Many people question about insurance for leased car. Is it important to take or just go ride your leased car without any insurance? This question needs long explanation till you find comprehensive answer. It begins with the question how if you get injured.
Accident Using Leased Car
Imagine that you don’t want to buy a car because you probably don’t have enough money to buy or don’t want to buy because you can be bored after 3-4 months. Many people decide to lease a car due this latter reason. Then imagine that you drive your leased car and get accident. Do you have to pay to fix the car? Of course not. If you get injured, you have to pay for medical treatment by yourself as well.
Therefore, it would be better if you lease your leased car when you don’t want to break your bank account if something bad happens. However, there is another question come up. Is it you or the leasing company as policy holder? Unfortunately, it is not you because you are not the one who owns the car, but the leasing company. So, if the leased car is insured, it is in the name of the company.
When You Insure Leased Car
Don’t be in hurry to contact car insurance company. Indeed, you don’t want bad thing happen to you like car accident or even stolen car. It might make you think to contact the insurance company as soon as possible. However, hold on a second and think about making decision.
When you want to insure your leased car, it is impossible to take minimum car insurance, but full insurance coverage. Try to contact your leasing company to know the gap insurance to pay.
However, you have to make sure that the gap insurance is not included in the agreement with the company. If it is not included, it is strongly suggested that you buy gap insurance in order that you feel calm and safe when your leased car is stolen.
For the times being, a lot of millennial generation prefer to lease a car than buy a car. Millennials don’t really consider having a car is a matter. It is a matter that they don’t have money to go vacation. Therefore, most of them save much money for holiday than for buying properties like a car. However, they have to remember to take insurance for leased car if they don’t want to lose all money in the bank account when they got car accident.