Buying a car can be an expensive endeavour, particularly if you’re looking at a new model. Many are significantly more expensive than a used car, but they are more reliable and stylish.
Leasing a car is the perfect way to spread the cost of your new car, as it allows you to drive the latest model without hefty upfront costs.
While some leasing companies give you added extras, such as breakdown cover or servicing, you still need to take out your own insurance policy.
Much like insurance for a car you own outright, there are various different types of insurance for your leased car. The type you choose will depend on your circumstances and how much protection you want.
Take the time to review all of the options before you make a definitive decision. To help you make an informed decision, here’s our guide to insuring your leased car.
The Cost Depends On A Number Of Factors
The cost of your premium will depend on several factors, including the model of the car you’re driving, how clean your license is and your personal circumstances. When choosing a car to lease, you should review which ones are most cost-effective to insure. If you’re eager to drive a specific model, then shop around to find the best deal, so you can save on your lease rather than your insurance policy. For example, Vantage Leasing’s pay nothing upfront offers could be the ideal way to reduce the cost of your leased car and allow you to drive your dream vehicle at an affordable cost.
Gap Insurance Can Save You Money In The Long Run
Gap insurance is an extra that’s you might be offered when you’re shopping around for an insurance quote. This product ensures that your provider will pay you back for the cost of the car when you took out the policy, not when you make a claim. As a result, you’re protected from depreciation and will get the full value of your car if it gets written off or severely damaged. Therefore, you won’t be forced to pay out of your own pocket to reimburse your leasing provider, so it’s definitely worth considering adding gap insurance to your policy.
Not Every Provider Is On A Comparison Site
Comparison sites are a great way to quickly review the best costs on the market, but they’re not a complete overview of every provider out there. Many insurance companies, ranging from large firms such as Direct Line through to smaller providers, avoid being on comparison sites, so you should make sure you’ve checked out all of the options before you make this crucial decision.
Negotiate Your Way To The Best Deal
While many insurance providers offer policy cost calculators on their websites, allowing you to get an instant quote, it’s important that you remember that you’re not bound to pay the initial amount they suggest your policy could be worth. Consider negotiating with your chosen car insurance provider to reduce your costs and still enjoy the protection you want for your new leased car.