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Our guide to car insurance rates is designed to give you all the necessary knowledge to lower your premiums.

You have to insure your vehicle, the process of choosing the right policy can be pretty overwhelming. Fortunately for you, we're here to help! This website provides you with important information on types of policies and outlines the most important terms that you should be familiar with before you buy. If you're in the process of switching companies, understanding what you're paying for ensures that when you switch, you're not lowering your coverage, just your rates! Don't pay more for insurance than you have to. Take time to compare your current insurance rates with comparable coverage from other insurance competitors. It only takes a few minutes to select the type of coverage you are interested in, and you'll be on your way to comparing insurance quotes and saving money!

Is Gap insurance needed for people who finance their cars?

It depends on your coverage. If your regular auto insurance policy is written to pay off the fully financed amount, then you don't need gap insurance.

Things to keep in mind when buying gap insurance:

  • Most people purchase it when a lease is initiated, some car insurance companies will sell you a gap policy anytime during the lease term.
  • Lessee must be in compliance with all terms of the lease.
  • Your gap insurance policy may not be honored if lessee doe not have collision and comprehensive insurance coverage. Further, lease contracts generally require that you carry collision and comprehensive at all times.

If your car is totaled or stolen, carefully follow all requirements made by your auto insurance company. For example, some companies require you to continue making car payments on your totaled vehicle until the money from the gap insurance is paid out.

So when initiating a car loan or lease, always remember to ask your insurance agent or loan officer about gap insurance. If you have an accident, you'll be glad you planned ahead.

What are the Insurance Requirements for a lease?

When leasing a car, there are several insurance requirements needed when leasing a car lease. In the car lease insurance category will include articles that touch on a few of the most important ones.

All car leases require that you carry substantial insurance requirements. 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 to carry 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.

Auto 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 lease insurance rates annually to determine if you are still getting the best deal possible.

Hope this article was able to help you with information and advice on the best way to purchase car lease insurance and the insurance requirements.

Insurance Coverage Requirements


Liability coverage requirement for Passenger Car or Light Duty Truck:
$100,000/300,000 Bodily Injury
$50,000 Property Damage (minimum) or $300,000 Combined Single Limit
$500 Deductible (Maximum)
Leasing Company must be named as "Additional Insured" and "Loss Payee"

Liability coverage requirement for Trucks of 10,000 lbs. GVW or More
Combined single limit of $1,000,000
($5,000,000 in CT, GA, PA, RI and VT)
for bodily injuries and property damage for any one accident
Comprehensive/ Collision: $1,000 Deductible (Maximum)
Leasing Company must be named as "Additional Insured" and "Loss Payee"

You will also need to provide the following information concerning your policy:
  • Named Insured
  • Insurance Company
  • Policy #
  • Policy Effective Date
  • Policy Expiration Date
  • Agent's Name and Phone Number

Auto Lease Insurance Requirements

When leasing a vehicle, your current auto insurance requirements may change. However, an auto lease will carry some important insurance requirements that are part of the lease agreement. You can avoid unpleasant surprises if you plan for the change in your auto insurance situation before you finalize your lease.

When you are driving a leased vehicle, it still belongs to the leasing company of record. The leasing company will want to make sure that their vehicle is covered for physical damage in case of an accident. In addition, they will also want to make sure they will be covered in case of any liability if you are found to be at fault in the accident. You will be required to carry comprehensive and collision coverage on the leased vehicle, which will cover it for physical damage, usually with no more than a $500 deductible. If you are carrying a higher deductible on your current policy, be prepared to possibly pay more on your auto insurance for the lower deductible.

Your insurance liability limits will usually need to be $100,000 per person and $300,000 per accident. This means your insurance company will pay up to the total amount per person injured if you are at fault, and a total amount for the whole accident, regardless of how many people are injured.

Auto insurance liability is an area where you may need to make an adjustment to your current insurance policy. Many people only carry what their state requires for liability auto insurance. However, you should probably always have this higher liability insurance coverage in place, whether you are leasing or not, as you want to protect yourself from accidents and lawsuits. If your insurance policy doesn't have enough to cover the damages, the money will, in many cases, come out of your pocket.

Getting an auto lease, then now is a good time to start shopping around and comparing auto insurance quotes. The financing company may offer insurance, but you can usually get a better deal by looking elsewhere. Of course, you should get your current insurance to give you a quote, but because you will have a different vehicle, you will probably get the most savings by insurance comparison shopping. The Internet is a good place to start, get an Insurance quote comparison that offer rates from many different insurance companies. Lease insurance quotes.
Your auto insurance needs change when you have to insure a leased vehicle. Consider this part of the leasing process and save money, time, and aggravation. Start your auto insurance shopping when you are in the leasing process, you will get a head start.

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