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Home > Finance > Leasing > Leased Vehicles And Automotive Insurance
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Leased Vehicles And Automotive Insurance
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People have different opinions when it comes to leasing a vehicle and
buying a vehicle, but here’s the basic gist of it: buying a vehicle
differs from leasing a vehicle in that buying a vehicle requires you to
pay for the entire vehicle, whereas leasing a vehicle requires you to
pay for the amount of the vehicle you “use up” during a set period of
time. Simply put, once the time period is up the person leasing the
vehicle may decide to buy the vehicle, or move on.
There’s no difference, however, in purchasing automotive insurance for
bought and leased vehicles. If you lease a vehicle and finance through
the dealer or a bank, you’re still required to purchase automotive
insurance for your leased vehicle. Just because you’re only paying for
the portion of the vehicle that you use during a specific time period
doesn’t mean you aren’t responsible for repairing the damages to the
leased vehicle, or the damages your leased vehicle may inflict upon
another person’s vehicle, or another person.
For example, if your leased vehicle is involved in an accident that is
your fault and involves another party, you’re responsible for paying to
repair not only the damages to your leased vehicle, but the damages to
the other party’s vehicle, as well. At the same time, if your leased
vehicle is involved in an accident but no other party is involved,
you’re responsible for repairs to your leased vehicle if the accident
was your fault.
Too, your leased vehicle may be involved in an accident that wasn’t
your fault with a party that doesn’t have automotive insurance. By
having automotive insurance for your leased vehicle, you are
safeguarding yourself against drivers who don’t have automotive
insurance.
The purpose of automotive insurance is universal. Regardless of whether
you buy or lease your vehicle, and regardless of your reasons for
buying or leasing, you must still purchase automotive insurance.
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