Vehicle Protection and Financing

If you’re leasing a car, it’s best to keep your insurance with the same provider. You should search elsewhere for cheaper rates because you can wind up spending too much on your coverage, which is something you don’t know.

The car you’ll be driving is technically the property of the leasing company when you sign a lease. In the event that the car is wrecked, stolen, or destroyed, they want to know that their investment will be compensated. In most cases, they will seek compensation for the shortfall between the amount your auto insurance covers and your remaining lease payments as a result a result of the accident or damage. This is typically a part of the lease agreement and is known as GAP, which stands for Guaranteed Auto Protection.

It is highly probable that your GAP insurance will be provided by the same leasing firm if your lease is with BMW Financial Services, Chrysler Financial, or any other financial branch of a carmaker.

The GAP insurance that comes with your lease is optional and not something you have to take. If you could acquire the same level of protection for less money, why would you pay for insurance?
Take the time to search around and compare insurance rates from multiple providers, including your current one. Make the necessary changes to your coverage and inquire about any savings for which you are already eligible.