What happens if I get into a car accident when I’m leasing?

When you are leasing a vehicle you will likely be required to buy collision and comprehensive insurance for your car.  Theses coverages will help protect against any damages to the car.  Some lenders may actually request to see proof of this insurance to be assured that their loan can be paid in full, even in the case of a serious accident.

Many lease contracts will require that you also purchase gap insurance.  This insurance will will pay the difference between what you owe on the lease of the car and what the insurer pays in case your car is seriously damaged.

Posted in Auto Loans |

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