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Monday, 26 October 2015

Auto Insurance and Leasing

When leasing a car, it’s easier to stick with the same company for your
auto insurance. What you don’t know, however, is that you may end up 
paying too much for your coverage and it’s better to look elsewhere for 
lower rates. 

When you lease, the vehicle that you will drive belongs to the leasing 
company. They want to make sure that their investment is covered in the 
event the vehicle gets damaged, totalled or stolen. They typically want 
to get covered for the difference between what your auto-insurer pays and
your outstanding leasing obligations at the time of the accident or 
damage. This is called GAP, short for Guaranteed Auto Protection, and is 
usually included in the leasing contract. 
If your leasing company is called BMW Financial Services, Chrysler 
Financial or any other finance division of an automaker, then chances are
your GAP insurance will be offered by the same lease company.    

You are under no obligation to accept GAP insurance included as part of 
your lease agreement. Why pay an insurance premium if you could get the 
same coverage for a lower price? 
Invest some time shopping by comparing quotes from other insurance 
companies, including your existing one. Ask for discounts that you already 
qualify for and adjust your coverage accordingly. 

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