One can lease the latest car models and not worry about regular maintenance or committing to the same model for the upcoming years. According to the latest reports, maximum drivers lease their cars.
But, many people are unsure about what to do if they get in an accident with a leased vehicle or in a leased car. The recovery process is more or less similar to other car collisions, but lack of ownership can lead to specific new legal issues.
What Do You Mean By A Leased Car?
Buying a car is the traditional way to get a new car. Many of us apply for car loans to buy one and repay the loan over time. But nowadays people do not wish to buy a car for a lifetime but want to lease them. Leasing is similar to vehicle renting, just with longer agreement terms with the lender.
Do Leased Vehicles Need Insurance?
Firstly, to know more regarding the insurance of leased vehicles, you can contact a car accident lawyer in San Diego for guidance. In some states, to legally drive a leased vehicle, you must pay for the vehicle’s insurance even though you don’t own it. It will ensure that you receive the coverage in case the leased vehicle meets an accident.
You need to pay beyond the minimum insurance coverage amounts as liable by most leasing companies. The more additional insurances you decide to buy, such as to cover medical expenses, it will give you stronger protection against any accident.
What If Your Leased Vehicle Meets An Accident?
In both cases, whether you are the one to hit a leased car or you are someone driving the leased car, the recovery process is the same as a normal car accident. You cannot leave the scene but should immediately call the police and check for physical injuries or call for an ambulance.
The claim of insurance is a bit different where you need to inform both the leasing company and insurance corporation about the accident. Both the companies will have their procedures for claims which you need to follow carefully with the help of a lawyer. Next, you need to take the vehicle to a mechanic and get an estimate for the repairs. Your insurance company should pay for all the costs incurred.
What If The Leased Car Accident Was Not Your Fault?
If a negligent driver caused the leased car accident which you were involved in, even then, you could file for compensation. In such cases, you can claim for medical expenses, treatment costs, lost wages, property destruction claims in terms of money, or even for non-measurable damages such as prolonged pain and death.
Should You Hire A Lawyer For A Leased Car Accident?
While navigating through a car accident lawsuit, there are various complications that a victim might face. It is always better to hire a good car accident lawyer from a reputable law firm who can guide you through the entire case and identify all the pitfalls.
The more insurance coverages you will have for the leased car, the better protection you will be getting during an accident. The rest of the procedure is the same as normal accidents, just that you need to handle the insurance claiming part a bit more carefully with the help of a car accident lawyer in San Diego. If you are the one to hit a leased car, then the leasing company has full authority to file charges against you. So, this was all about leased car accidents.
Shrey Jain is the Co-Founder of Writofy & a Chartered Accountant who works with a team of creative content writers. He holds a forte in creating informative content on niches like crypto, business, fintech, digital marketing, and several others. In addition, his willingness to learn and share his knowledge can immensely help readers get valuable insights on varied topics.