Cheap Car Insurance for Your Leased Car
Filed Under Cheap Car Insurance
How can you find cheap car insurance for your leased car? When you are leasing a car, it’s easy to stick with the same insurance company for your car insurance. What you don’t know, however, is that you may end up paying too much for your coverage and it’s better to look elsewhere for lower rates. Why? Let’s take a look at how car insurance works for leased cars.
When you lease a car, the vehicle that you will drive belongs to the leasing company. They want to make sure that their investment is covered in the event the vehicle gets damaged, totalled or stolen. They typically want to get covered for the difference between what your auto-insurer pays and your outstanding leasing obligations at the time of the accident or damage. This is called GAP, short for Guaranteed Auto Protection, and is usually included in the leasing contract.
If your leasing company is called BMW Financial Services, Chrysler Financial or any other finance division of an automaker, then chances are your GAP insurance will be offered by the same lease company. This is another method for the financing companies to make more money from you.
You are under no obligation to accept GAP insurance included as part of your lease agreement. Why pay an insurance premium if you could get the same coverage for a lower price? This is where cheap car insurance quotes online can come in handy and allow you to find the best deal on car insurance.
Invest some time shopping by comparing cheap car insurance quotes from other insurance companies, including your existing one. Ask for discounts that you already
qualify for and adjust your coverage accordingly.
Cheap Car Insurance , cheap car insurance online , cheap car insurance policy , insurance for leased cars
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