What If I Lease A Car?
Ormond Beach, Daytona Beach, and Palm Coast, Florida
Leasing a car from an auto dealer will not include insurance so you will need to acquire this on your own. The auto dealer or bank that is financing the car will require you to buy collision and comprehensive coverage. Leasing a car in Florida has several other requirements that we can discuss with you in full.
Your leasing company may also require “gap” insurance because in the event of an accident, there is most likely to be a difference between the amount that you still owe your dealer and the payment you will receive from your insurance company. Why? Because the insurance company's pay out to you is based on the car's actual depreciated cash value.
If you are unfortunately involved in an accident that results in a total loss or your leased vehicle is stolen, "gap" coverage will pay the balance of your loan, if greater than the actual cash value of the vehicle. What if your are leasing an automobile for a period of one year or longer that was not previously titled? Your vehicle may be also eligible for "gap" insurance coverage. The comfort of "gap" insurance is that it prevents you from having to pay out of pocket.