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Can you return a leased car after an accident?
When you lease a vehicle, you are expected to return it in the same condition as when you picked it up. That means that if you get into an accident, you may be responsible for arranging repairs.
Do you have to pay for damage on a leased car?
What’s more, due to the financial flexibility, leasing often means you can drive a newer or higher spec car than you would have been able to afford if paying outright.. At the end of your contract, you will be required to pay for any damage to the vehicle, with the exception of “fair wear-and-tear”.
Does an accident affect a lease?
No, an accident does not affect a car lease. You still owe the leasing company for the value of the vehicle when an accident occurs. However, you may cover repairs with your insurance policy.
What happens if you have an accident in a leased car UK?
Everyone knows that car accidents happen, and they are an accepted part of a car lease – provided you follow the rules of your finance company, you should have no problem. Once the repairs on your leased car are all completed, you’ll be back on the road without any issue and it’ll all be behind you.
Do you have to tell lease company if you have an accident?
If you’re involved in an accident in a car you’ve leased, you’ll need to tell your insurance company. Even though you may not be making a claim, not making them aware of any accident can mean that your cover is invalidated.
Do you get gap insurance on a leased car?
Gap coverage is often included in lease agreements. If it is not, it can be purchased. Gap coverage is usually not included in finance agreements, but it can be purchased. Gap coverage is an agreement by the lessor or a third party to cover the gap amount if your vehicle is stolen or totaled.
Is car insurance higher for leased cars?
Leasing a car usually requires a higher insurance premium, because the leasing company technically owns the car in full and wants to make sure the car is well covered in case of an accident. When financing a car, the finance company requires insurance, too, but the baseline coverage needs won’t be as high.