How does insurance work when leasing a vehicle?
mochasmoka asked:
Do you have to get insurance like you would when you own a car? Is it less?
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Do you have to get insurance like you would when you own a car? Is it less?
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It is going to be the same as if you owned it. If this is brand new, you will need liability and collision insurance, at least in NJ. Because it is a lease, the insurance company may dictate what your deductible is. The higher the deductible is, the lower your premium is.
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Absolutely. You lease the car, so you are responsible for providing insurance to cover the car in the event of a loss.
It is no less or no more than if you purchase or own a vehicle.
As somebody above, said, though, the leasing company will dictate that you have to carry a lower deductible, since higher deductible policies mean that the car will probably suffer more ‘unfixed’ damage that they will have to deal with at the end of the lease. Well YOU would be held liable for it, though, as excess wear and tear, and they’ll get you anyways. So just pay the higher rate for the lower deductible.