Auto Insurance and Leasing
If deciding to lease a car, it may seem the easy option to stay with the same company for yourmotor insurance.
What you may not know however is that you may end up
paying over the odds for your coverage and you may get a lower rate by looking around
When you lease a vehicle, the vehicle you drive will belong to the leasing
company.companies offering car leasing short term may have a more competative insurance rate, so always
shop around before making your decision.
They will want to ensure that should the vehicle get damaged, totalled or stolen their investment will be
As a rule they will want to get covered for the difference between your outstanding leasing obilgations at the
time of the accident and what your auto-insurer pays. This is called GAP, which is short for Guaranteed Auto
Protection, which as a rule is included in the leasing contract. Luxury car lease options are available at premium
If the company you have leased your vehicle through is called BMW Financial Services, Chrysler Financial or another finance division of an automaker, then it is likely
your GAP insurance will be offered by the same lease company. You are under no obligation to accept GAP
insurance that is offered as part of your lease agreement.
Why pay an insurance premium if you are able to get the same cover for a lower cost? It pays to take time
shopping around for quotes from other insurance companies, which can include your current one.
Ask your current company for discounts that you already qualify for and then
adjust your coverage accordingly. Car lease deals are offered by some of the biggest leasing companies around today.