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What is lease car insurance?
If you get a car through a lease agreement, you need to make sure it is properly insured before you drive it on the road. Lease car insurance means you are covered in the even that the vehicle is involved in an accident, otherwise damaged or stolen. Remember, it is a legal requirement to have insurance for any car you drive.
When you lease a car is insurance included?
Most lease agreements do not include insurance in the deal. This means it’s the responsibility of the lease customer to make sure the right insurance policy is in place. However, some vehicle lease deals do include insurance, so be sure to check when you sign the agreement.
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What type of insurance do I need for my lease car?
The type of insurance policy you need for your lease car may depend on the terms of the lease agreement. Usually, leasing companies will require you to take out comprehensive car insurance instead of just third-party. Comprehensive cover means you can claim for damage to your own vehicle rather than just for any damage you cause to other cars.
Standard comprehensive policies could insure you for using the car for social purposes as well as for commuting to work. You can add extras like breakdown cover or courtesy car cover, as well as choose to protect your no-claims bonus. This means you pay a higher premium, but you keep your no-claims discount even after a claim is made.
If you need to use your leased car for business – for example, to travel between workplaces or to visit clients – you are likely to need business car insurance. To do so, select the option ‘business use for you’ during the quote comparison process when you’re asked what the car will be used for.
How can I get cheaper lease car insurance?
The average price of a lease car insurance policy is £680* a year. However, you may be able to reduce the cost of cover by taking the following steps:
Give the right mileage figure
Insurance costs are based partly on the distance driven each year. Make sure your annual mileage figure on your application is accurate to ensure you get the right price.
Pay annually
Paying for your insurance up front in a single lump sum is usually cheaper than paying monthly by direct debit.
Increase your voluntary excess
If you agree to shoulder more of the cost of any claim, you can cut the price of cover. But make sure you can afford the voluntary excess amount should you need to make a claim.
Park securely
Leaving your vehicle in a secure location like your driveway or garage every night can lead to lower premiums.
*Average cost, Q4 2024.
Is it more expensive to insure a lease car in the UK?
Car insurance costs depend on a number of factors, but there is no reason a leased vehicle should be more expensive to cover than any other type of car. Leased cars are no more likely to be involved in accidents or be stolen.
FAQs
Is breakdown insurance included with lease car agreements?
Lease companies may include some form of breakdown cover as part of the lease agreement but again this is not the norm. It may be an optional extra you can pay more for.
Can someone else drive my leased car?
In some cases, yes, but this depends on the details of the lease agreement as well as the insurance policy on the vehicle. See our guide for driving other cars for more information.
When do I need to insure my leased car?
You should make sure your insurance policy starts at the same time as the lease contract. If you don’t have an insurance policy in place, you won’t be able to drive the car legally on the road.
Do I need to give the lease company my car insurance details?
Most lease companies need to see proof of insurance before they hand the vehicle over to you.
Whose name should be on the insurance policy?
In most cases, your name will be on the policy as the named owner. However, if the car is leased through a business, the name on the policy will need to be either the company or one of its directors.
What happens if you have an accident in your lease car?
The process for dealing with the aftermath of an accident is the no different if a leased car is involved. Once everyone involved is safe, take the insurance and vehicle details of the other people involved as well as the contact details of any witnesses.
Let your insurance company know as soon as possible, and you should also inform your leasing company – this may be a condition of your lease agreement.
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