I f you are seeking insurance for a leased car, making sure you get the correct type of insurance is important. Car leasing requires special insurance requirements. Since you don't legally own the car, you have to follow what leasing companies require. While you have to meet those requirements, you have several options in order to save money.
Types of Insurance
There are several different types of car insurance you need to be aware of. Collision coverage insurance means that your vehicle will be covered in the case of an accident where you are at fault, or if you hit a tree or building where another car is involved. Liability insurance will cover you in the case of an accident with another car. Uninsured driver insurance will cover your car if you are hit by a driver that does not have insurance.
Insurance Considerations for a Leased Car
If you are seeking insurance for a leased car, it would be beneficial to shop around before making your decision. There are huge pricing differences between certain companies and there might be discounts you qualify for. It is always recommended to get three quotes from companies you trust before moving forward with your insurance.
Insurance For a Leased Car VS a New Car
If you have a leased car, insurance depends on the official leasing provider. Some banks or leasing companies will require you to have collision coverage insurance and collision insurance along with liability and property damage policies.
Getting insurance for car leasing is a bit complicated and you have a lot of rules to follow, as opposed to owning your own vehicle. To make the best of the situation, shop around for different insurance providers to get the best deal possible.
