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What Amount of Liability Coverage Do Car Lease Companies Require?

Finance | 12/14/2022 12:03
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When you lease a car you will have certain restrictions and requirements that you will have to adhere to, and one of those is the amount of insurance that you carry. Since you do not own your leased car, the dealership will require a certain amount of liability coverage to protect its asset. So just how much liability coverage do they require, and what are the other requirements of leasing a car?


Let’s talk about how much insurance coverage you need to have when leasing a car.

What are the requirements for insurance on a leased car?


When you lease a car you are essentially renting the car from the dealership. There are pros and cons to leasing, but in general it is much cheaper to lease a car. This is because you are only making payments on the depreciation of the car while you are driving it, as opposed to making payments on the total value of the car.


But because it is not your car, you don’t get to make all of the rules. Dealerships have a number of restrictions and rules set up to protect their asset, including:

  • Mileage allowances. You cannot drive over a set amount of miles per year. This typically ranges from 10,000-15,000 miles.

  • Replacement and repair requirements. You must use OEM parts and use a certified mechanic to make all repairs.

  • No customization. You cannot add on anything to make your car your own, such as bumper stickers or tinted windows.

  • No rideshares. If you are a driver for Uber, Lyft, or another rideshare company, you will not be able to use your leased car for work.

  • No out of country trips. Most leases prohibit you from leaving the United States in a leased car.

  • Insurance requirements. Dealerships will require a certain level of coverage on their leased car.


These restrictions might be enough for some people to walk away from leasing. But for some these restrictions are far outweighed by the benefits of leasing. One of the biggest benefits is that leasing a car is much cheaper than financing a car. 

Increased insurance requirements however can tick the price upwards on the price of lease. But what are these requirements exactly?


Leasing Company Insurance Requirements

Leasing companies will require you to have both collision coverage and comprehensive coverage on your leased car. 

  • Collision coverage: pays for damage when there is an accident with another vehicle or object.

  • Comprehensive coverage: pays for damage caused by something outside of your control, such as theft or fire.

Most lessors will require a higher bodily injury liability limit (typically $100,000 per person and $300,000 per accident). Lessors may also require property damage liability coverage (typically $50,000).


State Minimum Insurance Requirements

The state minimum insurance requirements vary from state to state but the requirements are the same whether you lease, finance, or own a car outright. You are typically required to have liability coverage including:

  • Bodily injury liability: covers medical expenses for others when you are at fault.

  • Property damage liability: covers damage to property when you are at fault.


The Cost of Insurance While Leasing

So just how much more money will it cost you on your insurance when you lease a car as opposed to finance? That answer isn’t very cut and dry. Your insurance premiums will depend on:

  • The coverage you select

  • Your driving history

  • Your claim history

  • Your annual mileage

  • The type of car you drive

  • Your age

  • Your gender

  • Where you live

  • Your credit score


While leasing will cost you more due to your increased coverage requirements, there are a lot of other factors that affect your insurance rates. But even with the increased cost of insurance due to leasing, you will most likely still pay much less per month when you lease instead of finance.


Is it worth it to lease a car?


How do you know if it’s worth it to lease a car? There are a lot of pros and cons that should be considered when trying to decide if leasing is right for you.


The pros of leasing

The biggest advantage of leasing is that it is much more affordable than financing a new car. Car lease payments are calculated based on the depreciation that occurs while you are driving your car, and not on the total value of the car. In fact, lease payments tend to be 30-60% lower than financing payments.

But in addition to affordability, leasing has other key advantages:

  • You don’t have to worry about selling your car when your lease is over.

  • You can get a new car every few years

  • Your warranty will cover most repairs and some maintenance.

  • You can maximize tax deductions.

  • You can buy your car lease at any point if you change your mind.


The cons of leasing

While there are a lot of advantages to leasing, it’s certainly not for everyone. The disadvantages of leasing include:

  • You do not build equity with your payments.

  • You have a lot of restrictions (discussed above), and misuse of your car can lead to heavy fees.

  • There are early termination fees if you wish to return the lease.


What should I know before I lease a car?


If you decide that leasing a car is right for you, you should do your research to ensure you are getting the best deal possible. Here are the top things you should know before you lease.


What is the cost of the vehicle? 

Choosing a car that is less expensive will result in lower monthly payments AND lower insurance payments. Once you narrow down on the vehicle, be sure to shop around. The lower the MSRP of the car is, the lower the monthly payments will tend to be. You can actually negotiate on this when you decide to lease (this is called the capitalized cost in leasing terms). Your payments and residual value will be based on this number. Use sites like Kelley Blue Book and Edmunds to make sure you are getting a fair price.


What are the taxes and fees?

