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Car owners are probably already familiar with the car insurance process – buy the best policy and get the insurance company rules and buy an insurance card. However the process of obtaining insurance for a rented vehicle may require some additional steps.
A rental vehicle needs insurance like any other vehicle. Since the vehicle belongs to a rental company there may be additional insurance requirements for the owner beyond the mandatory insurance guidelines. Knowing the ins and outs of purchasing insurance for rental vehicles can help make the rental process more efficient and less stressful.
What Insurance Do I have for a Leased Car?
The type and amount of auto insurance you need varies by state but the requirements are the same whether you lease or own a car. In all states except New Hampshire and Virginia you must have minimum liability coverage including:
- Personal injury liability insurance. Personal injury coverage can help pay medical expenses and lost wages for injured people outside of your family if you are at fault in an accident.
- Property Damage Liability Insurance. This coverage helps you repair damage to other peoples cars or property if you are at fault in an accident. This coverage does not apply to you or your family members in addition to personal injury protection.
Depending on where you live you may need to bring additional insurance such as:
- Insured and uninsured auto insurance begins when you are hit by another driver who is uninsured or does not have sufficient coverage to pay the related expenses. You also pay in the event of a vehicle collision.
- Personal Injury Protection (PIP). Some states require drivers to carry personal injury protection insurance also known as disability insurance. Medical covers you and your passengers in the event of a collision and injury regardless of who is at fault. It does not cover the medical expenses of other drivers and their passengers or repairing your vehicle or other drivers.
- Leasing a car requires a payment agreement with the lender as does car financing with a car loan. You must have additional coverage requirements to meet the insurance portion of your lender or renters agreement.
- This is often called comprehensive coverage because it protects you and the car. In addition to your obligation to purchase insurance.
- Comprehensive coverage. This fire theft vandalism cover applies to damage to your vehicle caused by weather events and events beyond your control such as being hit or bumped by animals.
- Collision coverage. This applies to damage to your vehicle caused by other vehicles or objects such as guardrails or buildings or if your vehicle overturns.
Your landlord may require you to have certain coverage such as a maximum deductible of $1000 for comprehensive and collision coverage. You may be required to carry more than the minimum amount of public liability insurance. It is important to review the details of the rental agreement to ensure that you meet or exceed the minimum requirements when obtaining insurance for a rental car.
Is Lease Car Insurance Expensive?
Whether the vehicle is leased or owned has nothing to do with the cost of insurance. However rental companies require more expensive plans if your state has minimum coverage requirements. Higher liability limits and requirements for collision and comprehensive loss coverage often increase the cost of insurance premiums.
Another reason for increasing insurance premiums for individuals renting a vehicle is the maximum deductible limit. The deductible is the amount you pay before the insurance company starts paying. Plans with higher deductibles often have lower monthly premiums. If your landlord doesnt want your deductible to exceed a certain amount you can pay more for insurance if you rent a car than if you bought it.
HowInsurance Do I have for a Leased Car?
Youll be happy to know that insuring a rental car is no more difficult than insuring a car youve purchased. The main difference is that the leasing company owns and is the registered owner of the car not you. For the most part this means you dont have to worry about taxing your new motor. However be sure to check with the rental company as some claim it is only included for the first year. Are you sure you are getting the best deal? Money Shack brings you the market and shows you all product brands and best deals in one place. Start your search today to find your perfect car.
1. Get a quote
Finding a rental car quote is not as difficult as owning a car thanks to insurance comparison sites on the internet. But along the way there are slightly different methods you need to know. But dont worry. It only requires exchanging details and doesnt make the experience any more difficult.
2. Exact Date
It is important to remember to mention the start of your insurance policy as the delivery date of your rental car. It is also very important that your coverage continues until the day the car is picked up or returned to the provider. Setting an earlier start time means you pay for the days you dont drive. If your insurance kicks in the back of your car you wont be able to legally drive it for a while.
You need to insure the car at the end of your contract with the company you bought the car from or even if you hand it over. So confirm with the leasing company. Delivery and collection for your new motorbike.
3. Compare prices
Once your details are determined you can compare rewards from different providers. At this point it is important to look at the implied summary of each policy so that you can not only reduce the price yourself but also be satisfied with the terms.
4. Decide on your payment method.
This will depend on your personal preference and budget. Depending on each policy you can pay monthly or pay all costs in one lump sum. If you choose the latter there will be no additional interest on top of your initial total outlay for the year. If you can afford to do so and dont want your insurance and rental car payments due each month you can save even more money by doing so.
Or it means monthly expenses that are easy to manage as not everyone can pay their premiums upfront. In this example after the policy is approved you pay a deposit (usually slightly less than a fixed monthly price) after which it is increased to its original price for the remaining 11 months. Once youve decided how youre going to pay your premiums all you have to do is finalize your chosen provider and payment details.
