* Lease agreements typically require you to have insurance. The lease company wants to be protected in case of an accident, theft, or damage to the car.
* You usually choose and pay for your own insurance. This means you shop around for a policy that meets your needs and budget.
* The lease company may have minimum insurance requirements. You'll need to meet these requirements to avoid violating your lease agreement.
* Some lease companies offer insurance. They may offer a bundled package that includes liability, collision, and comprehensive coverage. However, this option is often more expensive than getting insurance on your own.
What type of insurance do you need?
Here are some common types of insurance for leased cars:
* Liability insurance: This is required by law in most states and covers damage you cause to other people or their property.
* Collision insurance: This covers repairs to your leased car if you're in an accident, regardless of who's at fault.
* Comprehensive insurance: This covers damage to your leased car from things like theft, vandalism, or natural disasters.
Important points:
* Talk to your lease company about their insurance requirements. They will provide you with a list of minimum coverage requirements.
* Shop around for insurance quotes. Compare different insurance companies to get the best price for your needs.
* Consider adding additional coverage. This can help protect you from unexpected expenses if something happens to your leased car.
Remember, even though you're leasing the car, you're ultimately responsible for insuring it. By understanding your insurance options, you can choose the right coverage for your situation and budget.