There will certainly be taxes and fees with your leased car. Taxes will be added onto your monthly payments, and sometimes the fees can be rolled into your monthly payments as well. 


At the start of the lease you will be required to pay a security deposit as well as an acquisition fee (which is essentially a fee of doing business).


At the end of the lease you may be required to pay the following fees:

  • Excessive wear and tear fees

  • Mileage overage fees

  • Disposition fees 


What is the residual value of the vehicle?

The residual value of the car is how much your car is expected to be worth at the end of the lease period. This is also the amount that you will pay (plus taxes and fees)  if you choose to buy your car lease. You cannot negotiate this as it is typically a standard rate per model.


What are the use restrictions?

Be sure you know exactly what the restrictions are, and know whether or not you can abide by them. Is the mileage limit too restrictive? Are the wear and tear fees too severe? Are the insurance requirements fair to you? Make sure you understand all of the fine print in your lease agreement.


How much is due at signing?

Know how much you are expected to put down at singing. Leasing a car is different from financing, and it is not advised to put a large amount down when you sign a lease. But the more you put down the less your monthly payments will be. Keep in mind that if you put a large amount down and something happens to your car, you won’t be able to get that money back.


What are the end of lease requirements?

When your lease is up, what are your options? What fees are you required to pay, and how much will it cost to purchase your car? Be sure you understand this part of your lease agreement. 

End of car lease buyouts are a great option in today’s auto market. Since residual fees are predetermined, chances are the current market value of your lease is higher than the residual value. This means that you can buy your car for a much lower price than it is worth. You can either buy your lease out and keep the car, or you can sell it and make a nice profit. Either way a car lease buyout loan from Auto Approve can help you with this. And once you buy your car lease, you can drop to whatever level of insurance you wish (so long as it meets your state’s minimum requirement.)


That’s what you need to know about car leases and car lease company insurance requirements.


If your lease is ending and you are thinking about buying your car, get in touch with Auto Approve today! It’s a great time to think about a car lease buyout, and our agents are ready to help you get started.

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Top 4 Ways to Get a Lower Monthly Car Payment in 2025

How can you get a lower monthly car payment?When money is tight, or you're hoping to make a big purchase, every penny counts. Whether you're trying to save up for something big, looking to put more money where it matters, or cutting back in leaner times, lowering your expenses can help.That means, when you're going through your budget, you may want to figure out where you can save a few dollars. For many people, a car payment is one of the bigger bills they pay each month. If that's the case for you, lowering your car payment could be the answer to your financial challenges.Whether you need a temporary fix or a long term solution, there are tons of great options out there to help you secure a lower monthly car payment.Here are the four best ways to get a lower monthly car payment1. Talk to your lenderLenders are in the business of making money, and they only make money when you make your payments. You may be surprised to learn that many lenders are willing to work with borrowers to help them manage their payments more effectively.They may allow you to skip a payment or lower your payments temporarily. Keep in mind that interest will still accrue during this time, but it is always better to defer and have this accumulate than to have missed payments. Missed payments can trigger late fees and hurt your credit score. You want to avoid the negative credit impacts that will occur without deferment.That said, not all lenders are magnanimous, and they'll rarely want to cut a deal that doesn't benefit them in the end, so while you may be able to skip a payment or lower your monthly cost, you may end up paying more interest in the long run if you go this route.2. Refinance your carRefinancing can lower your monthly car payments in a number of ways and is likely to be your best option to effectively and sustainably reduce your monthly payments. Since refinancing benefits both you and your new lender, it's a win-win – they don't need to make more money than your current lender, so you're more likely to get a deal that'll cost you less overall. Here's how.You can get a lower interest rateOne of the main benefits of refinancing is securing a lower APR. There are several reasons you might be able to get a better interest rate this time around.You didn’t get a good deal on your original loan. If you went in to look for a car and got talked into dealership financing, there's a good chance you got stuck with a higher-than-necessary APR. In this case, refinancing is likely to lower your APR significantly and cut your payments drastically.Interest rates have dropped. Interest rates fluctuate based on how the economy is performing. If you bought your car while rates were high, there’s a good chance you are eligible for a lower APR if you refinance.Your credit score has improved. If your credit has improved since you first bought your car, you are probably eligible for a much lower rate. Your credit score is the most important portion of your application, and an improvement in credit can yield a drastically better interest rate.You can lengthen your repayment periodEven if you are not eligible for a lower interest rate, refinancing can still reduce your monthly payments by changing your repayment schedule. If you lengthen your repayment period (for example, from 36 months to 48 months) your balance will be paid over a longer period of time and your payments will be lower. Keep in mind you will be paying more interest overall, as you will pay interest for 48 months instead of 36 months, but it will drastically reduce your monthly payments.You can add a co-borrowerWhen you refinance, you can add a co-signer to your loan and possibly reduce your interest rate and secure better terms. If your co-borrower has good credit, they will be eligible for a better interest rate. If refinancing sounds like a good option for you, Auto Approve can streamline this process and help you start saving money today. We work as your advocates to get you the best rates possible, then do the paperwork for you..Want to know more about Auto Approve? Click here to find out why Auto Approve is the best way to refinance your auto loan.3. Sell Your CarIf you need a more permanent solution than talking with your lender will provide, and refinancing isn’t an option, you might need to consider a new set of wheels. 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Vehicle Safety in A Heat Wave

