As a reminder, coverage is mandatory on a leased car. When you lease a vehicle, it BELONGS to the leasing company. They want to make sure their investment is covered. You need to go out there and buy an auto-insurance policy. Leasing companies often require high liability insurance and some may require a lower deductible. Here are three coverages you should make sure you have (required to have) for your current or future leased car.
This insurance protects you if your leased car collides with another vehicle or object. It also protects you if your vehicle is overturned. You will most likely have a deductible.
Like collision insurance, this also is subject to a deductible. Comprehensive coverage involves if your car got involved in a situation involving fire, theft, and weather damage.
Guaranteed Auto Protection (GAP)
GAP insurance is often seen as one of the most important coverages, but not all states have the option of getting it. GAP protects you if your leased vehicle is totaled or stolen.
As a result of a collision or comprehensive car insurance, repairs must be made by only using Original Equipment Manufacturer (OEM) parts.
After you’ve selected car accident insurance, and you expect to still be driving your car after the manufacturer’s warranty has expired, make sure you are also covered against expensive breakdowns and repairs that your auto insurance doesn’t cover.
If you need help finding the right car and the right insurance for it, help us help us help you! For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.