Most of the people lease their cars. Leasing is an affordable alternative to purchasing a new or used car. The main advantages of leasing a car are lower down payments, lower maintenance and repairs and lower monthly payments. There is a huge difference between purchasing a car and leasing it, especially when it comes to car accidents.
Leasing company owns the leased cars, and whoever signs up with them, need to ensure that the vehicle is kept in top condition. Accident can happen even while you are carefully driving on the road due to someone else’s mistake. If you’ve met with an accident in your leased car, then you need to pay for the damages. If the damages are more than the total worth of the car, then it is a loss for the leasing company.
Get the Right Insurance
Getting involved in accident in a leased car is quite different from being in an accident in your own car. Just because you do not own the vehicle, it doesn’t mean that you can easily get away with it. You need to have coverage for bodily injury liability, property damage etc. This insurance will cover people who get injured due to your negligence. However, if you are not responsible for the crash, then it will cover you too.
When you are looking for insurance, make sure you consider a number of options. Also, make sure you check for the leasing agreement to find out what types of insurance you need. If you do not have the required insurance, the leasing company could cancel the contract or could even sue you.
What to do if the leased Car Gets Totaled?
Now the question here is what happens if I total a leased car? If you are not injured, take your car to the repair shop and call your car accident attorney. Naqvi Injury Law is one of the most popular and trusted law firms in Las Vegas.
The car repair shop will take a proper look at the damages and give you a quotation of the total damage done to the vehicle. If the repair costs anything more than the 65% of the cost of the vehicle, then it will be considered a total loss to the leasing company. In such a case, your insurer will pay the current value of the car. The remaining amount needs to be paid by you to the leasing company.
How Can Car Accident Attorney Help?
If you meet with an accident in a leased car, then only a skilled car accident attorney can help you. They will determine a good plan to get the compensation you deserve. Your attorney will take care of the paper works and ensure that all the terms and conditions are fulfilled. They will also determine the cost of damage that the other drive needs to pay.
If you are injured in the car accident, then you can claim for compensation to help you with your medical bills, loss of pay and other financial crisis. Claiming for coverage money can be a tedious task, especially if you are injured. It will be difficult for to run around to file a claim with injuries. Thus, it is recommended that you hire a good attorney. Make sure that you research well before you hire anyone to take up the insurance claim.