*There are a variety of myths surrounding insurance and lease cars which we have debunked in a dedicated blog.
Read Here - Car Leasing Insurance Myths Debunked
Car Leasing with Insurance is something that we are pleased to offer here at All Car Leasing. Once upon a time, a contract hire agreement with insurance was pretty much non-existent due to the fact that funders and insurance companies didn't have any agreements in place. Thankfully this has changed, making the process of obtaining insurance with your lease a very simple process. We have made it our priority to try and make the process of gaining insurance with your lease as simple as we possibly can with our total care package. If you would like any more information, be sure to give our sales team a call on 01565880880; they are more than happy to help!
What Do You Get With Car Leasing Insurance?
- Total Protection
- Breakdown Cover
- Shortfall Protection
- Fixed Monthly Rentals
When Do I Have To Insure My Vehicle?
Even though you don't own the vehicle you're leasing, you're still the registered owner and must make sure that you insure the vehicle before driving, just like you would any car. This goes for both personal car leasing and business car leasing.
Do You Need Gap Insurance As Well?
Gap Insurance isn't essential but can be a saving grace if you're worried about heavily damaging the vehicle. If your car is stolen or written off, your insurance will pay out what the vehicle is worth at the time.
Can Someone Else Be Insured To Drive My Lease Car
The contract holder has to be insured on the vehicle, but other people can also drive the car as long as they are a named driver on the contract holders policy. If the person who took out the contract isn't insured on the car, the lease could be seen as an accommodation deal. (which is majorly frowned upon by finance companies)
How Can I Reduce The Cost Of My Car Insurance
The price of your car insurance is dependent upon a variety of different factors (which can be seen below), and can only really be lowered by opting for a cheaper vehicle. A vehicle's market value has the biggest impact on your insurance payment. If you're looking to reduce your car insurance price, you should also consider adding a named driver to the insurance policy. If you're adding an experienced driver (IE- a parent) to your policy, you may see your overall insurance come down in price.
What Affects The Price Of Insurance?
These factors will affect the price of insurance on your lease car:
Your age has a major effect on the price you pay for your insurance. When you first started driving around the age of 17,18 and 19, you will have noticed that the rates you paid for your insurance were double or treble the rates that you may pay now. This is because younger drivers are seen to be more likely to crash due to inexperience on the road, and statistically have the most road accidents.
How Expensive The Vehicle Is
The more expensive the vehicle is, the more expensive the insurance will be. This is because the parts in high-end luxury cars are more expensive to replace.
How Powerful The Vehicle Is
If you opt for a more powerful engine in your vehicle, you are likely to see a rise in insurance costs. This is because performance vehicles are statistically more at risk of an accident.
How Many Years You've Been Driving For
Experienced drivers are more likely to have lower insurance costs, as they are less likely to be involved in an accident.
Where You Live
Your postcode actually has a significant impact on the price you pay for your insurance. Postcodes with higher crime rates will see higher insurance rates because of the likelihood of your vehicle being broken into or damaged.
Driving Convictions You May Have Had
If you've had any driving convictions in the past, you will more than likely see an increased insurance price.
Criminal convictions play a key factor in the price of insurance. This is because insurance companies deem those with convictions to be more likely to be involved in a car accident.
If You Have Pass Plus Scheme
Additional driving qualifications, like the pass plus scheme, will benefit you in that it is likely to decrease the amount you pay for your insurance.
Any Penalty Points On Your License
Penalty points on your license will increase your insurance.