Insurance is one of the biggest extra costs when it comes to cars, regardless of whether you are leasing or buying. But insurance on a lease car can be confusing. You don’t actually own the car, so who’s responsible for the insurance? In this article we’ll look at who is responsible for the insurance, whether lease price affects insurance and how you can lower the price. Before we start, it should be noted that we are not insurance brokers, and we are certainly not insurance experts. However, we talk this through with customers every day, and we know enough to educate you on the basics. If you are in any doubt about anything, we recommend talking to your insurance company. Although you don’t own the car on a lease, you are the one responsible for insuring it and therefore the one who is responsible for paying for it. The insurance has to be fully comprehensive, and 99% of the time, insurance isn’t included in your lease contract...
OSV Limited is an Appointed Representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows OSV Limited to act as a credit broker, not as a lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance distribution activities only.
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