Considering the high gain in car prices and the shine in the status of the economy today, so more people have begin to think leasing a car instead of buying a new car. Inspite of the lucrative good deals offers by car dealers to the customers, the sum of leased cars is on a boost due to its intact benefits. Auto dealers gets leasing as financially attractive, and also fits tremendous change in lifestyle. The choice is very personal. Arranging for a good lease insurance out of your vehicle insurance representative is extremely important. On the other hand, common leasing insurance does not take care of all sorts of things. You will find there’s difference regarding the worth of your leased car and the sum you’ve spent on the car.
Leased Cars – GAP Insurance
The auto leasing company may also require Guaranteed Auto Protection or “GAP insurance” as it is commonly called. In case of leasing, the cost of gap insurance is generally included in the lease payment since the auto dealers generally buy a master policy from an insurance company to cover all their leased cars. The insurance company pays on the basis of the car’s actual value while taking the depreciation into account. The difference between them is known as the ‘gap’. However, there is no obligation on your part to agree to have GAP insurance included in your lease agreement.
Collision Coverage and Comprehensive – Protects Your Leased Car
The auto leasing company would want you to have both collision coverage and comprehensive. In instance of tree falling, theft, vandalism, fire or of any damages this comprehensive coverage will save your leased car.
In the case of any car accident this collision coverage will save your car in lease. If you clash with stationary object or a another vehicle, your coverage as collision will save your car. The deductible go together with collision coverage and comprehensive. The deductible is the sum that you need to pay out of your pocket before your insurance company starts to charges in.