Car Insurance
While Leasing
While leasing a car, it is best to stay with the same insurance
company for your car insurance. But there is always the chance,
however, that you will end up over paying for your coverage. Therefore,
it could be well worth a look elsewhere to see if you can get
a better deal.
When leasing, the car that you will drive belongs to the lease
company. They’ll want to be sure that their investment be
well covered in the event their automobile gets smashed, totaled
or stolen. They normally want to be insured for the difference
between what your car-insurer allows and your remaining leasing
contract at the time of the accident or damage. This is known
as GAP, acronym for Guaranteed Auto Protection, and is typically
built-in to the leasing contract.
Whether you use someone like BMW Financial Services, Chrysler
Financial or any other finance division of the automotive industry
as your leasing company, then odds are your GAP insurance will
be made available by the same lease company.
You are not required to take the GAP insurance offered as part
of your lease agreement. Why pay more for your insurance if you
could get the same coverage elsewhere for a better price?
Spend some time comparing quotes from other car insurance companies,
including your existing one. As an existing customer you may qualify
for some discounts, then amend your car insurance coverage accordingly.