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It is true that a lot of vehicle owners purchased their vehicles using a lease structure. 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. Your leased vehicle does not belong to you yet; until you finish paying, it belongs to your lease company. This is the main reason why your lease company requires adequate insurance to protect their investment while you are repaying. You will need to include liability insurance just in case a stranger is injured due to your driving mistake. Below are some useful information about auto lease insurance.
A lot of auto insurance companies will ask for the following:
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.
$ 100,000 liability protection for an individual and a $ 300, 000 per occurrence coverage. The story is quite different in Canada where one million dollars is required for liability insurance if an automobile is leased.
It will pay you to purchase a complete insurance cover structure; it does not matter if you are using a lease service or not. If you opt for minimum coverage, you may discover that you are under-insured when filing a claim. 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. Get free professional help, compare free quotes and save now!
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Source: http://ezinearticles.com/?Automobile-Lease-Insurance-Tips—What-You-Should-Know&id=5137373
