Car Insurance For Leased Vehicles

You might be one of the millions of Americans who are either leasing a vehicle or are strongly considering doing so. Leasing has grown more popular the past few years as both auto manufacturers and dealers have offered amazing incentivized deals. Some offers include the Honda CRV, which can be leased for about $320 per month, with no money due at signing.

That makes driving a new vehicle affordable for many middle-class Americans. Get your free car insurance for leased vehicle rates online. At Goodtogoinsurance, you can save up to $600 on leased car insurance in only 4 or 5 short minutes. The free comparison service will match you with the coverage you want at the lowest direct prices.

Is Car Insurance for Leased Vehicles More Expensive?

Many people wonder if auto insurance premiums are costlier for leased cars. The reality is – it might be. It will depend on many factors, just as getting a regularly financed car would. So you might end up paying a bit more or even less. There are a few differences when you lease a car and get it insured, however, that you should be aware of.

One reason why your premiums might be higher is comprehensive insurance is almost always required for the lease to be approved by the financing company. This is done to ensure the investment the leasing firm has made. In the event a catastrophic event happens to the vehicle, it will be covered. Get your quote comparison at Goodtogoinsurance online right away.

The Benefits of Leasing a Vehicle

There are both several advantages to leasing a car and also some disadvantages. Let’s take a look at the main ones. If you are currently leasing, you probably are knowledgeable about the benefits of leasing. If you are thinking about it, then check out these reasons.

• Low or no down payment: Some new leasing deals require no money deposited at signing, which makes it more attractive than buying a car where a 10% or 20% deposit if often due.
• Tax Advantages: If you are a small business owner or a contract professional, you should be able to write off the cost of your insurance premiums on your taxes. This is a big benefit for those who are trying to reduce their effective tax rate.
• Being able to Drive a New Car with Modern Technology: Many people lease a new car every 3 or 4 years so they can drive the latest, up-to-date automobiles cheaply. New cars are always improving with safety advances and performance. With a new car, you rarely have to worry about major mechanical problems, unlike old used ones.

The Drawbacks of Leasing a Car

• You do not own the Vehicle: After the lease, you have to turn it in and often pay a fee on the “backend.”
• You cannot drive as many miles as you might like: Most lease agreements have limited mileage, often 800 to 1,000 miles monthly. Miles driven beyond the allowance can be charged 15 cents to 25 cents per each mile. This can add up to thousands of dollars if you go way over.
• Minor blemishes can be costly: When the lease is up, you can be charged for many things like blemished upholstery, small dents, and even excessively worn-out tires.

Insurance Requirements for Leased Cars

In general auto insurance for leased vehicles will come with more restrictions and be a bit pricier. One quick tip is to not get insurance through any lease offers. It will almost always be more expensive than going through direct companies like Gotogoinsurance online.

You will be required to carry more coverage

This means getting $100,000 or more in liability ins. You will also be required to have both collision and comprehensive ins on your lease. Each leasing company will have different requirements that must be met. Make sure you are aware of them because it could affect your budget.

You might only be able to afford $100 a month for leased auto insurance, but end up finding the cheapest plan is $150 monthly. The high cost of automobile ins can make leasing a bit less unattractive for those on a tighter budget. One quick tip is to raise your deductible to $1,000 which will drive your premium cost down quite a bit.

Get Cheap Leased Car Insurance Online

Now that you know the pros and cons of leasing a vehicle, it’s time to compare rates. The cheapest plans are usually online at websites like Good to go auto insurance. These sites work because they compare multiple quotes from the top U.S. carriers. Finding good deals has never been easier with Goodtogoinsurance quoting. Get a free rate check-up and see for yourself how easy saving hundreds on car insurance for leased vehicles is online.