do leases have gap insurance?

Answer 1

You should ALWAYS have GAP insurance on a new car, whether you lease it or not.

Remember that if you lease it, you are totally responsible for not only maintaining it but protecting the asset from total loss.

The leasing company or the owner will require you to pay back the value of the car if the car is totalled.

But the value of the car is all you will get from your insurer if the car is totalled. If the lease is not satisfied from the amount your insurer gives you, then YOU have to come up with the rest.....unless you had GAP insurance.

So you need it regardless. It always protects YOU from having to pay the bank or lessor in the event the car's actual value is less than what it's financed for.

But also.....you'd never need GAP insurance if you as a consumer do a better job negotiating the price of the car from the dealer in the first place.

The very need for GAP insurance points out how badly you were are getting a fair price for the car.

One way to avoid it, is to buy cars that have a high resale value.

Answer 2

Most leases now do include GAP coverage. I always have my insureds ask the dealership. I know the last time I checked both GMAC and Ford included it. I know that others do to. You need to check with the dealership. The people in finance at the dealership usually know.

Answer 3

Leases have no insurance.

If you want any insurance, you must pay for it on your own separately.....I did when I leased from Toyota directly, paid Toyota for the gap insurance and paid the regular car insurance for my insurance also!

Answer 4

no. you have to buy it seperately. If you lease a car, and total it, you're still on the hook for any difference between the acv of the car, and the balance due on the lease.

Answer 5

no