Even though you don't own a car you're leasing, the dealer or bank will require that you carry auto insurance to protect the investment. As the insurance experts at NorthEast Insurance Services in Englishtown, NJ, explain, lessees are often required to carry a broad array of insurance coverages.
In addition to the normal liability insurance or other minimum policies required by your state, you may also have to carry:
- Collision Coverage: While basic liability covers damage to other people's property in an accident you caused, collision coverage will pay for repairs to your vehicle.
- Comprehensive Coverage: This policy protects your car against any damage that occurs off the road, including everything from fires to theft, arson, and deer strikes. These situations can completely destroy a vehicle, and the owners want to ensure that it's fully protected.
- Gap Insurance: If your leased vehicle is totally destroyed, there may be a significant difference between the owed amount and how much the insurance company is willing to pay since their estimates are based on the depreciated value of the car. A gap insurance policy covers this difference and is often included as part of your monthly lease payments.
While auto dealers are often willing to provide insurance, you may be able to get the same coverage at much more affordable rates by going through your own provider. With years of experience and a strong reputation for providing unbeatable service, NorthEast Insurance Services' agents will help you find the best auto insurance policy for your needs at rates that fit within your budget. To learn more and get an auto insurance quote, visit their website or call (732) 972-1771 today.