require it – and they most likely will, since they have a very long-term investment in the state of your car – then you should think about getting it, just to be safe. You don’t want to be hit by an uninsured motorist just as you are about to turn in your car at the end of your lease, for example.
To learn more about auto insurance for leased cars, be sure to call or meet with a local auto dealer who specializes in leases, or with a qualified representative of the auto insurance industry.