Do you know how to drive safely in a heat wave?The dog days of summer are arriving across the United States, and as it gets hotter, our vehicles do too. Just like driving in wintry conditions, driving in extreme heat poses its own unique set of challenges. From dead batteries to tire blowouts to soft tarmac, there’s a lot to be on the lookout for when the thermometer hits a record high.That’s why now is a good time to refresh your knowledge of when you need to worry about car safety in high temperatures, what to look out for, and how to keep yourself safe.Let’s start with the basics.FAQs: Summer Car SafetyTo lay a little groundwork and make sure we're all on the same page, let’s take a look at these frequently asked questions about driving in inclement heat.Is it safe to drive in a heat wave?Yes, broadly it is safe to get on the road in a heat wave, as long as you are prepared and understand the risks. We’ll dive into the details in the next section, but you should: avoid long drivesplan to stop frequentlyhave an emergency kit in your car in case anything goes wrong, and keep a close eye on your engine temperatureHowever, if you follow all the tips in the guide, there is no reason you can’t drive in hot weather by exercising caution and good sense.What temperature is too hot to drive a car?There is no single temperature at which it becomes definitively unsafe to turn on a car, but avoiding driving in unusually high heat is generally good practice, if you have the option. The outside temperature is less important than your engine temperature and the temperature inside your car. If your engine reaches over 220° F, the various fluids that allow your car to run could start burning up – this is where things start to get dangerous. Similarly, the human body needs certain conditions to function properly. Depending on the humidity, temperatures can become dangerous between 95 and 130° F – but you don’t want to risk being at the top of what your body can handle for any length of time. That means, if your car doesn’t have good cooling or if it’s hot enough that you can’t use the AC because your engine is in trouble, you want to avoid being in the car for any length of time. 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Take any chance you can to park in the shade, in a garage, or in a covered parking lot – when you start with a lower car temperature, it’s easier to maintain.We’ve mentioned a sunshade a couple times in this guide, but here’s one more plug to pick one up – they can be an effective way to keep the interior of your car cool, and there are relatively inexpensive universal and model-specific models that fold up neatly into the back of your car. Car covers can be more of a hassle to get on and off, but can be a big help if you don’t have a better parking option and will regularly need to park your vehicle in the sun during hot days.4. Avoid The Hottest Parts of the DayIf you must drive during a heat wave, driving in the morning or evening when the air is a few degrees cooler is a smart move. Try not to run errands at high noon if they’re something you could do at night instead. And, again, if you must be on the road in the heat, make the trips short and stop frequently. Plan smart. 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Make sure you’re ready for anything the next time a heat wave hits.Remember these key points:Use every tool you can to keep your car cool when you’re not drivingAvoid the hottest part of the day and long driving stintsCarry emergency supplies, and especially waterGet your vehicle fully checked to avoid the worstPull over as soon as possible if you see steam, smoke, or an engine heat warning lightRemember that heat affects the road and other drivers as well as you and your vehicleTake care of yourself and avoid unnecessary risksFollow these tips to keep your vehicle in tip top shape on even the hottest days and you should be able to drive smart and safe all summer long.And one more tip? Refinance with Auto Approve and save on your monthly auto loan payment!Summer means high heat, but it also means vacation and fun in the sun. Refinance to put more of your money back in your wallet for the things that matter most to you.Thanks to dealership markups, most people are paying a higher rate than they need to be on their vehicle loan. Refinancing can help you secure the best rate you’re eligible for. When you get a free quote from Auto Approve, one of our representatives will work with you to find the deal that makes the most sense for you – then do the paperwork for you, making refinancing simple.Get your free quote now.

