Leasing a Car? Make Sure It Is Properly Protected
Leased Car Insurance
Leasing a car is a great way to enjoy the newest models every couple of years. However, just like owning your car, you will need to protect it with the right auto insurance coverage. Since you do not out-right own the car, there are some special considerations to keep in mind when looking for the right policy.
In addition to the liability coverage that you are required to invest in, you will also need to choose an auto insurance policy that includes collision and comprehensive coverage. The collision portion of your auto insurance policy will provide coverage for any damage that is done to your vehicle if you are involved in an accident with another vehicle. The comprehensive portion of your car insurance policy will provide coverage for any damage that is done during an incident other than a collision with another car, such as theft, fire, or collision with a wild animal.
Depending on your leasing company, you may also be required to invest in gap insurance. If your car is totaled, there will most likely be a difference between the amount of money that you owe on the vehicle and the payout that you get from your auto insurance policy. Gap insurance will cover the difference between the two amounts to make sure that you are not left financially devastated after an accident.
Even if your leasing company does not require that you have gap insurance, you may want to consider investing in the coverage to help give you the protection that you need.
For all your leased car insurance coverage needs, contact the insurance professionals at Velox Insurance in Atlanta, Georgia. We will work with you to make sure that you have the right amount of auto insurance in Atlanta, GA, all at the right price to fit your budget.