The lessee may also be responsible for any medical expenses incurred by other people involved in the accident. If the lessee is at fault for the accident, they may also be liable for any property damage caused to other vehicles or property.
In some cases, the lessee may be able to get some financial assistance from the leasing company. However, this is not always the case, and the lessee should expect to pay for the majority of the costs associated with the accident.
To protect themselves from financial liability in the event of an accident, lessees should make sure to carry comprehensive and collision insurance on their leased vehicle. This type of insurance will cover the cost of repairs or replacement if the vehicle is damaged or destroyed in an accident, regardless of who is at fault.
Lessees should also be aware of the terms of their lease agreement. Some lease agreements may require the lessee to purchase gap insurance, which covers the difference between the actual cash value of the vehicle and the amount owed on the lease. Gap insurance can help to protect lessees from having to pay a large amount of money out of pocket if their vehicle is destroyed in an accident.
