One of the common questions we get about vehicle insurance is whether it’s any different for leased vehicles. While leasing a vehicle certainly has its perks, insuring a leased vehicle can get a little murky for some drivers.
Here at Eber & Associates, we’ve helped insure countless leased cars and trucks, and we understand the importance of getting the right coverage. In this post, we’ll guide you through the key things to know about insuring a leased vehicle and help you drive with confidence.
The Basics of Insuring a Leased Vehicle
Are there hoops to jump through when insuring a leased vehicle? When you lease, you’re essentially renting the car for an extended period. The leasing company, or the actual owner of the car, wants to make sure their property is protected, so they require insurance coverage to protect their investment. However, leased automobiles usually require more than just primary insurance coverage.
Typically, a leased vehicle needs comprehensive and collision coverage on top of any state-mandated liability insurance. Comprehensive and collision insurance makes certain that, in the event of an accident or theft, the leasing company doesn’t lose out. While this might mean your monthly insurance payment is a tad higher, it also means you’re better protected.
Guaranteed Asset Protection
Have you ever heard of GAP insurance? GAP stands for guaranteed asset protection, and it’s one of your best financial safety nets. It covers the difference between what insurance pays out if your leased vehicle is totaled or stolen and what you still owe on your lease.
Considering how quickly a new car can depreciate in value, GAP insurance can be a real wallet-saver.
Finding the Right Provider
Choosing the right insurance for your leased vehicle shouldn’t be difficult, especially when you’ve got a partner like Eber & Associates. Our team of experts can guide you through your options and help you find the right coverage for a price that fits your budget. Our goal is to make insuring your leased vehicle as easy as possible.
Here’s a quick review of the key points to keep in mind when insuring a leased vehicle:
Comprehensive and Collision Coverage
The right coverage is a non-negotiable for leased vehicles because it makes sure both you and the leasing company are protected.
GAP Insurance
For newer leases, GAP insurance can be your financial guardian angel, stepping in when the unexpected happens.
Choose Wisely
No two insurance policies are created equal, especially when it comes to leasing. Tailored coverage is the name of the game, and turning to a broker like Eber & Associates can help you stay on the winning side.
Insuring a Leased Vehicle With Eber & Associates
Are you feeling more equipped to tackle the maze of insurance options for your leased vehicle? For more tips on choosing the right insurance, whether you’re switching providers, hunting for umbrella insurance, or seeking affordable options in Pittsburgh, check out these helpful recent posts from our blog:
- Switching Car Insurance: Getting the Best Coverage
- A Guide to Finding the Best Umbrella Insurance
- Finding Affordable Auto Insurance in Pittsburgh, PA
At Eber & Associates, we’re more than just your insurance provider — we’re your partner on the road to being covered through life, for life. We’re ready to navigate this road together with confidence and clarity. After all, the best drives are the ones taken with friends who’ve got your back.
