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Leasing Coverage

Leasing Coverage 2018-06-28T22:27:45+00:00

Ormond Beach Auto Insurance – Leasing a Vehicle

Just like when you purchase a new vehicle from an automobile dealership and it doesn’t include insurance, leasing a vehicle is the same and will need to be purchased by the customer. If you are financing a car, you will need to have comprehensive and collision (also known as “full”) coverage on the vehicle. In addition to lender requirements, the state of Florida also has requirements for insuring leased vehicles that your Ormond Beach insurance agent can go over with you.
You may be required to have a “gap” insurance policy. Gap insurance protects you in case an accident leaves your car a total loss. The amount you owe the financer and the amount you will get from insurance are likely to vary. Gap insurance will pay the difference so that it doesn’t fall upon you.