From leasing to owning: what changes on your insurance policy
What changes with your car insurance after a lease buyout: required coverage levels, gap coverage, and where owners can often save.
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Transcript
Buying out your lease? Your car insurance changes a bit when you go from leasing to owning, here's how, in under a minute. While leasing, the leasing company sets minimum coverage and rides on your policy.
Once you own the car, that is between you and your lender. You get more control over coverage, but if you finance the buyout, your lender will still want comprehensive and collision to protect the car. It is also worth considering gap coverage, which pays the difference if the car is totaled, and you still owe more than it is worth.
Champion Auto Finance helps you finance your lease buyout across New Jersey, New York, and Pennsylvania. Learn more at championautofinance.com.
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