If you are looking for a safe, reliable and fashionable new car, you might want to consider car leasing in Ballina.
If you have done your homework and feel as though leasing a car is a better option than buying one in your situation, then the next thing you should consider is what might happen to the car while you have it.
As with owning a car, leasing a car requires you to take out insurance if you want to be able to cover the cost of accidents and theft, among other things. It can even protect you by paying out the debt owed in the event of your unemployment or death.
What should you look out for when choosing an insurance policy for your lease? Let’s take a look at a few factors you should consider.
What Does It Cover?
Not all insurance policies are the same and can vary quite dramatically. Therefore, make sure you understand well what exactly is covered by your insurance policy and what is not. Some might cover death and unemployment, while some might only cover unemployment.
How Does It Define What It Covers?
How you define unemployment, for example, might differ from how the policy defines it. Not clearly understanding how the policy defines such terms can lead to misunderstandings and misconceptions about what is covered and what is not.
What Exclusions Are There?
Every insurance policy will incorporate a series of exclusions, which often catch people by surprise. Exclusions are circumstances delineated in the insurance policy where a payout will be denied. For example, a policy might refuse you cover if you default on lease payments due to injury or illness.
What Are The Limits?
Every policy will set out limitations to the payouts that it will provide for related to the asset’s value. In the case of a complete write-off, the maximum payout will usually be released to cover as much of the cost of the vehicle as possible.
It is important to know the book value of the vehicle you are leasing and then compare it with the maximum payout possible in your policy. Make sure you are aware of any discrepancies between the two and plan for it accordingly.
What Is The Duration Of The Policy?
It makes sense to try to ensure that your insurance policy duration matches the duration of your lease, which is usually about three years.
If you are looking at car leasing in Ballina, get expert financial advice and assistance from ZEP Finance today! Contact us to speak to a consultant now.