Can I lease an insured car?
There tends to be some confusion around the subject of car leasing with insurance. Although you are paying a ‘fixed cost’ with every monthly instalment, this does not typically include any additional insurance for the car. As with any other vehicle, it is the responsibility of the driver to ensure they have insurance for the car before they take it out on the road. However, there are some packages available that allow you to lease an insured car. We’ll go into more detail about that later in this guide.
How does insurance work when leasing a car?
Some of the most popular types of car insurance are third party, third party fire and theft and fully comprehensive. However, when it comes to car leasing insurance, the only policy that can usually be applied is fully comprehensive. Although it can sometimes be a bit more expensive, this policy provides coverage for everything, including vandalism, theft, accidental damage and fire, along with third-party cover. When you apply for insurance for your new leased car, you also need to state that the finance company is the registered owner of the car, rather than you. Should you need to make a claim at any point in the future, and the insurance company are not aware of this, it can complicate matters and slow down the claims process. As with any car, it should be insured from the very first day you receive it and must remain insured until it is returned at the end of the agreement.
It may be recommended that you take out GAP insurance. Guaranteed Asset Protection (GAP) insurance provides you with extra protection. Should the car be written off during the lease, this will cover the difference in cost between the funder’s valuation of the car and the current market value
Which insured cars can be leased?
When it comes to leasing an insured car, your options can be limited with some companies. But at Leasing Options, our Just Fuel It package is available across a wide variety of deals.
This means you are insured for theft, fire, accidents and third-party cover. Not only that but you get breakdown and maintenance support, shortfall protection, glass protection and much more.
How much is insurance on a leased car?
Unfortunately, there is not a straightforward answer to this question. There are a number of different factors to take into consideration, such as the model of car, who is driving it, their driving history, and much more.
The best and fastest way to get an idea of how much it might cost to lease an insured car, get in touch and one of our specialised team members will get back to you as soon as possible to help you get a better idea.