ECI Agency Home Page Trusted Choice Locations (405) 373-2977 Facebook Twitter LinkedIn Google Maps
Auto Insurance
Home Insurance
Business Insurance
Life Insurance
Health Insurance
Motorcycle Insurance
Earthquake Insurance

family driving in carIf you lease a car, you still need to buy your own auto insurance policy. The auto dealer or bank that is financing the car will require you to buy collision and comprehensive coverage. You will need to buy these coverages in addition to the others that may be mandatory in your state, such as auto liability insurance.

Collision covers the damage to the car from an accident with another automobile or object.

Comprehensive covers a loss that is caused by something other than a collision with another car or object, such as a fire or theft or collision with a deer.

The leasing company may also require "gap" insurance. If you have an accident and your leased car is damaged beyond repair, or "totaled," there's likely to be a difference between the amount that you still owe the auto dealer and the check you'll get from your insurance company. That's because the insurance company's check is based on the car's actual cash value which takes into account depreciation. The difference between the two amounts is known as the "gap."

On a leased car, the cost of gap insurance is generally rolled into the lease payments. You don't actually buy a gap policy. Generally, the auto dealer buys a master policy from an insurance company to cover all the cars it leases and charges you for a "gap waiver." This means that if your leased car is totaled, you won't have to pay the dealer the gap amount. Check with the auto dealer when leasing your car.

If you have an auto loan rather than a lease, you may want to buy gap insurance to protect yourself from having to come up with the gap amount if your car is totaled before you've finished paying for it. Ask your insurance professional about gap insurance; it may not be available in some states.

Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City auto insurance.

Share |

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version
Featured Carriers
Insurance Coverage
Auto Insurance
Commercial Insurance
Health Insurance
Flood Insurance
Life Insurance
Homeowners Insurance
Motorcycle Insurance
More Types of Insurance
Please note that we cannot bind insurance via email, fax, or phone. Any quotes given are subject to underwriting guidelines by the respective insurance carriers. Any reference of coverage used are not intended to express legal opinion as to the nature of coverage, but rather just a brief generalization of coverages. Please read your policy for specific details of coverages.
Stay Connected Like Us on Facebook Follow Us on Twitter Connect on LinkedIn Google maps Blog RSS Go MobileGo Mobile
Visit us on your phone
ECI Agency, Inc. | 325 Piedmont Rd N | Piedmont, OK 73078 | Ph: (405) 373-2977  M-F 8am-5pm Powered by Insurance Website Builder