Thursday, February 24, 2011

Motor Lease Insurance - Tips For Cheaper Rates

By Iyke Phelim


These days, many car owners got their cars through a lease service. There are gains and pains involved in using a lease service. How much gain or pain you receive depends on how disciplined you are with repaying borrowed money. A leased car is still the property of the leasing company and not you. This is the main reason why your lease company requires adequate insurance to protect their investment while you are repaying. Make sure you get liability coverage. This will pay the medical bills and court fees if its your mistake that caused an accident and a third party got injured.

Below are some useful information about vehicle lease insurance.

The following will be needed by auto insurers:

A $500 maximum deductible together with a comprehensive and collision coverage which repays the actual cash value of the car as at the time it was purchased

Liability protection to the sum of $50, 000 on the automobile

Liability coverage of $100, 000 per individual and $300, 000 per occurrence. For car owners in Canada, liability coverage for a leased vehicle is $1, 000, 000.

It will pay you to purchase a complete insurance coverage structure; it does not matter if you are using a lease service or not. A lot of insurance seekers end up buying the minimum coverage required by law which is insufficient in most cases. For you to get the best, work effectively with your lease provider and insurers and request for lower rates. It is important you know that a lot of car owners are already over paying for insurance even before using a lease service.

In today's world, shopping for insurance online seems to be the preferred choice for many insurance buyers. This is true because using the internet for insurance shopping is very comfortable, stress free and gives a lot of gains. Also, if you must get the best insurance policy, you must understand certain terms and understand how to work with comparison websites. Begin right away, apply the right way, compare free quotes and find cheaper rates.

Where To Start?



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