Car Lease Insurance

When leasing a car, there are several reasons to purchase car lease insurance, and this category will include articles that touch on a few of the most important ones.Almost all car leases require that you carry substantial insurance. Not only are you required to carry liability insurance, but you are also required to obtain collision and comprehensive coverage also. In most cases, you will need to include the finance company as an additional insured party on the insurance policy.

An additional type of insurance that may be required is gap insurance. Gap insurance coverage is a good idea even if it is not required by your lease finance company. Gap insurance covers the car if it is totaled or damaged beyond repair before the end of the lease term. Even if the car is totaled, you are still considered liable for the entire lease, in addition to the value of the car. Gap insurance covers the difference between the value of the car and the actual lease.

Lease insurance is usually more expensive than insurance you might carry on a car you purchase because of the requirements from the leasing company. As a result, it is always a good idea to comparison shop before agreeing to an insurance policy and even once you have car lease insurance in place, you should evaluate your policy and rates annually to determine if you are still getting the best deal possible.

If you are looking for more information and advice on the best way to purchase car lease insurance, take some time to read through our expert articles and advice on the subject.