Leased Car Insurance Missouri MO

Reader’s Question:

I have a leased car. Do I have to buy special car insurance here in Missouri?

Peter

Columbia, MO

Leasing and financing have become ordinary practices when buying a car or a house. So, it is very important to know how they can affect your insurance. Before you sign up for anything, you must first check with the agreement that you have with leasing company. They might have some certain requirements that you need to verify first.

Most lease providers will require you to purchase comprehensive and collision protection along with your car insurance policy, although each lender varies in their requirements. They may also require liability limits higher than the minimum coverage requirements in your state. They are doing this to protect the interest they have in your loan.

Now remember that most insurance providers will pay only the actual value, and not the cost of the car’s replacement. So, it is wise to purchase the highest coverage you can afford because you’ll have increased protection in the event that you have an accident. The higher coverage generally doesn’t cost much more than the lower coverages. You’ll save more money that way because if your car is severely wrecked, you may be responsible for damages that your lower protection insurance policy doesn’t cover.

Simply talk to your local agent there in Missouri to get several quotes from different insurance providers so you can get the best value for your money!

Tags: car insurance quotes, collision insurance coverage, comprehensive insurance coverage, leased car insurance