Recommended Insurance When Leasing Cars

Whether you are planning to lease a car for your business or personal use, having the right types of insurance will help protect you, your vehicle, and everyone else on roads from Toronto to Woodbridge and beyond. But what kind of insurance should you get when leasing a car? Liability insurance and uninsured motorist coverage are mandatory in Ontario, so you should have these policies at a minimum. Also, many leasing companies require lessees to carry collision and comprehensive insurance. But there are also optional coverages that offer even more protection and peace of mind. Below, Pfaff Leasing discusses the recommended insurance when leasing cars.

What Kind of Insurance Should You Get When Leasing a Car?

So, what kind of insurance should you get when leasing a car? In addition to liability, uninsured motorist, and collision and comprehensive policies, these types of insurance for leasing cars are helpful to have in place:

GAP Insurance

In the event your vehicle is totalled or lost, Guaranteed Asset Protection insurance helps cover the difference between what you still owe on your lease and the current market value of your vehicle. Some leasing companies make GAP insurance a mandatory requirement, while others do not. But whether or not it is mandated, this type of insurance for leasing cars will help pay your remaining lease balance if the insurer has written off your vehicle as a total loss. It is a small investment that can pay off big.

Loss of Use Coverage

This recommended insurance when leasing cars helps you pay for transportation expenses if you lose the use of your vehicle. Whether repairs are keeping your vehicle out of service or your car has been totalled and you are waiting on replacement, loss of use coverage might pay for things like a rental car, cab fare, or public transportation costs.

Learn More About Insurance for Leasing Cars at Pfaff Leasing

If you would like more information about the recommended insurance when leasing cars, feel free to contact us in Woodbridge. We are more than happy to answer your questions to ensure you find the right coverage for all your driving needs in Calgary or wherever your travels take you.