If you lease a car, it’s important to understand the type of insurance you must have, as well as optional coverage that is available to you. Signature Auto understands New York insurance requirements. In fact, you can contact our Financial Services Brokers for assistance.
Basic insurance for a leased car is similar to what you would get in a purchased car policy. This includes liability, medical coverage, collision and comprehensive coverage for damage or injury that is not caused by an automobile accident. Your broker should review each of these policy components in detail so that you carry the right amount of coverage.
To be sure you’re protected from loss, check with your insurance broker to see if you should consider Guaranteed Auto Protection. GAP is designed to cover the extra expense you may incur if your car is totally destroyed from either an accident, theft or other unexpected events such as natural destruction due to fire or flood. If you owe more on the car than its market value (which may be the case with a leased car), your GAP coverage will pay the difference.
New York drivers understand all too well the risk of ruining a tire from a pothole or debris in the road. Consider adding wheel and tire coverage, also known as road hazard coverage, to your policy to cover any vehicle damage caused by damaged road conditions.
During the duration of your car lease, you may owe more than the market value of the car. Be sure to speak with a knowledgeable Financial Services Broker at Signature Auto to be sure you have the proper type and correct amount of insurance coverage.