Your situation
Insurance for a leased or financed car
If your car is financed or leased, the lender requires comprehensive and collision, usually with a maximum deductible, and leases often require higher liability limits than Florida does. The lender must also be listed on the policy.
What to do, in order
- Know the rules in your contractMax deductible, minimum liability and whether the lessor must be an additional insured.
- Tell us the lender’s name onlyWe keep the lender’s insurance address and loss payee wording on file, so you never have to look it up.
- Decide on gapMany leases include it. Loans often don’t.
Quote for my situation
David sees the situation you came from, so you won’t have to explain it twice.
What changes the price
- Comprehensive and collision are the largest lines on a financed car.
- The deductible cap limits how much you can save by raising it.
What to have ready
- The lender’s name
- Your contract’s insurance page, if handy
Questions
What if I don’t keep full coverage?
The lender can buy expensive force-placed insurance and add it to your loan.
Related coverage
Your policy’s wording decides what’s covered. David can walk you through yours.