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Most Recent Articles
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- Leased Vehicles And Automotive Insurance
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.
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