 INSURANCE RAA |
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| What if I lease a car? |
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If you lease a car, you still need to buy your own auto insurance policy. The auto dealer or bank that is financing the car will require you to buy collision and comprehensive coverage. You'll need to buy these coverages in addition to the others that may be mandatory in your state, such as auto liability insurance.
The leasing company may also require "gap" insurance. This refers to the fact that if you have an accident and your leased car is damaged beyond repair or "totaled," there's likely to be a difference between the amount that you still owe the auto dealer and the check you'll get from your insurance company. That's because the insurance company's check is based on the car's actual cash value which takes into account depreciation. The difference between the two amounts is known as the gap. On a leased car, the cost of gap insurance is generally rolled into the lease payments. You don't actually buy a gap policy. Generally, the auto dealer buys a master policy from an insurance company to cover all the cars it leases and charges you for a "gap waiver." This means that if your leased car is totaled, you won't have to pay the dealer the gap amount. Check with the auto dealer when leasing your car. If you have an auto loan rather than a lease, you may want to buy gap insurance to protect yourself from having to come up with the gap amount if your car is totaled before you've finished paying for it. Ask your insurance agent about gap insurance or search the Internet. Gap insurance may not be available in some states. Article by: Insurance Information Institute Tags: car lease lease a car car lease deals auto lease car lease calculator new car lease best car lease short term car lease used car lease auto lease calculator how to lease a car car lease specials auto lease deals take over car lease lease vs buy car lease a new car lease or buy a car lease cars best car lease deals auto lease specials best auto lease get out of a car lease car lease rates lease a used car car lease prices auto lease rates how to get out of a car lease getting out of a car lease car lease offers car lease payment car lease payments lease or buy car short term auto lease cheap car lease best car to lease car for lease leased cars cars for lease car leases lease used cars car leasing cars to lease off lease cars car lease quote best cars to lease rent a car auto leasing leasing a car auto leases best car leases rent car buy a car new car leases used car leases hertz rent a car car lease deal short term car leases buy car cheap car leases national rent a car advantage rent a car used car leasing leasing vs buying a car car leasing companies d&m auto leasing car leasing deals auto leasing companies leasing cars dm auto leasing lease car uk lease bmw lease buy car pacific auto leasing buying lease car purchase lease car trade lease car executive car leasing buy used car lease ford car ez rent a car bmw lease car lease car loans buy a used car lease car residual lease car options lease car cost rent lease car lease car dealer lease car contract how to buy a car lease car dealers lease hire car buy a new car personal car lease lease car tax assume lease car lease car takeover transfer lease car lease car buyout lease car residual value lease auto car lease nissan car lease car payment calculator lease car companies lease car money factor lease termination car monthly lease car lease car credit lease car value lease car return gmac lease car lease car insurance audi lease car calculate lease car fleet lease car end lease car buying a lease car leased car lease rental car lease car for sale lease car company lease automobile lease automobiles lease autos car dealerships car dealers find car lease contract hire car contract hire 2006 new cars vehicle lease new car automobile leasing leasing new car dealers finance a car new car leasing 2006 new car automobile leases leasing automobiles 2007 new cars car incentives top rated car minivan lease new cars local car dealers c230 lease cars 2007 cars car reviews vehicle leasing cars leases car fleet leasing car prices used car buy cars leased auto lease vehicles car dealer leased automobiles pcp car leasings car retailer fx45 lease leasing autos buying car leasecar van leasing minivan leases car price car leasing quote finance lease cheap car leasing lease minivans company car leasing business car leasing car finance minivan leasing lease cars uk car leasing uk car hire leasing minivans personal contract hire personal car leasing private car leasing vehicle contract hire leased automobile contract hire audi a6 contract hire cars lease trade lease calculator smart car ford lease lease assumption lease assume lease calculators nissan lease lease takeover |
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