When you lease or finance a vehicle, you're required to have auto insurance that meets certain standards. This is because the lender or leasing company wants to protect their investment in the vehicle. At Integrity Insurance Agency, we understand that insurance for leased or financed vehicles can be confusing. That's why we're here to help you understand your options.
State minimum requirements may not always provide enough coverage for you, particularly if you are leasing or financing a vehicle. State minimum requirements include two coverages: bodily injury and property damage. This coverage only protects others if you are involved in an at-fault accident, and it doesn't provide coverage for your injuries or damages caused to your vehicle.
If you lease or finance a vehicle, you will likely be required to carry more than just the state minimum requirements. Additional auto insurance coverage that is typically required includes comprehensive and collision coverage. Comprehensive coverage helps pay for damages caused by incidents such as vandalism, fire, wind, fallen trees, floods, lightning, hitting an animal, or theft. Collision coverage can help pay for the repairs or replacement of your vehicle if it's damaged in an at-fault accident.
Depending on the company you lease or finance your vehicle through, they may require specific policy limit requirements. For example, they may require bodily injury limits of $100,000 per person and $300,000 per accident. It's best to ask your lease or finance company what liability limits you need to purchase to get an accurate auto insurance quote.
At Integrity Insurance Agency, we also recommend additional coverages like uninsured motorist coverage, medical payments, and personal injury protection. Uninsured motorist coverage helps protect you if you're in an accident with a driver who doesn't have insurance. Medical payments coverage helps pay for your medical expenses if you're injured in an accident, regardless of who is at fault. Personal injury protection can help pay for lost wages and other expenses if you're injured in an accident.
When it's time to shop for auto insurance for your leased or financed vehicle, call us. Our agents will shop all of our insurance carriers to find the best rate for you. We also have access to car insurance discounts that can help lower your monthly or yearly premium. Contact us today to get a free auto insurance quote. We'll help you find the coverage you need to protect your investment in your vehicle.