Scranton Automobile Insurance

Finding Scranton automobile insurance for your leased car isn't really much different than obtaining insurance for a vehicle which you own, or are purchasing through a loan. The requirements for insuring a leased automobile are pretty stringent, however, and you could find you'll pay a bit more for protecting your automobile than if you were to be purchasing it outright.

Leasing an automobile can involve a torrent of information and requirements. You'll need to go over these requirements with your Pennsylvania car dealer before you sign any paperwork to make certain you understand the policies and stipulations. Things like wear and tear, excessive mileage and early termination penalties could all be a part of your Scranton, PA lease agreement.

Just as important is understanding your Scranton, PA car insurance requirements for a leased automobile. There are increased amounts of liability required, along with other specifications which drive up the cost of your Pennsylvania vehicle insurance policy. If you want to further protect yourself, there are some supplemental Scranton automobile insurance policy expansions which can do just that. If you can find a way to include these protective measures in your coverage, it would be advisable. Should you total your leased automobile, you could end up owing the leasing company for a long time.

Insuring Your Leased Vehicle

There are many reasons why you need to expand your Scranton auto insurance coverage when you lease an vehicle. First, you are required to obtain a full coverage policy as a term of the lease agreement, just as you are to increase your liability amounts significantly. Understand that this is for the protection of your Pennsylvania leasing agency in the event you are involved in an accident.

Pennsylvania, like most states, has minimum liability amounts required by law. If you should be involved in an auto accident and the accident be determined to be your fault, you'd be held financially responsible for damage and injury to the other party. When you lease a car, your liability amounts need to increase by about three times the minimum required in Scranton, PA. These amounts can vary between leasing companies, but be prepared for a significant increase in your liability coverage.

In addition to increased liability insurance amounts, you'll be asked to obtain collision and comprehensive coverage as part of your Scranton auto insurance estimate and policy. Though it's always beneficial to carry full coverage, securing collision and comprehensive coverage will impact your rates if you're used to previously carrying liability insurance. Collision coverage will provide for repair or compensation should your car suffer damage as the result of an accident. Scranton car insurance Comprehensive assures you of compensation if your vehicle falls victim to an encounter such as a falling tree, riot, or run in with a deer. Comprehensive coverage will also compensate you if your car is stolen.

Should your leased auto be totaled or stolen, the compensation check issued by your Scranton auto insurance company would be for the value of the automobile at the time. There can be a significant variation between the amount you owe and the amount you recover from your Scranton vehicle insurance. Having your car stolen or totaled doesn't release you from the agreement. In fact you may find you'll continue to owe your leasing company for awhile, given the depreciation.

A supplement to your Scranton insurance known as GAP would pay any difference between what you owe and what your compensatory settlement was. Even if your leasing company doesn't require you to obtain Scranton automobile insurance GAP coverage, you should have it for your own protection. Depreciation of your automobile occurs immediately when you drive it off the dealership's lot, sometimes by several thousand dollars.

Should you suffer damage and be in need of repair, you'll want to pay very close attention to the work that's done. Make sure all paint matches and your car looks as good as new. If the repairs are not completed to your satisfaction, take it up immediately with your Scranton insurance claims department.

As repairs are being made or you're awaiting a settlement, continue to make your regular payments. The last thing you'll need is penalties added to the cost of your automobile. Any marks against you will also affect your credit.

The Benefits of Comparing Rates

In an effort to lower your Scranton automobile insurance costs, it would be wise to shop for your coverage. Request quotes from several Scranton insurers so that you can compare prices and policies. Strive for the most affordable leased automobile coverage you can find. Your reasons for leasing an automobile can range from the lower cost of driving a new automobile to being able to trade up at the end of each lease term. As a thoughtful consumer, shouldn't you shop for the best rate you can obtain?


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