Leasing a car involves a little more fine print than buying a car and a lot of first-time car lessees are caught off guard. One common stumbling block is the insurance clause. Just like buying a car you have to have car insurance to lease a car.
It’s a good idea to discuss your car insurance options with a Tulsa car insurance company before your first test ride. Some dealerships require different levels of car insurance to drive off the lot, so be sure you know exactly what you need. Far too often lessees overpay for too much insurance or get caught being under-insured.
Leasing a car might lower the payments you were making to own the car, but it will almost always increase your car insurance fees.
Almost every dealer will require full coverage, which can cause some sticker shock for anyone that’s only been paying for state-minimum. Shopping for full coverage Tulsa car insurance with collision and comprehensive can take a long time, which is why we do the shopping for you at All American Insurance.
When you’re crunching the number to see how much you can afford, be sure to adjust for an increase in car insurance costs. A study in 2010 found that the increase costs car insurance was a leading reason for lease early terminations. Getting out of a lease before the contract allows can be expensive, so make sure you can afford the lease and all the auxiliary costs (like car insurance) before you sign on the dotted line.