It is required in law that you have insurance when driving on UK roads. Insurance protects you and also all other road users and pedestrians should you be involved in an accident. It will also include legal cover to handle those complex situations.
Understanding the Types of Lease Car Insurance
There are various types of insurance: Third Party, Third Party fire and theft and Fully comprehensive.
Third party is the lowest of all covers and protects you against and damage that is your fault or any injury that you cause. It does not cover your car and as such is not acceptable for a leased car.
Third party Fire and Theft as the name suggests adds the covers of fire and theft to the policy. In some cases, it will be accepted by a leasing company, but not usually.
Comprehensive cover as the name suggests, will cover you for all eventualities and in most cases is the only cover that will be accepted for you new lease vehicle.
When searching for a new lease car it is imperative that you check out just how much it is to insurance said vehicle with a fully comprehensive policy. Finding car insurance for your lease vehicle is easy when looking online and should be factored into the price you are expecting to pay for your leased vehicle each month.
Fully Comprehensive Insurance Quotes are the most suitable quotes to run where comparison websites often allow users to compare the best prices. Remember to run a quote when you are searching for a new lease vehicle but, also note that the price may change when it comes time to take delivery of your new lease car. Information such as the address of where the vehicle is kept overnight, the amount of miles the vehicle is expected to travel each year, the type of cover (social, domestic, business or pleasure) and type of vehicle itself (make and model) coupled to its insurance grouping will all affect the price of the quote.
Notably; Paying yearly for your car insurance can see the price reduced slightly.
Additional lease car insurance considerations
For young-drivers, the cost of insurance has increased in recent times to such a point that the insurance will be a bigger cost than the actual vehicle itself. When you are researching your ideal vehicle, use comparison sites, to get an idea on what the vehicle will cost in terms of insurance. You also need to factor in the cost of servicing, tyres and general maintenance if you are not having a funder-maintained contract.
While there are limited packages out there which do include insurance these are often restricted to specific cars/deals and will often have minimum ages which preclude many drivers below the age of 21 to benefit from.
Carlease UK recommend that you consider a GAP policy. GAP Insurance is designed to cover a motorist's financial shortfall in the event their vehicle is declared a total loss.
For more information on lease car insurance check out our help and advice pages or feel free to talk to one of our experienced team who will happily guide you through the particular insurance groupings of lease cars available here on CarLease UK...
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Conduct Authority – our Firm Reference Number (FRN) is 706617.
CarLease (UK) Ltd t/a, CarLease UK, Car-E-Lease UK and VanLease UK is a credit broker and are not a lender. We work alongside a limited number of finance providers who may make payment to us if you enter into an agreement with them. Failure to maintain rentals may result in the vehicle being withdrawn (this may affect your credit).
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