Smart Money Moves to Make When You Have A Little Extra Cash In Your Pocket

“What can I do with $500?”It’s one of the internet’s most-asked personal finance questions. Well, here at Auto Approve, we’re always saving people money. After all, refinancing your auto loan can save you anywhere from a few hundred to several thousand dollars over the life of the loan! That means we’ve had some time to think about what your next step should be.Whether you have a few hundred or a few thousand dollars back in your pocket, here are 5 smart things to do when you have more money back in your wallet!The Best Thing to Do When You Have Surprise CashAlways speak to an advisor about your unique financial situation before making any big moves. Everyone’s personal finance journey is unique, so these may not all apply to you. Hopefully you can find an idea for your money (or a combination of these suggestions!) that sounds just right.1. Put it in savingsA simple, elegant solution for any windfall, putting your money in savings – especially a high yield savings account, if you have the option – is a great way to set up your future self for success. Savings are important for so many reasons, from lowering financial stress to ensuring you have future freedom.Most Americans aren’t hitting savings recommended targets for emergency funds and retirement. While this bit of extra cash in your wallet might not feel like enough to get you there, any amount is a good start!Ideally, money you save should start to grow with interest so you can keep earning a little extra pocket change on autopilot. Many high yield savings accounts have no minimum balance, so you can even start earning a few percent on just $500 – although the more you can add to the account to grow it, the better.2. Pay down debtDepending on your overall financial situation, you may want to use any extra cash to knock off some debt. If you have debt with a relatively high interest rate – like credit card debt – paying off even a portion of the balance will save you from paying more interest than you need to in the long run.Having less debt has financial and psychological benefits! It can reduce stress as well as expenses. Plus, reducing your credit utilization ratio and debt-to-income ratio can raise your credit score and make you more eligible for future loans should you want to make a big purchase down the line.And if you have a larger chunk of debt, it might be worth consolidating your debt while you’re at it. Consolidating your debt means bringing all your debt together under one umbrella (or fewer umbrellas, at least, depending on the nature of your debt). It can help you get more favorable terms and simplify the money management and payment process.Use the extra cash toward your first payment(s) and take time to figure out how you can build a budget and make changes in your spending to avoid future issues.3. Put it in an index fundConsider growing your money by putting it in an index fund.An index fund lets your money rise (and fall) with the stock market. If you can handle a little risk and won’t need the money in the immediate future, putting it in an index fund is a good way to enter the stock market for the first time and to ensure you have money at least matching the rate of inflation. That means your $500 today will be worth the equivalent of $500 several decades from now – or, ideally, more. After all, historically speaking, the stock market has always trended upwards in the long run, so even when things are down, the best advice is usually just to hang on and it’ll work itself out. This is especially true of index funds that don’t rely heavily on one company’s success or failure but rather act as a picture of the market overall.Wondering where to get some extra cash to get started? Consider refinancing! Refinancing allows you to get the best rate you’re eligible for and to change the term of the loan, meaning you can pay less per month and pay less interest overall. Most people who got their auto loan from a dealer can save money thanks to marked up dealership rates!Get a free quote to see how much you could save.4. Start a side hustleIf you want to grow your extra cash into more extra cash, why not use it to start a side hustle? Whether there’s something you love to do or something you’re good at that might be in demand, a little investment can go a long way to get you started. Popular side hustles include things like cottage baking, photography, design, selling things from your garden, or skills learned for work like accounting, personal assistant work, coaching, and so on.If you want to get started with a side job, some things you might consider spending the extra money on could include:EquipmentSoftwareIngredients or materialsA websiteA small standMarketingCourses to build your skillsCertifications to make yourself more marketable5. Spend it on someone or something you loveSo you have a little extra money in your pocket. If you’re in good financial shape otherwise, you can use it as an excuse to treat yourself, your friends, your partner, or your family!Experiences and fun aren’t without inherent value. A great meal might inspire you to cook differently at home. Guitar lessons might feed your soul. A vacation could expand your horizons and help you feel refreshed. And fun is important just for the sake of fun! Even with just a few hundred dollars, you could plan a road trip or find ways to add more excitement and joy to your year.And those are 5 great ways to make the most of $500 (or more!)Which option is right for you and your money? Only you can say. But hopefully, these ideas have given you a jumping off point to get started making your extra cash go further.Put more money in your pocket with Auto Approve.Is refinancing right for you? Find out how much you could save in just a few minutes! Tell us a bit about your vehicle and current loan to see your refinancing options – no commitment or hard credit check required unless you decide to move forward with refinancing! When you get a free quote, an Auto Approve representative will work with you to find the right option for you, then do the paperwork for you when you find a loan that’s right for you.Get your free quote now.
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*APR and Fees Disclosure: Auto Approve works to find you the best Annual Percentage Rate (APR), which is based on factors like your credit history, vehicle and desired payment terms. Fees to complete your loan refinance vary by state and lender; they generally include admin fees, doc fees, DMV and title. Advertised 5.49% APR based on: 2019 model year or newer vehicle, 730 minimum FICO credit score, and loan term up to 72 months. All loans subject to credit and lender approval.
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