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Finding Low Cost Car Insurance Quotes For Leased Cars
September 2nd, 2010
Car insurance companies treat leased cars differently than they treat owned cars, and if you're looking for car insurance quotes for a leased vehicle, it's important to know about a few of these differences. Understanding the intricacies of leased car insurance can help you find cheaper rates, and can help you to choose the perfect amounts of coverage for your vehicle without overpaying.
Leased cars aren't owned by their drivers; they're owned by the company providing the lease, and that company can require the driver to carry as much car insurance as it sees fit. Leased vehicles are eventually turned back in to the dealers or banks offering the lease, so lease companies generally require drivers to carry more insurance than the legal minimums. Most leases will require 100/300 liability coverage, which means that the driver must carry $100,000 in coverage for up to $300,000 per incident. Property liability coverage is usually set at $50,000, and comprehensive coverage, which covers damage to the vehicle or auto theft, must be set at or above the value of the car. These are relatively high requirements, but they're not at all unreasonable; the lease is designed to protect the car's actual owner, and because a car accident may carry heavy costs, it's reasonable to require these protective amounts of coverage.
If you drive a leased vehicle, there's nothing that you can do to avoid buying these minimums when looking for car insurance quotes. However, you can greatly reduce the rates in the quotes by managing your risks. Look into the car's safety features, and find out whether each car insurance company offers discounts for things like airbags and special braking systems. Consider taking a special driving course to make your driving record look more attractive to insurers, and above all else, take the time to gather quotes. Looking at a variety of car insurance quotes can help you to lower the costs of insurance for your leased vehicle, as you'll be able to compare and contrast the different policies that you have available and make an intelligent decision. Talk to an agent at each car insurance company, and ask about discount programs. Bring up the competitors' quotes and be prepared to negotiate.
Leasing a car can be a great way to save money, but only for drivers who take these steps to make sure that they're not overpaying for car insurance. You're legally required to protect your vehicle, yourself and other drivers. When you lease a vehicle, you can do this without overpaying by managing your risks and searching for the best car insurance quotes possible.
