Columbus, OH (PRWEB) June 14, 2010
When leasing a car, the company wants to make sure that their car is protected from damages. They will want the consumer to purchase liability coverage. The car insurance will protect the company’s investment and prevent the consumer from getting trapped in a serious financial problem. Car accident damages can be costly so consumers have to purchase the leased car insurance. Consumers must take into consideration the fees discussed in the contract. Some of the basic fees include termination costs, additional charges and etc. The contract will also mention the car insurance fee. It is important to buy car insurance. Customer who does not buy a lease car insurance will be liable for the total fee of the damages including repair fee and medical costs. That's why Insure4USA.com recently released an new guide, "Car Insurance for Leased Cars Explained," to help consumers better understand insurance options for leased vehicles.
Leased car owner have to purchase a higher amount of insurance premium than the minimum state requirement. Different states have different lease car insurance requirements. Consumers will have to check with the local state department to find out the minimum requirement for the leased car insurance. "Many lease car insurance companies maintain that the consumer must purchase minimum liability coverage of $100,000 and property liability coverage of $50,000. In addition, consumers will be required to buy coverage for personal body injury of at least $300,000," the article states.
Leased car owner must purchase a collision and comprehensive insurance. The collision and comprehensive insurance is necessary because it will offer coverage for the damages in the event that of an accident. Normally, consumers are required to pay a deductible. Consumers must purchase a comprehensive and collision coverage for at least $500 deductible.
According to the Insure4USA.com article, "Gap car insurance will compensate the difference of the car value and the remaining outstanding balance." The gap insurance premium is a onetime fee. The average cost of a gap insurance premium is a few hundred dollars. Purchasing a gap insurance premium can help the consumer to save thousands of dollars in the car is stolen. Gap car insurance is suitable for people that made up to 20% of down payment. People who financed the leased car for at least 6 years can also purchase the gap coverage. Luxury vehicle will depreciate quickly so consumer must purchase the gap car insurance.
If you get involved in an accident, the insurance company will offer compensation for the repair costs. Some insurance company will replace the damage parts with OEM parts while others use a mix of OEM and non OEM parts. If the company does not offer OEM parts replacement, consumers can still request for OEM parts to be used when repairing the car.
Insure4USA.com is an online marketplace that offers customers an easy way to purchase insurance policies online. Insure4USA.com will help find the right insurance for the right price. The site helps consumers to compare online insurance quotes from top insurance companies and provides an excellent way to save money and time on shopping for insurance.