Insuring a Leased Car
When leasing a car, purchasing your own auto insurance policy remains necessary, as the auto dealer or financing entity typically mandates collision and comprehensive coverage to protect the vehicle.
An Auto Lease (car lease) is a contractual agreement between a lessor (the leasing company or dealership) and a lessee (the individual or business) for the temporary use of a vehicle in exchange for regular lease payments. Unlike purchasing a vehicle outright, where the buyer owns the vehicle, leasing allows the lessee to use the vehicle for a predetermined period while making monthly lease payments, typically over a period of two to five years.